Bitcoin looks to pump higher as George Soros’ fund confirms holding BTC

Bitcoin looks to pump higher as George Soros' fund confirms holding BTC
“Fly Higher Fly Boarder” by Thomas Hawk is licensed under CC BY-NC 2.0
  • Soros Fund Management holds some Bitcoins, the firm’s CEO and chief investment officer confirmed.
  • Wall Street banking giants flip bullish on the top cryptocurrency.
  • The latest BTC/USD rally reflects the 2013 market scenario amid analysts predicting a six-figure price top.

KOLKATA (CoinChapter.com) – The Bitcoin market emanated bullish vibes from the 2012-2013 phase indicating that the ongoing rally has more to it than meets the eye. Wall Street’s advocacy for the number one cryptocurrency and George Soros’ family office holding Bitcoin further added fuel to the “Uptober fire.”

Related: Bitcoin up 6,000,000,000% since launch

Soros Fund Management Holds Bitcoin

On Monday, Dawn Fitzpatrick, CEO and Chief Investment Officer, Soros Fund Management, LLC, in an interview with Bloomberg’s Erik Schatzker, admitted that the George Soros founded firm owns Bitcoin.

The family office owns “some coins … but not a lot,” said Ms. Fitzpatrick. The billionaire investor and philanthropist’s company became the latest asset management to join the Bitcoin investment bandwagon.

Other notable names from the asset management world, such as ARK Invest’s Cathie Wood, Anthony Scaramucci of Skybridge Capital, etc., hold the crypto asset. However, while billionaire hedge fund investor Paul Tudor Jones backed the benchmark cryptocurrency with the inflation hedge angle, Ms. Fitzpatrick thinks otherwise.

 Related: Billionaire, hedge fund manager, backs Bitcoin as his inflation trade.

“I’m not sure bitcoin is only viewed as an inflation hedge here. I think it’s crossed the chasm to mainstream.”

she observed in the Bloomberg Invest Global interview

The top Soros Fund Management executive’s comments about the crypto asset class’ market value crossing $2 trillion with a 200 million user base enticed investors to go long on Bitcoin.

The Wall Street Herd Is Here As Well

Plus, contrary to their erstwhile opposing views on the flagship cryptocurrency, Wall Street banking giants have begun riding the digital asset wave. Reports confirm Bank of America calling out Bitcoin and the aggregated crypto asset class as simply “too large to ignore.”

But the second-largest U.S. bank by assets also observed that there’s more to the cryptocurrency space than just the number one crypto.

“Bitcoin is important, but the digital asset ecosystem is so much more.”

said BofA’s head of cryptocurrency and digital asset strategy Alkesh Shah

2013 All Over Again

Bitcoin’s latest rally paved the way for a market scenario that shares a close resemblance with the 2013 bull run, at least according to Twitter-based analyst TechDev.

Even though the top digital asset’s relative strength index (RSI) retreated after an overheated rally on Wednesday, the stochastic RSI was on the way to mirror moves from the BTC market seven years ago. Stochastic RSI calculates the original RSI’s relative strength or weakness.

As per TechDev’s observations, an overblown RSI led to a 2700% Bitcoin rally, after which a dip followed and then a 770% rally upward.

” #Bitcoin had its 2nd bullish monthly stoch RSI cross between 20 and 80 this cycle. An especially bullish cross. Sep 2021 and May 2020. This cross only happened two other times in history. You guessed it. Sep 2013 and May 2012. Large pumps followed all 3 previous crosses.”

noted TechDev on Twitter
Bitcoin replicating 2013's market scenario
Bitcoin replicating 2013’s market scenario. Source: TechDev/Twitter

A similar scenario seems to be building up with the current Bitcoin market momentum, with analysts calling for a six-figure price top this bull cycle.

” Still standing behind a potential new run towards Q1 2022/maybe May 2022 on #Bitcoin. Top is usually higher than everyone expects. Probably $275-325K. And then bear market in which we land on $60K for the bottom.”

said amsterdam-based crypto trader and analyst Michael Van de Poppe

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