MoneyLine Podcast: What to Know as the S&P 500, Bitcoin Hit All-Time Highs

Take a look back at today’s trading.

Image of a man in a suit pointing out a breakout on a stock chart
Source: Shutterstock

The S&P 500 trended lower a good chunk of the day. Bitcoin ended the general market day just about flat.

And yet if you just focused on just those numbers, you’d be unaware of the historical feats that those figures masked.

The S&P 500 climbed to a new all-time high, hitting 3,950 and putting the index within striking distance of the psychologically important 4K milestone. And bitcoin rallied above $50,000 for the first time in history — just two months after breaking through its years’ long high near $20K.

On today’s new episode of MoneyLine, I’ll explain how to play this market and why I believe a broad pullback is likely in the near term. But even more important than the possibility of a pullback is knowing how to play such weakness. Don’t worry, I’ve got you covered.

I made a prediction on Friday’s podcast that bitcoin would hit $50K over the long weekend — and it did! It reminds me of a bet I made (and won) not all that long ago. Remember the Race to $40K? I bet my friend and colleague Louis Navellier that bitcoin would reach $40,000 before the Dow. It hit that milestone faster than I expected … and it’s kept on climbing since.

The world’s largest cryptocurrency dipped back to around $48,500 after hitting its new record amid some high volatility. But this is far from the end of its climb. Longtime MoneyWire readers know that I’m a long-term believer in bitcoin, and in the podcast I’ll explain why I’m confident that Bitcoin $50K is just the latest stop in a journey toward much higher prices.

After that, we’ll focus on one of my favorite hypergrowth themes in 5G — the latest generation of wireless technology that is just starting to hit the mainstream. There has been talk about 5G for years, but 2021 will be the first in which the new technology becomes available to a large portion of potential customers. And based on the trends as past wireless technologies were introduced, I also believe this will be the year that 5G-related stocks really start to climb.

Finally, we’ll wrap up with an “Ask Matt” segment. I took your questions live from Twitter … so tune in now if you want to see if your stock was called out today!

On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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