🚀 Long Bitcoin vs. Short NVIDIA ??? Bitcoin Catalysts and Targets

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👇1-10) Bitcoin is correcting; the reasons are an overbought market after a 20% rally that started just ahead of Chinese New Year and lasted precisely ten days after the start (exactly as we predicted) and worries that the recent profit-taking in US tech stocks would continue unless NVIDIA beat Wall Street analysts’ expectations when they release their quarterly earnings and outlook this week.

👇2-10) NVIDIA beat estimates last night. The stock is +8% higher in after-market trading, EPS beat by +12% while April revenue guidance is also higher at +9% (QoQ), and with the AI developer conference on March 18-21, the stock will have a new upside catalyst.

👇3-10) During the 2020/2021 Bitcoin bull market, NVIDIA benefited from the mining boom as their graphics cards (notably GeForce RTX 3060 Ti) were in high demand. NVIDIA’s share price was highly correlated with the price of Bitcoin, but as the AI boom took off, NVIDIA outperformed Bitcoin. But with the earnings catalyst out of the way, Bitcoin can trade higher again. 

Fancy a mean-reversion trade: Long Bitcoin vs. Short NVIDIA?

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