My Favorite Bitcoin Chart

Investors,

I lied to you.

I’ve been saying that Bitcoin made new all-time highs, but it actually hasn’t.

Bitcoin has NOT made new all-time highs when priced in Euros:

Bitcoin has NOT made new all-time highs when priced in Swiss Francs:

As far as I know, these are the only two major currencies in which Bitcoin hasn’t made a new all-time high, which it has firmly produced in Dollars, Yen, Pounds, Mexican Pesos, Canadian Dollars, and Australian Dollars.

If we adjust the price of BTCUSD against the U.S. Dollar Index (DXY) to capture a “Bitcoin priced in non-U.S. currencies” basket, we see the following chart:

It briefly made new ATHs, but not as decisively as the dollar-denominated pair.

I can’t believe that I’ve never thought to produce this chart before, but it’s become my favorite Bitcoin chart because it provides a clear representation of Bitcoin priced in international currencies. While the DXY isn’t a perfect representation of a global currency basket, it’s the best one that we have & it’s the most commonly accepted.

So while the Dollar’s weakness itself has helped to propel Bitcoin higher in USD terms, it’s clear that this is also a global phenomenon and that Bitcoin is being valued at the highest levels in history on an international scale.

Read that again…

Bitcoin is being valued at the highest levels in history on an international scale.

That certainly doesn’t sound bearish to me.

In fact, not much sounds bearish these days.

Stocks are at all-time highs, Bitcoin is at all-time highs, ETH is breaking out on both an absolute and relative basis vs. BTC, XRP is making new all-time highs.

In case you didn’t know, these are signs of a bull market across the risk spectrum.

So it’s our job as investors to make a simple decision…

We can either:

• Participate in the bull market and manage risk to capture returns; or

• Fight against this bull market and discredit it while staying sidelined.

Only one of these strategies have worked over the past 2.5 years.

And if you zoom out even longer, it’s clear that the former is the winning strategy.

It’s harsh, but you are failing as an investor if you aren’t long during a bull market.

I’ve been saying this since April 2023, when I first flipped back into the bullish camp.

Every single one of us is an investor for one reason: to make (and keep) money.

And the best environment to achieve those goals is during a bull market.

So let’s keep making the most of this environment to achieve our goals.