I think if we really are seeing a head and shoulders on #bitcoin then so far we have just had the first left shoulder, the next run for the head should go higher (aligns with the targets of $150K $BTC or more many analysts have called for), which I have been seeing too on the charts since about December as possible.
My current thinking is much of what we've been seeing is pretty much standard fare for this in crypto, the markets went up people bull posted about higher with no real TA behind it, it dips as the first left hand shoulder ends, and we get FUD about lower, again with these people posting with no TA.
In between liquidity gets run up either side then taken, as the market moves up and down, currently everyone is moving short, with the expectation of lower, meaning the liquidity lies above us, with the price needing to move up to take it, as this happens, people FOMO in and drive it up to $150K. What's interesting this cycle is the #bullish narrative, #Trump and the US bitcoin reserve, a #crypto friendly #SEC with lawsuits against big exchanges etc being dropped, probably a green light for institutional investment etc, and crypto #ETFs, which add a new level to the game as #wallstreet and big money is here and at play now too, this is game theory playing out, and it very much seems to suggest we will go much higher.
I think Trump's policies will drive the US economy up, and markets too, and I think we've seen the start of that recently as well tbh, it's kinda what he does, in very simple terms.
There's even a white house crypto summit scheduled now, with the crypto reserve being drawn out, and some rumours of it even being made official policy then.
It has been suggested too for example that US investment funds bought into bitcoin #ETFs and also futures on CME exchange to arbitrage which was the reason for the recent dip, they make money on such moves buying and selling, but the aim is to grow the investment, so the logical move after driving price down is to wait for everyone to go short, and then send it the other way to take all that liquidity.
I don't think we will see bitcoin go below the previous ATH at around $70K tbh, holders from that are all in profit, and the average purchase price of the #bitcoin#ETFs is $83,686.67 USD, below that the institutional players are going to be looking to buy any dips at a discount.
Other things I think will also come into play here like black rock increasing its portfolio allocation to 1-2% of allocation portfolios into its Bitcoin ETF! Allocating $150 billion model portfolios to its iShares Bitcoin Trust ETF (IBIT).
Which are some of the reasons why currently I can't help but still feel #bullish and think these are levels to be buying at, and not fooled by FUD about tbh.
I think pretty soon bitcoin sub $100K are going to be levels we won't see again 🤷
It's not hard to see how one spark could make things fly, just look at what happened following the 50x long, rumours flew that they knew something we didn't, that something big was coming, and the price reversed in a day as folks FOMO'd!
I think if we really are seeing a head and shoulders on #bitcoin then so far we have just had the first left shoulder, the next run for the head should go higher (aligns with the targets of $150K $BTC or more many analysts have called for), which I have been seeing too on the charts since about December as possible.
My current thinking is much of what we've been seeing is pretty much standard fare for this in crypto, the markets went up people bull posted about higher with no real TA behind it, it dips as the first left hand shoulder ends, and we get FUD about lower, again with these people posting with no TA.
In between liquidity gets run up either side then taken, as the market moves up and down, currently everyone is moving short, with the expectation of lower, meaning the liquidity lies above us, with the price needing to move up to take it, as this happens, people FOMO in and drive it up to $150K.
What's interesting this cycle is the #bullish narrative, #Trump and the US bitcoin reserve, a #crypto friendly #SEC with lawsuits against big exchanges etc being dropped, probably a green light for institutional investment etc, and crypto #ETFs, which add a new level to the game as #wallstreet and big money is here and at play now too, this is game theory playing out, and it very much seems to suggest we will go much higher.
I think Trump's policies will drive the US economy up, and markets too, and I think we've seen the start of that recently as well tbh, it's kinda what he does, in very simple terms.
There's even a white house crypto summit scheduled now, with the crypto reserve being drawn out, and some rumours of it even being made official policy then.
It has been suggested too for example that US investment funds bought into bitcoin #ETFs and also futures on CME exchange to arbitrage which was the reason for the recent dip, they make money on such moves buying and selling, but the aim is to grow the investment, so the logical move after driving price down is to wait for everyone to go short, and then send it the other way to take all that liquidity.
I don't think we will see bitcoin go below the previous ATH at around $70K tbh, holders from that are all in profit, and the average purchase price of the #bitcoin #ETFs is $83,686.67 USD, below that the institutional players are going to be looking to buy any dips at a discount.
Other things I think will also come into play here like black rock increasing its portfolio allocation to 1-2% of allocation portfolios into its Bitcoin ETF! Allocating $150 billion model portfolios to its iShares Bitcoin Trust ETF (IBIT).
cryptopolitan.com/blackrock-allocation-portfolios-bitcoin-etf
Which are some of the reasons why currently I can't help but still feel #bullish and think these are levels to be buying at, and not fooled by FUD about tbh.
I think pretty soon bitcoin sub $100K are going to be levels we won't see again 🤷
It's not hard to see how one spark could make things fly, just look at what happened following the 50x long, rumours flew that they knew something we didn't, that something big was coming, and the price reversed in a day as folks FOMO'd!
Things will go higher IMO 🫡