• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto, spx, s&p500, gold, xauusd
Nexo

Buy Bitcoin if S&P 500 Corrects Lower, Fund Manager Suggests

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
Advertisement
  • Investors should consider buying Bitcoin if the S&P 500 breaks lower, according to Victor Dergunov, co-founder of Albright Investment Group.
  • The cryptocurrency’s upside potential is substantial, even if it falls towards $6,500.
  • Spot gold is also an attractive investment alternative against a slippery S&P 500.

Bitcoin is an attractive destination for investors looking to shield themselves from the next stock market crash, asserts Victor Dergunov.

The co-founder of Albright Investment Group, a Connecticut-based investment firm, said the cryptocurrency has adequate upside potential, even though its recept attempts to break bullish on a critical resistance level near $10,000 have failed.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto, spx, s&p500
BTCUSD logs a decent recovery after falling 10% from its $10K high | Source: TradingView.com, Coinbase

He noted that bitcoin might have found a bottom near $8,700, a level that capped the cryptocurrency’s downside correction from flourishing throughout May 2020. Mr. Dergunov took cues from a “constructive” bitcoin futures that were trading above $9,000.

“A break above $9K represents a momentum change in my view,” wrote Mr. Dergunov. “Next, BTC should test the $10K level and plausibly break out higher after that.”

S&P 500 Looks Bleak

Mr. Dergunov’s positive comments on Bitcoin surfaced in the wake of a bleaker S&P 500.

The fund manager said the U.S. benchmark index has weaker upside potentials, citing its poor underlying metrics that concerns less-than-expected earnings and profits. He further lambasted the S&P 500’s 40-percent recovery from its mid-March low for having fuelled by a surplus Federal Reserve stimulus.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The U.S. central bank announced in March 2020 that it was cutting interest rates to near zero. It also accelerated a flood of bond-buying programs to stabilize the U.S. economy while bolstering the availability of credit. The Fed chair Jerome Powell noted that they would do anything to protect the market from pursuing a financial meltdown.

The government additionally intervened by approving more than $3 trillion in spending to combat the economic crisis. The net stimulus now expects to breach above $10 trillion.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.
bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto, spx, s&p500
S&P 400 breaks above 200-day moving average | Source: TradingView.com

Mr. Dergunov asserted that the S&P 500 would benefit for a while from the multi-trillion dollars of liquid injection. But once the Fed pulls back, the U.S. benchmark will fall.

The prediction converged with a technical overview provided by Jason Goepfert, an analyst at Sundial Capital Research. He noted earlier this week that there is about 72 percent chance the S&P 500 breaks lower if it trades near its 200-day moving average wave.

The index last night broke above the said resistance. Old fractals show that it could now undergo a 12.7 average downside correction in over the next six months. Mixing the technical signals with Mr. Dergunov’s analysis, a bearish S&P 500 looks possible.

Bitcoin Rivals

Mr. Dergunov also recommended alternatives to Bitcoin that could behave as a hedge if the stock market slips. They included spot gold, a top Bitcoin rival, that recently logged its seven-year high above $1,700.

The precious metal is now correcting like the cryptocurrency, but Mr. Dergunov asserts that the pullback would prompt more investors to purchase the dip.

bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto, spx, s&p500, gold, xauusd
XAUUSD corrects 3 percent after topping at $1,765.30 | Source: TradingView.com, ICE

The analyst predicted the same about Bitcoin, stating that the crypto could fall to as low as $6,500, but its upside potential would remain stable.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Vinteum logo

Vinteum Will Train And Sponsor Bitcoin Developers In Brazil And Latin America

41 mins ago
Bitcoin Market On Verge Of Greed, But Investors Remain Hesitant

Bitcoin Market On Verge Of Greed, But Investors Remain Hesitant

11 hours ago
Bitcoin

Bitcoin Koalas: 55% Of Investors Didn’t Sell Their Coins During Crypto Storm

17 hours ago
Crypto

Crypto Rout On Trading Volumes Costs Coinbase $1.1 Billion In Losses

19 hours ago
Bitcoin

Bitcoin Rally Ignites Lackluster Performance Of Crypto Stocks

23 hours ago
bitcoin miners

Bitcoin Miners Sold 5,700 BTC During July, New Report Finds

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.