Pompliano says Bitcoin has shown greater decoupling from stocks and is now positive year-to-date.
The Fear & Greed index jumped from “neutral” to “greed” between Sunday and Monday.
Nexo and BitBull executives are also bullish about Bitcoin, with $46,000 now a key price level for bulls.
Bitcoin’s breakout over the past few days has included a rally to highs of $48,075 as seen in intraday trades on Monday.
The upside has pushed BTC price into the positive territory year-to-date while showing a greater decoupling from the stock market.
BTC is up, stocks are down YTD
In Pomp Investments founder Anthony Pompliano’s words, “Bitcoin is destroying stocks this year,” even as the “haze” that shrouded the market at the start of the year begins to clear.
He notes that Bitcoin is up while stocks are down, with the sideways action giving way to fresh gains in BTC that have left equities in the dust.
“We are watching Bitcoin outperform the equities market year-to-date, just like it did last year and just like it’s done over the last decade or so,” the entrepreneur said.
Looking at the S&P 500, we see its year-to-date performance at -4.61%. The Nasdaq Composite is 9.33% down, while the Dow Jones Industrial is -4.45% YTD. Bitcoin, on the other hand, is nearly 4% up year-to-date, with gains since the YTD low of $33k now around 44%.
Fear & Greed index
Pomp also points to the Fear & Greed index and says it’s undergone quite a shift in just a few days. There’s a lot of buy-side pressure as the “greed” index hits slightly above 60. On Sunday, the metric was around 49 (neutral) and it hovered in the mid-20s last week.
The rally to highs of $48k proves Bitcoin remains the king even when there’s “blood on the streets,” Pompliano added.
He says Bitcoin continues to show it’s the “ultimate safe haven asset.”
Pandemic-fueled recession occurred & bitcoin appreciated in price.
QE-fueled inflation occurred & bitcoin appreciated in price.
War-fueled market chaos occurred & bitcoin appreciated in price.
Bitcoin continues to serve as the ultimate safe haven asset.
— Pomp 🌪 (@APompliano) March 28, 2022
According to the co-founder and managing partner at Nexo Antoni Trenchev, Bitcoin’s rally has seen it test 2022’s peak for the fifth time. With more people likely to “pile” into the market, as a result, it is possible to see further buying propel BTC-USD even higher.
“It might just be time to awaken from the Bitcoin-sideways slumber that’s been 2022,” Trenchev said in a quote Pompliano highlights in his YouTube comment.
Joe DiPasquale, the CEO of BitBull Capital says bulls might now want to see BTC-USD stay above $46,000 to give room for new momentum. “The coming week is also important as it marks the end of the quarter, and we could see increased volatility after that,” he told Pomp.
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