Bitcoin Bull Market Continues, Targeting 35k now
👇 1) Anybody who has read the book Crypto Titans will understand that Bitcoin is not going away, no matter their personal view on crypto. With 420m people having crypto holdings and 600m having downloaded crypto apps, no matter if ONE country appears to block crypto, global demand will shift the balance of power.
👇 2) The SEC's probability of approving the Blackrock Bitcoin ETF is high. The ETF might be approved by September / October 2023 and will attract $10bn within 3 months and $20bn within 6 months - materially supporting Bitcoin prices.
👇 3) In December 2017 I realized that the shifting macro debate would result in a massive Bitcoin rally and lift prices from their 16,800 level – while most were targeting 15,000, which was never reached – causing them to miss the rally.
👇 4) I suggested buying Grayscale’s Bitcoin Trust (GBTC) in my December 9 outlook report as the NAV was trading at a -47% discount, and there was the possibility of a large buying attempt to break up the trust.
👇 5) GBTC has outperformed Bitcoin by +19% year-to-date while Bitcoin is up +69%.
👇 6) Since early January, Bitcoin has also been trading above its 200-day moving average, a level that market participants generally use to judge if an asset is in a bull (above) or bear market (below). In March (US banking crisis), Bitcoin traded back to this 200-day level but successfully rejected it. We were still in a bull market.
👇 7) Crucially, our April 24 report (....buy at 25k... "the funding rate for Binance BNB is deeply negative - as if some negative news will be released soon"....) laid down our strategy to buy half a position at 27,500 and the second half at 25,000.
👇 8) While Bitcoin prices recently dropped on the back of Bitcoin miners selling inventory (see our report from June 2) and on the back of the Binance SEC lawsuit (see our report on June 8).
👇 9) Chart technically, we also notice that Bitcoin has rallied to 25k, only to retrace back by -20% to 20k, then rally by +50% to 30k, only to retrace back to 25k (a level we had indicated we would retrace to in our April 24 and June 2 reports). Bitcoin is making ‘higher-lows’ as the technical analyst would say.
👇 10) If the pattern continues, Bitcoin will now rally to 35k only to retrace then back to 30k and then attempt 40k.
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