{"id":28455,"date":"2025-11-29T16:43:01","date_gmt":"2025-11-29T16:43:01","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=28455"},"modified":"2025-11-29T16:42:57","modified_gmt":"2025-11-29T16:42:57","slug":"bitcoin-risque-rendement-covid","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/bitcoin-risque-rendement-covid\/","title":{"rendered":"Bitcoin retrouve un ratio rendement\/risque in\u00e9dit depuis le COVID"},"content":{"rendered":"<p>On pourrait croire \u00e0 un simple march\u00e9 rinc\u00e9 de plus, un \u00e9ni\u00e8me \u00ab dip \u00bb post-ATH. Pourtant, pour certains analystes, le point int\u00e9ressant n&rsquo;est plus seulement le <strong>prix de Bitcoin<\/strong>, mais ce qu&rsquo;il est en train de raconter sur le rapport risque\/rendement. Et ce r\u00e9cit, selon Bitwise, ressemble \u00e9trangement \u00e0 celui de <strong>2020<\/strong>, au c\u0153ur de la panique COVID.<\/p>\n<h2>Un profil risque\/rendement qui rappelle mars 2020<\/h2>\n<p>Andr\u00e9 Dragosch, responsable recherche Europe chez Bitwise, r\u00e9sume son impression d&rsquo;une phrase assez tranch\u00e9e : la derni\u00e8re fois qu&rsquo;il a vu un ratio risque\/rendement aussi asym\u00e9trique sur Bitcoin, c&rsquo;\u00e9tait pendant le <strong>krach COVID<\/strong> de mars 2020, lorsque le cours \u00e9tait pass\u00e9 d&rsquo;environ 8 000 dollars \u00e0 moins de 5 000 dollars en quelques jours.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This is probably the most important work I\u2019ve done on <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#Bitcoin<\/a> &amp; Macro so far.<\/p>\n<p>It involves a lot of computation and is somewhat complex &#8211; because financial markets are complex at the end of the day.<\/p>\n<p>The question investors constantly face is:<\/p>\n<p>\u201c\ud835\uddea\ud835\uddf5\ud835\uddee\ud835\ude01 \ud835\uddf6\ud835\ude00 \ud835\uddfd\ud835\uddff\ud835\uddf6\ud835\uddf0\ud835\uddf2\ud835\uddf1 \ud835\uddf6\ud835\uddfb\u2026 <a href=\"https:\/\/t.co\/TUaFGM5SAT\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/TUaFGM5SAT<\/a><\/p>\n<p>&mdash; Andr\u00e9 Dragosch, PhD\u26a1 (@Andre_Dragosch) <a href=\"https:\/\/twitter.com\/Andre_Dragosch\/status\/1994406656856170868?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">November 28, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Pour lui, la configuration actuelle pr\u00e9sente des similitudes : un march\u00e9 traumatis\u00e9, des investisseurs qui ne croient plus vraiment \u00e0 un <strong>rebond rapide<\/strong>, et un actif qui int\u00e8gre d\u00e9j\u00e0 dans son prix une bonne partie des mauvaises nouvelles. Sauf qu&rsquo;au lieu d&rsquo;un virus inconnu, le d\u00e9cor est d\u00e9sormais celui d&rsquo;un ralentissement \u00e9conomique mondial anticip\u00e9 et d&rsquo;un environnement de <strong>taux encore pesant<\/strong>.<\/p>\n<h2>Un march\u00e9 qui se comporte comme si la r\u00e9cession \u00e9tait d\u00e9j\u00e0 l\u00e0<\/h2>\n<p>Dragosch explique que Bitcoin \u00ab price \u00bb aujourd&rsquo;hui un sc\u00e9nario de <strong>croissance mondiale r\u00e9cessive<\/strong>. Autrement dit, le march\u00e9 agit comme si la douche froide macro\u00e9conomique avait <strong>d\u00e9j\u00e0 eu lieu<\/strong>. Il rappelle que l&rsquo;actif int\u00e8gre dans sa trajectoire les s\u00e9quelles de la p\u00e9riode 2022 : resserrement mon\u00e9taire agressif de la Fed, crise de liquidit\u00e9, effondrement de <strong>FTX<\/strong>. \u00c0 ses yeux, une bonne partie du narratif baissier a d\u00e9j\u00e0 \u00e9t\u00e9 dig\u00e9r\u00e9e.<\/p>\n<p>D&rsquo;ailleurs, cette perception contraste avec le <strong>discours officiel<\/strong>. Dimanche, le secr\u00e9taire au Tr\u00e9sor Scott Bessent a assur\u00e9 que les \u00c9tats-Unis ne se dirigeaient pas vers une r\u00e9cession en 2026. Le foss\u00e9 entre ce discours rassurant et la mani\u00e8re dont Bitcoin se trade aujourd&rsquo;hui fait pr\u00e9cis\u00e9ment partie de ce qui intrigue les <strong>analystes<\/strong> : un actif qui semble d\u00e9j\u00e0 escompter le pire, dans un contexte o\u00f9 <a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-risk-reward-covid-19-setup-analyst\" target=\"_blank\" rel=\"noopener nofollow\">les autorit\u00e9s promettent une trajectoire plus douce<\/a>.<\/p>\n<h2>Du nouvel ATH \u00e0 la purge des 19 milliards<\/h2>\n<p>Pour comprendre ce d\u00e9calage, il faut revenir un peu en arri\u00e8re. Le 5 octobre, Bitcoin inscrivait un nouvel <strong>ATH<\/strong> \u00e0 125 100 dollars. Une semaine plus tard, le 10 octobre, un choc massif vient casser la dynamique : environ <strong>19 milliards de dollars<\/strong> de positions sont liquid\u00e9s apr\u00e8s l&rsquo;annonce de Donald Trump de tarifs douaniers \u00e0 100 % sur les produits chinois. Depuis, le sentiment s&rsquo;est nettement <strong>d\u00e9t\u00e9rior\u00e9<\/strong>.<\/p>\n<p>Ensuite, le passage sous le seuil psychologique des <strong>100 000 dollars<\/strong> le 13 novembre a servi de signal de rupture pour beaucoup de traders. La glissade sous les 90 000 dollars le 20 novembre a renforc\u00e9 l&rsquo;id\u00e9e d&rsquo;un march\u00e9 <strong>fatigu\u00e9<\/strong>. Le <a href=\"https:\/\/99bitcoins.com\/fr\/actu\/crash-crypto-simple-pause-bull-run-bitcoin\/\">rebond rapide au-dessus de ce niveau<\/a> dans les jours suivants n&rsquo;a pas suffi \u00e0 effacer l&rsquo;impression d&rsquo;un cycle cass\u00e9 \u00e0 court terme. Sur les trente derniers jours, Bitcoin recule d&rsquo;environ <strong>17 %<\/strong>, selon CoinMarketCap. Rien de comparable aux crashs historiques, mais suffisant pour casser l&rsquo;euphorie post-ATH et ramener la <strong>peur<\/strong> au centre du jeu.<\/p>\n<h2>Et si le vrai moteur \u00e9tait d\u00e9j\u00e0 enclench\u00e9 en coulisse<\/h2>\n<p>L\u00e0 o\u00f9 Dragosch se distingue, c&rsquo;est sur la lecture du <strong>calendrier macro<\/strong>. Il estime que la croissance mondiale pourrait repartir \u00e0 la hausse \u00e0 partir de maintenant, port\u00e9e par l&rsquo;effet d\u00e9cal\u00e9 des mesures de <strong>stimulation mon\u00e9taire<\/strong> d\u00e9j\u00e0 enclench\u00e9es. Selon lui, ce m\u00e9canisme pourrait soutenir l&rsquo;activit\u00e9 jusqu&rsquo;en <strong>2026<\/strong>, d&rsquo;une fa\u00e7on qui rappelle la p\u00e9riode post-COVID, lorsque les injections de liquidit\u00e9s avaient fini par irriguer les march\u00e9s d&rsquo;actifs.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$BTC<\/a> <\/p>\n<p>Aligning with covid bottom and FTX bottom. <a href=\"https:\/\/t.co\/wt2nTq8pFG\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/wt2nTq8pFG<\/a><\/p>\n<p>&mdash; S\u2c6fMX (@xsamsalvatore) <a href=\"https:\/\/twitter.com\/xsamsalvatore\/status\/1994539262998712352?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">November 28, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Dans ce sc\u00e9nario, Bitcoin se retrouverait exactement dans la zone qu&rsquo;aiment les <strong>investisseurs long terme<\/strong> : une ambiance de capitulation relative, des anticipations de croissance encore moroses et un moteur mon\u00e9taire qui commence \u00e0 tourner en <strong>arri\u00e8re-plan<\/strong>. D&rsquo;o\u00f9 cette id\u00e9e d&rsquo;un \u00ab risque limit\u00e9 \u00e0 la baisse \u00bb pour un potentiel de hausse <strong>disproportionn\u00e9<\/strong> si le narratif bascule.<br \/>\n<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/fr\/visit\/pepenode\" rel=\"nofollow sponsored\" target=\"_blank\">PEPENODE<\/a> transforme le minage en un jeu simple et fun : montez votre ferme virtuelle, ajoutez des nodes et r\u00e9coltez des r\u00e9compenses en memecoins, sans mat\u00e9riel \u00e0 brancher.<\/p>\n<a href=\"https:\/\/99bitcoins.com\/fr\/visit\/pepenode\" class=\"sc-button sc-button-green sc-button-medium\" target=\"_blank\"  rel=\"nofollow sponsored\"><span>D\u00e9couvrir PEPENODE<\/span><\/a>\n<div style=\"font-size: 12px;color: #b1b1b1;margin-top: 2px;text-align: center\"><em>Les crypto-actifs repr\u00e9sentent un investissement risqu\u00e9.<\/em><\/div>\n<h2>Les bulls n&rsquo;ont pas abandonn\u00e9 la partie<\/h2>\n<p>D&rsquo;autres voix, sans partager exactement la m\u00eame grille de lecture, ne voient pas non plus dans la chute r\u00e9cente le d\u00e9but d&rsquo;un <strong>long hiver<\/strong>. Le trader Alessio Rastani estime que la configuration actuelle ne ressemble pas \u00e0 un top de <strong>cycle classique<\/strong>. Les donn\u00e9es qu&rsquo;il suit pointeraient vers un sch\u00e9ma qui, historiquement, a d\u00e9bouch\u00e9 sur des rallyes puissants environ <strong>trois fois sur quatre<\/strong>.<\/p>\n<p>Par ailleurs, du c\u00f4t\u00e9 des objectifs chiffr\u00e9s, Tom Lee, pr\u00e9sident de BitMine, continue de d\u00e9fendre un sc\u00e9nario dans lequel Bitcoin repasse les <strong>100 000 dollars<\/strong> d&rsquo;ici la fin de l&rsquo;ann\u00e9e, avec la possibilit\u00e9 de nouveaux plus hauts derri\u00e8re. Ce type de discours tranche avec l&rsquo;ambiance plus sombre dominante depuis les <strong>liquidations d&rsquo;octobre<\/strong>, mais rappelle que la communaut\u00e9 reste loin d&rsquo;un v\u00e9ritable d\u00e9sespoir g\u00e9n\u00e9ralis\u00e9.<\/p>\n<hr \/>\n<p><strong>Sur le m\u00eame sujet :<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/actu\/crash-crypto-simple-pause-bull-run-bitcoin\/\">Crash crypto ou simple pause ? Cette analyse rassure les investisseurs<\/a><\/li>\n<li><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/fr\/actu\/xrp-les-indicateurs-pointent-vers-un-retour-a-2-80\/\" rel=\"\"> XRP, les indicateurs pointent vers un retour \u00e0 2,80 $ <\/a><\/li>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/actu\/chaos-memecoins-bnb-garde-le-cap\/\">Entre chaos et memecoins, BNB garde le cap<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On pourrait croire \u00e0 un simple march\u00e9 rinc\u00e9 de plus, un \u00e9ni\u00e8me \u00ab dip \u00bb post-ATH. Pourtant, pour certains analystes, le point int\u00e9ressant n&rsquo;est plus seulement le prix de Bitcoin, mais ce qu&rsquo;il est en train de raconter sur le rapport risque\/rendement. Et ce r\u00e9cit, selon Bitwise, ressemble \u00e9trangement \u00e0 celui de 2020, au c\u0153ur..<\/p>\n","protected":false},"author":135978,"featured_media":28458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[113,6],"tags":[12],"coin":[15],"class_list":["post-28455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu-pr","category-actu","tag-prevente"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitcoin retrouve un ratio rendement\/risque in\u00e9dit depuis le COVID<\/title>\n<meta name=\"description\" content=\"Bitcoin retrouve un ratio risque\/rendement comparable \u00e0 2020 : un signal macro que Bitwise juge extr\u00eamement favorable.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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