Bull Case | Bitcoin Headed for ATH with Minimal Pullbacks
Updated
I have been seeing a lot of charts posted with the formation I labeled on my chart with the X. A test of old resistance getting rejected and bouncing off old support before another leg up. I find this to be not as likely as a lot of people think. The move upwards has been fueled less by retail and mostly by institutional money gobbling up every pullback, sometimes 10x as much in a day as Bitcoin supply. Secondly, exchanges are nearing all-time lows for the supply of BTC. These are coming together to create a massive supply squeeze that could move the markets in a major way. Not to mention the halving, which doubles the effect of this squeeze by halving supply.
I believe the slight downward pressure and sideways trading over the last few days may only be because GBTC, Grayscale, got the go-ahead to dump another 1.4 billion worth of Bitcoin. And the marketing is devouring it as they dump it, leaving us in this neutral position. Eventually, GBTC will be old news, and the ETFs will continue their massive inflows.
People have been shorting this market since 20k and missed out heavily. The trend is without a doubt a positive one, so I wouldn't bet against it. If your bags are already loaded, I don't think the risk of trading is worth it at the moment, and holding is the better move.
What do y'all think?
I believe the slight downward pressure and sideways trading over the last few days may only be because GBTC, Grayscale, got the go-ahead to dump another 1.4 billion worth of Bitcoin. And the marketing is devouring it as they dump it, leaving us in this neutral position. Eventually, GBTC will be old news, and the ETFs will continue their massive inflows.
People have been shorting this market since 20k and missed out heavily. The trend is without a doubt a positive one, so I wouldn't bet against it. If your bags are already loaded, I don't think the risk of trading is worth it at the moment, and holding is the better move.
What do y'all think?
Note
As predicted Bitcoin has shot up closing in on past all time highs. 64K was briefly touched today and then we pulled back as Coinbase went offline 30 minutes. For the reasons I stated above, this will continue. We are in a bull market do not be fooled by bearish people. Do not trade against the trend!
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