Sunday's top stories, everything you need to know:
🚩TA/LCA/Psychological Analysis: It's been another crazy week. Last week, we discussed the possibility of hitting the CME gap, and indeed, Bitcoin fell from 71k to 64k, a 10% drop, as we mentioned in our report last Sunday. Since then, Bitcoin has been rising. So, what is the next target and what can we expect next?
First of all, people need to understand that we are in a massive sideways movement on an absolutely large timeframe. This range is from 58k to 72k. We have been moving in this range for several weeks, but as mentioned in last Sunday's report, it is only a matter of time before we see a breakout. At the same time, during this sideways movement, we are seeing major on-chain movement from whales, for example, whales are buying, while smaller players and retailers are selling. At the same time, a very important point: a large amount of new USDT has been printed in the past few weeks. Bitcoin reached its all-time high of 72k when the USDT market cap reached $102 billion.
Right now, BTC has a market cap of $107 billion and should be above 72k under normal market conditions. Yet, the price is surprisingly low. This tells me that BTC is currently fairly valued in terms of total money in circulation (USDT). Market makers and big players are preparing for the next big surge! This, along with the numerous arguments I have given in the past few Sunday reports, should tell you one thing. The super cycle is loading and the root of all the surges has not even been witnessed yet.
I can only remind you over and over again what I said in last Sunday's report: Don't get beat by the market makers who want to buy your bag from you. It's only a matter of time, the mother of all bull runs is gathering momentum. I expect new all-time highs in the coming weeks. The 74k target is imminent, it's just a matter of time. This is exactly what I have been saying since 62k, since the CME gap. Prices will rise, we will continue to rise to the 74k area. Let's see how the market reacts.
This week is going to be very volatile from a calendar perspective. On Wednesday we have the CPI report which is expected to be 3.4%. On Thursday we also have the PPI report including jobless claims and the ECB press conference which will most likely react to the US CPI data and provide insights into future rate hikes or cuts.
