Despite all the noise being made by President Trump’s historic White House Crypto Summit, Bitcoin and other cryptos continue to sell for the macro weakness caused by Trump’s other charm, tariffs.
Bitcoin fell below $79,000 on Monday as Ethereum fell below $2,000 for the first time since November 2023. This asks for a question.
Unfortunately, the answer may be much worse. Let’s dig deeper.
As Fundstrats are cruelly highlighted in today’s new memo, America has not made a hot start under Trump 2.0. In fact, as they said:
“For now, at least, the short-term winners were from outside of America.”
I think the eight-piece chart is just as hopeful as the brutal ones. While the US stock market (and Bitcoin) gets fierce, German stock markets are torn apart. But, as Fundstrat’s Sean Farrell told us last week, they still have a year-end price target of $175,000. In the short term, what if you see Bitcoin falling to another $62,000 for the rest of March?
Fundstrat’s Tom Lee commented, “Bitcoin is down.” But “It’s not a surprise to our clients in practice. He was targeting 62,000 Bitcoin by the end of March, as the head of our technology strategy actually pointed out the cycle through January.
The answer is technical and fundamental, but most people are generally still optimistic that a decade will be meaningfully low when the market digests what Trump is trying to do with tariffs, and as a result, crypto will get the fastest elevators as stocks recover.
The answer is technical and fundamental, but most people are generally still optimistic that a decade will be meaningfully low when the market digests what Trump is trying to do with tariffs, and as a result, crypto will get the fastest elevators as stocks recover.
That may be true – but there isn’t much left for now at least, so it’s difficult to counter more weaknesses to push forward with Trump’s constant attention to cryptography, pushing forward with other global leaders, defeating America and establishing a Bitcoin reserve (more and more states may defeat the federal government).