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Bitcoin (CRYPTO: BTC) has climbed 29% in three weeks and now trades nearly 41% above its July low, and the macro thesis behind that move is attracting serious analytical support.
The case for holding here rests on a gold-like debasement argument that Bernstein analysts believe could push Bitcoin to $500,000 by 2029.
The risk is that the regulatory framework needed to draw institutional capital into the asset class never fully materializes.
The most important development in Bitcoin's recent behavior, flagged by Bitwise head of research André Dragosch, is its correlation with gold during two distinct macro episodes.
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