Bitcoin 'Coiled Spring' Setup Has Economist Bullish on Next Big Trade

Economist James Thorne is bullish on Bitcoin, calling it a 'coiled spring' and the market's next big trade. He bases his thesis on the idea that the U.S. should grow out of debt through supply-side, non-inflationary growth rather than through war.

Thorne, chief market strategist at Wellington-Altus, ranked Bitcoin above gold and Micron Technology, and emphasized its role as a 'neutral asset' in a digitizing global economy. He believes that Bitcoin's price will rise due to a shift towards non-inflationary growth, which he expects to be catalyzed by a wave of bullish catalysts including a broader debasement trade.

Thorne ignores headlines and focuses on technical signals, specifically the 200-day exponential moving average. He believes that Bitcoin is 'very close' to a crossover where this signal turns positive, which he sees as a sign of a bullish reversal.