A quick talk about what is currently happening in the media:
On June 9, 2024 (tomorrow), Saudi Arabia is expected to announce that it will halt all oil sales in US dollars, marking the end of the 50-year-old petrodollar agreement signed on June 6, 1974.
What does this mean (if it happens): - Demand for the dollar decreases, leading to currency devaluation and inflation in the United States. - An increase in demand for gold and Bitcoin as a hedge against inflation. - High oil prices against the dollar.
It is very normal for these fluctuations in the markets, up or down, and the main reason is the approach of the US elections, which are only 5 days away. We may see very strong turmoil during these days, so be careful.
After every election in America, the crypto market ignites, especially Bitcoin, Ethereum, Sol, BNB, and then the currencies associated with this group. This is what we are waiting for after these elections, which are about two weeks away. Then we will see price explosions and a vertical rise in the market btc sol eth bnb
Bitcoin 1/3 days closing above 68,300 successfully
Now we are waiting for this scenario in the chart, God willing.
Warning to speculators if Bitcoin does not test the top 73,777 after breaking it, there will be a strong drop between 108,000 - 110,000 estimated at -30% -40% to return to 74,000 and then continue rising to its last target between 120,000 - 130,000 (we will update then).
The minor correction in the bull market is normal and is the result of some large owners selling part of their payments, which will be repeated until the top.
The investor only monitors, but the speculator is careful, as the percentage of the drop is large. C / Naif
In the chart, the Tether USDT.D acquisition rate exited the channel on its way to a decline estimated at -50% to complete the negative flag pattern. The same decline occurred in October 2023 and was met by a 180% rise in Bitcoin. The decrease in Tether acquisition means the flow of money into the market and thus the rise in prices.