Thanks to the current bitcoin rally, the cryptocurrency world in general is getting lots of attention.
There’s been a resurgence of bullish interest in bitcoin during recent weeks.
A lot of bullish interest.
The fabled cryptocurrency has surged to new highs, hitting price levels not seen for the past 10 months.
It’s now trading well above $8,000.
In fact, as this is being written it’s just topped $8,600!
A Fresh Bitcoin Rally
What’s behind the sudden frenzy creating a fresh bitcoin rally?
According the Michael Hartnett, the chief investment strategist at Bank of America Merrill Lynch, the dramatic move to the upside is a signal that global recession fears are growing steadily.
The bitcoin rally could in fact be an indication that we’re experiencing a massive and precipitous collapse of confidence in the world’s governments and in the core structure of the international financial system.
But Hartnett theorizes that global investors are investing in bitcoin not because they believe it is a safe haven asset in times of uncertainty and instability.
He says it’s because they are looking for high-risk, high-reward investments.
He argues that low interest rates on bond yields since the financial collapse in 2008 has left investors starved of profits, sending them into a global “greed trade” across corporate, emerging market, and crypto securities.
Dystopian Loss of Faith
Hartnett’s analysis resonates with a comment earlier this year by John Normand, JPMorgan’s head of cross-asset fundamental strategy.
He noted that “We have long been skeptical of cryptocurrencies’ value in most environments other than a dystopian one characterized by a loss of faith in all major reserve assets (dollar, euro, yen, gold) and in the payments system.”
Dystopian is a strong word, but with the broad economic implications of the Trump-China trade war it may not be inappropriate.
From an astrological perspective, however, the surge in bitcoin prices is not too surprising. In the Bitcoin Astrology book (which I co-authored with Bill Meridian, Goncalo Moreira, Christeen Skinner and Wendy Stacey), there’s a note (on page 112) of a winning bitcoin trading strategy.
It’s a particularly bullish solar cycle.
It currently has a track record of successfully predicting a bitcoin rally 86 percent of the time.
That bullish solar transit has been in play since late April.
It continued through the trading week just behind us.
And this last time around, it brought a boost in the price of bitcoin of roughly 52%!
Coming up next, we expect to see a significant impact on bitcoin from the Mars/Hades conjunction on May 27.
As our back-testing chart shows, we can expect this planetary combination to bring about three weeks of congested trading.
That’s likely to be followed by another surge triggering a fresh bitcoin rally.
The zodiac position of this Mars/Hades conjunction is also worth noting; we’ve pointed to it on the 90º dial for the bitcoin inception horoscope.
It triggers the following midponts:
Mars/Admetos [a sinking market]
Mercury/Saturn [price excursions]
Mercury/Uranus [exciting news]
Uranus/Apollon [expansion by leaps and bounds]
Jupiter/Hades [a shortage of money but good luck in black market dealings].
Based on those planetary activations, we can certainly expect to see plenty of bitcoin trading excitement during the months ahead!