To most, Bitcoin's rally from literal irrelevance to being one of the most valuable assets in the world is hard to explain. After all, a digital coin that was once given away for free through “faucets” is now worth over $7,000 a pop.<\/p>\n
A new analysis, though, has weighed in on one of the potential trends behind BTC's macro movements. And this analysis suggests that the cryptocurrency is likely on the verge of its biggest rally yet, one that will take it past its $20,000 all-time high.<\/a><\/p>\n While central banks are unlikely to ever outright buy Bitcoin as they do with bonds and other asset classes, the cryptocurrency could benefit greatly from these centralized monetary authorities, new analysis has found.<\/p>\n Teddy Vallee \u2014 founder and CEO of Pervalle Global, a global macro hedge fund \u2014 recently published<\/a> the chart seen below.<\/p>\n Highest conviction view over the next 1-3 yrs is that CB balance sheets are going in one direction – up. Given this premise, it seems the best form of expression is via $BTCUSD<\/a>. While the chart below will need to prove itself, it holds weight both empirically and intuitively. pic.twitter.com\/GIjOa15hJ4<\/a><\/p>\n — Teddy Vallee (@TeddyVallee) April 23, 2020<\/a><\/p><\/blockquote>\nCentral banks could prove to be Bitcoin's biggest ally<\/strong><\/h2>\n
\n