Restarting BTC bull rally with (unlikely) Bitcoin ETF approval.
In my previous idea (see below) I tried to build a potential scenario for the downside. Here I will TRY to create a scenario for how things could unfold in case of a bitcoin ETF approval. I was reading a Medium article that suggested that a possible scenario was that in case the ProShares ETF got approved the VanEck ETF might still get declined. The reason for this would be that the ProShares ETF trades futures where the VanEck ETF trades actual bitcoins (hence the larger amount of hype surrounding the VanEck ETF). Trading in actual bitcoins would make the SEC question custody which they might not be ready to approve.
This is a very hypothetical idea to help one prepare for an unlikely scenario. I have no idea how likely this scenario is however one reason I found this scenario interesting was that this sequence of events could possibly bring us back to a recovery similar to after the Dotcom bubble. I have previously created an idea (see below) on the similarities between NASDAQ Dotcom bubble and bitcoins last bull rally. In my mind I still find this kind of recovery reasonable as cryptocurrencies was (obviously) over hyped in the last rally as was Internet stocks in the Dotcom bubble. However Internet technology did have its merits (obviously) and the market recovered. Blockchain technology (obviously) also has its merits so in my mind a similar recovery would be reasonable to suggest. The market however can disagree (obviously). Getting back above the long term support line (green trend line) would be very positive in my mind. Also the breakouts and retracements/back tests could potentially align well with this long term trend line and previous tops.
Even though I find the above idea interesting I believe more downside is more likely before the next rally. However I will keep this idea in mind to be prepared in case of a unlikely ETF approval.
If you liked my idea please follow me to help me justify publishing more ideas here on TV. As always please feel free to criticize and give feedback as this is the primary reason that I currently publish ideas on TV.
Good luck everybody
This is a very hypothetical idea to help one prepare for an unlikely scenario. I have no idea how likely this scenario is however one reason I found this scenario interesting was that this sequence of events could possibly bring us back to a recovery similar to after the Dotcom bubble. I have previously created an idea (see below) on the similarities between NASDAQ Dotcom bubble and bitcoins last bull rally. In my mind I still find this kind of recovery reasonable as cryptocurrencies was (obviously) over hyped in the last rally as was Internet stocks in the Dotcom bubble. However Internet technology did have its merits (obviously) and the market recovered. Blockchain technology (obviously) also has its merits so in my mind a similar recovery would be reasonable to suggest. The market however can disagree (obviously). Getting back above the long term support line (green trend line) would be very positive in my mind. Also the breakouts and retracements/back tests could potentially align well with this long term trend line and previous tops.
Even though I find the above idea interesting I believe more downside is more likely before the next rally. However I will keep this idea in mind to be prepared in case of a unlikely ETF approval.
If you liked my idea please follow me to help me justify publishing more ideas here on TV. As always please feel free to criticize and give feedback as this is the primary reason that I currently publish ideas on TV.
Good luck everybody
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