🚨 #BITCOIN Alert !!!! It’s finally happening …
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🪷 Bitcoin Update
- Bitcoin broke out of a falling wedge pattern and retested support, leading to a massive candle.
- The breakout is not yet confirmed, but the pattern suggests a potential move to $72,000.
- The dollar (DXY) is being held down, which is bullish for Bitcoin and risk assets.
🪷 On-Chain Analysis
- Whales are buying up Bitcoin, with one entity buying every time the price dips.
- Open interest is down, while spot buying is increasing, indicating accumulation.
- The relationship between market cap and hash rate suggests we are not near the cycle top.
🪷 Institutional Investment
- The Bitcoin ETF launch was the most successful of all time, with $50 billion in assets and $10 billion in net flows.
- Professional investors, including firms that manage money for Yale and Princeton, are allocating to ETFs.
- A Boston-based hedge fund has accumulated $363 million worth of Bitcoin ETF shares.
🪷 Seasonality and Cycles
- Bitcoin is in the "spring" phase of its cycle, with the potential for massive price movements.
- The Bitcoin power law suggests we are only in the middle of the cycle.
- The seasonality of Bitcoin's price action is similar to 2021, with a potential bear trap forming.
🪷 Altcoins and Risk
- There have been almost 1 million new crypto tokens created in the last month, diluting interest in Bitcoin.
- Most altcoins will not survive, but some have the potential for massive upside.
- Be cautious when investing in altcoins and do your research.
🪷 Conclusion
- The next 6 months are crucial for Bitcoin's price action.
- The author is still bullish on Bitcoin and expects a massive price surge into the end of the year.
