Bitwise crypto researcher André Dragosch said, “We’re staring at a similar macro setup” for Bitcoin as during the COVID-19 pandemic.
Bitcoin may have significant upside from here as its current price appears to be out of step with the forward macroeconomic outlook, according to a crypto researcher.
“The last time I saw such an asymmetric risk-reward was during COVID,” Bitwise Europe head of research André Dragosch said in an X post on Friday, referring to March 2020 when global pandemic fears sent Bitcoin’s (BTC) price tumbling from around $8,000 to below $5,000.
Dragosch said that while Bitcoin’s current setup mirrors the extreme risk-reward conditions seen during the COVID pandemic, it is also “pricing in the most bearish global growth outlook since 2022,” pointing to a period marked by aggressive quantitative tightening from the US Federal Reserve and the collapse of crypto exchange FTX.
