Things seem to have taken a turn lower in the crypto market, but bitcoin offers a glimmer of hope and Wolfe Research is defending its long view of the asset. The crypto market continues to struggle from low volume and liquidity that have dragged on for most of the year. It has traded in a narrow range between $25,000 and $30,000 all year, which many had seen as encouraging, demonstrating that although investors weren't building positions, they weren't exiting either.
" rolling over again in the near term, but our thesis on bitcoin is simple: long as $25,000 support is holding, we'll remain long." It takes a patient investor, however. Although bitcoin is up about 61% this year, it's off its all-time high by as much. Not only has it been unable to break out to new highs above $30,000 this year after hitting it for the first time this year as early as April, but it has also underperformed equities for the better part of two years.