Bitcoin is Four Ounces Short of Its All-Time High

For Bitcoin, making a new all-time high in Turkish Lira or Argentinian Pesos came easily. A new high in dollars is underway, but it is boring as people deliberate whether it came at $19,602.80 or intraday at $20,001.20 on some far away exchange. Quite obviously, Bitcoin has reached its all-time high in dollar terms, and in much ruder health than at the 2017 peak.

A Bitcoin buys you 11 ounces of gold

Source: Bloomberg. Bitcoin in ounces of gold since 2016.
Source: Bloomberg. CoinShares, as of close 24 November 2020.
Source: Office for National Statistics. As titled since 2007.

ByteTree Network Demand Model

The network demand strategy is a regime model and takes no account of valuation and was not designed to forecast tops. It is built around risk and identifies bull and bear markets. When the Bitcoin network is stable or bullish, the model remains long. When the network is contracting, or at risk, it exits Bitcoin. It is simple yet effective and the basis for one of our flagship strategies at ByteTree Asset Management.

Applied data for digital asset investors. ByteTree provides real-time data, fundamentals, technical and deep blockchain market analysis for Bitcoin, and more.

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