Hello!
I have been travelling for a few days with some friends, I really needed some days off. I has been really fun and I managed to stay out of the charts for a while.
The good news are that we bottomet at $57,000 and we are already back up at $64,000. If I have to bet I would say that the worst is over.
Here you have the 1 month Bitcoin chart:
The worst is over
Why? Because something happened last Friday. Something really unexpected.
The Grayscale ETF saw inflows instead of outflows! And you would wonder why is that important, right?
It is important because it could mean a end of a trend. They have been selling Bitcoin since the day of the approval, it equals to sell pressure that the market has to absorb.
If this sell pressure ends (still early to know) it would help the Bitcoin price recover and go past All time highs.
Consolidation period over?
I know it's still early to know but we have been in an accumulation phase for almost 2 months.
Once we are able to break that trend and ETF inflows switch to buying again, things will get crazy.
I believe that the Bitcoin ETFs are one of the main drivers of the Bitcoin short term price. We have past the halving, now we need more inflows and we have the perfect cocktail to go parabolic.
I am so excited for this 2024. I am confident that we will witness same craziness as the past 2 bull markets. I've been preparing for so long.
I hope you enjoyed the weekend.
Cheers!
Posted Using InLeo Alpha
I did not expect such strong Bitcoin purchases now. You're probably right, there could be a strong bull market in the summer and fall.
Yes, I think so!
Last chance to buy!
I still think the price will lag within the 60 to 68k range for a month or two before it's finally over. Take care in your travels
Thank you buddy!
Yes, it's a possibility that thies 60-68k range lasts for a while. I will not wait, I prefer to stay IN at this point.