I get excited when I see stocks… or in this case coins… react positively to clearly negative news.
And that’s exactly what’s happening with Bitcoin right now.
We’re in the middle of what is probably the most explosively bad news story in the history of cryptocurrencies – one of the largest trading platforms in the world was a complete ponzi scheme scam! – and…
Bitcoin is rallying.
Bitcoin is up over $1,000 per coin since FTX imploded.
Additionally, interest in cryptocurrencies has actually increased over the past quarter:
Of course, Bitcoin will remain volatile and could go on to set new lows from here.
But when I see price movements defy headlines like this, it’s typically the sign of a major trend reversal… which would be welcome news to Bitcoin bulls after a year of resetting expectations and lowering price targets.
As for me, I’m switching to “cautiously optimistic” in the short term, and am remaining bullish in the long term.