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FOLLOW DAT MONEY! $33M
$BTC Weekly Timing Where Low "Could" Be In FIBOSWANNY
It's Saturday Folks! Bitcoin is resting a bit from pushing higher and overall it feels like it could go much higher as we all wait for another shoe to drop. Bitcoin started the week trading around $16.2K and now it's about $16.9K and as I mentioned last week, I believe $20K before $10K; time will tell if I am right. Let's recap the week, shall we?
Monday the price of Bitcoin closed at $16,217.32 and the sentiment was mainly positive due to the little pop in price. We saw a massive spike in Bitcoin accumulation from retail investors, technical indicators flashed "buy," and traders appeared to be turning bullish. Of course the narrative about where the bottom is continue to be debated. The most covered news of the day was the news about BlockFi filing for bankruptcy protection.
Podcast of the Day: The Progressive Case for Bitcoin, With Jason Maier (The Breakdown)
Tuesday the price of Bitcoin closed at $16,444.98 and the sentiment continued to be positive as the price moved higher. Technical indicators pointed toward a "big move" and the news of BlockFi was shrugged off. 50K Bitcoin were bought in the five days prior so that might have something to do with it as well. The most covered news of the day was BlockFi now suing SBF over Robinhood shares.
Podcast of the Day: Hyperbitcoinization w/ Jeff Booth | Bitcoin Magazine
By Wednesday (Humpday) the price of Bitcoin closed at $17,168.57 and the sentiment continued to be positive as Bitcoin soared above $17K for the first time in a while. FTSE Russell is looking to introduce 8 digital asset indexes; this industry is just getting started. The most covered news of the day was the European Central Bank's Ulrich Bindeil saying Bitcoin "should not be legitimized;" guess someone is nervous.
Podcast of the Day: Why Isn't Sam Bankman-Fried in Jail? | Bankless
Right over the hump on Thursday the price of Bitcoin closed at $16,967.13 and the sentiment was a bit neutral as Bitcoin pulled back under $17K; hashrate plunged as miners gave up and turned off more machines. The most covered news of the day was Blackrook saying "next generation for markets" is tokenization and the CFTC chairman declaring Bitcoin as the "only" commodity.
Podcast of the Day: Senator Pat Toomey's Concerns about the SEC & Crypto | Bankless
As the week came to a close on Friday the price of Bitcoin closed at $17,088.66 and the sentiment closed out the week positive. However, Novogratz is now saying that $500K is no longer possible in the short term but still is a longer term viability. This is significant because the calls for $1M has nearly evaporated from the lips of most of the talking heads. The most covered news of the day was FTX Japan indicating that they would return client funds.
Podcast of the Day: Can Bitcoin Bridge the Political Divide? With Ted Cruz | What Bitcoin Did
Bottom line folks is things are looking okay. From the way I am looking at the charts and the macro picture is that Bitcoin could possibly rally toward $20K by the end of December and 2022. If Dan Morehead is correct and December 30 is the bottom, we could have a pull back once $20K is hit and continue to pull all the way back and find the true macro bottom before starting the ascent back to ATH in 2024 or 2025. Once the FTX Fiasco and whatever the other shoe is to drop, be it Genesis or another major exchange, or miners going out of business, the crap is getting flushed out of the system and that is a good thing. Bitcoin isn't dead and Bitcoin isn't Crypto. It's the best savings technology the world has ever seen and in time that will be proven.
WEEKEND NEWS
- Paul Krugman: Cryptocurrency Era May Be Coming to an End (BIC)
- Harvard Researcher Tells Central Banks to Start Buying Bitcoin (Cryptoglobe)
- Crypto Declared Dead Yet Again As Bitcoin Hits All-Time High In Long-Term Investor Holdings (EWN)
- Litecoin Creator’s Brother Explains Under What Circumstances Bitcoin Could Go to $10K (Cryptoglobe)
- BlockFi's bankruptcy is the latest blow for a bleeding Bitcoin mining industry (TB)
- Blockaded Palestinians in the Gaza Strip Turn to Bitcoin Amid Financial Chaos (Report) (CryptoPotato)
- Russian Banking Giant Sber Adds Ethereum And MetaMask Support (ZyCrypto)
- Former SEC official slams Tether for running a Ponzi scheme, labels firm as a ‘house of cards’ (Finbold)
- XRP Lawsuit: Defense Lawyer Believes Judge in Ripple Case Will Soon Deliver “One Big Written Ruling” (ZyCrypto)
- Cardano Is ‘Head and Shoulders’ Above Ethereum, Polkadot and Other Crypto Assets in One Metric: Santiment (TDH)
- South Korean judge dismisses arrest warrants for Terra co-founder Do Kwon's former associates (Cointelegraph | Coindesk)
- Celsius Gets Cash Infusion From Prime Trust as Scammers Target Customers (Blockworks)
- Crypto lender Genesis allegedly owes $900M to Gemini's clients: Report (Cointelegraph | TB | Decrypt | TDH)
- Alameda invested $1.15 billion into crypto miner Genesis: Bloomberg (TB | Cointelegraph | TDH)
- Sam Bankman-Fried Wraps Up Media Tour as Former FTX President Seeks Funding (BIC)
- Bankman-Fried says Alameda was given special treatment on FTX: Financial Times (TB)
- U.S. House Committee Chairwoman Under Fire For Tone of SBF Invitation (BIC)
- Coinbase CEO Rejects FTX ‘Accounting Error,’ Says Funds Were Obviously ‘Stolen’ (Decrypt | TDH)
- Crypto Scammer Coin Signals Ordered to Pay $2.8 Million to Victims (CryptoPotato)
- Jim Cramer on Former FTX CEO: ‘Sam Whatever’ Is ‘Disgusting’, ‘Makes Me Sick’ (CryptoGlobe)
