Bitcoin may break new highs after consolidation in this range
I believe Bitcoin ETF net inflows will increase year over year, similar to the gold ETF. This selling of GBTC is temporary and must subside at some point. If we can guess the correct range that can absorb the selling, that is likely a good entry.
Currently there is strong spot demand below 38k, to the tune of hundreds of millions. ETF purchasers are also absorbing a good amount of the active supply being sold. Excluding GBTC, there is likely not enough active supply to bring price below 25k. Thus the range I selected was 38-30k.
I closed my shorts at 39k, bought back some of my spot position at 38k, and will fully enter once consolidation proves bullish. I will likely then long.
We know that active supply of Bitcoin on exchanges has been steadily decreasing. Long term demand and interest is likely to continue increasing as it has been for the past decade.
The echo market rally is over. This consolidation precedes the bull market.
Vow not to sell a single coin. The path to all time highs will be this year.
Currently there is strong spot demand below 38k, to the tune of hundreds of millions. ETF purchasers are also absorbing a good amount of the active supply being sold. Excluding GBTC, there is likely not enough active supply to bring price below 25k. Thus the range I selected was 38-30k.
I closed my shorts at 39k, bought back some of my spot position at 38k, and will fully enter once consolidation proves bullish. I will likely then long.
We know that active supply of Bitcoin on exchanges has been steadily decreasing. Long term demand and interest is likely to continue increasing as it has been for the past decade.
The echo market rally is over. This consolidation precedes the bull market.
Vow not to sell a single coin. The path to all time highs will be this year.