Advertisement
AD

Main navigation

Long-Term Bitcoin Holders Reloaded in October, Hedgeye CEO Says, Right Before BTC Rally Began

Advertisement
Fri, 8/01/2021 - 13:46
Long-Term Bitcoin Holders Reloaded in October, Hedgeye CEO Says, Right Before BTC Rally Began
Cover image via app.hedgeye.com
Read U.TODAY on
Google News
Advertisement

Head of Hedgeye Risk Management Keith McCullough took to Twitter to share that he and other full-cycle investors "reloaded" on Bitcoin, starting from Oct. 12, when the flagship digital asset started rising slowly but surely.

Buying back into Bitcoin after dropping it

On Oct. 12, 24-hour Bitcoin volumes doubled from $37 billion to $64 billion, and the king crypto began a gradual rise that accelerated in November and December.

McCullough also got back into Bitcoin on that day, according to his tweet, after he had sold it in September and garnered a lot of criticism from the community.

He dropped BTC because the economy moved into Quad 4. Quads are economic regimes, according to the company's GIP model, and Quad 4 is characterized by a drop in both inflation and growth, while being bearish overall for risk assets.

Advertisement
Article image
Image via Twitter

Four days after the Hedgeye CEO sold his Bitcoin, the world's biggest crypto surged above the $11,000 level. On Oct. 22, BTC breached the $13,000 level.

But by then, McCullough had already gotten back into Bitcoin.

Related

Bitcoin flips $41,000, surpasses Facebook's market cap

Earlier today, Bitcoin soared past the $41,000 level, displaying almost 10 percent growth. At press time, the coin is changing hands at $41,225, as per data from CoinMarketCap.

Some believe that the current Bitcoin rally above $30,000 has been driven by large amounts of BTC acquired by crypto whales in December 2020.

While surging above $41,000, Bitcoin also surpassed Facebook in terms of market cap value. On Jan. 6, BTC accomplished nearly the same with Tesla, matching its market capitalization figure.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD