"One way to get the most out of life is to look upon it as an adventure."
–William Feather
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Happy Saturday Folks! As I type Bitcoin is trading at $67,712 up since yesterday at $66,516 but down from $70,160 last week. Last weeks ago the Fear and Greed Index was at 75 and today it's 75.
MY HOT TAKE
Well folks here $BTC still sits under $70K and this makes $100K by halving day nearly impossible. $BTC would need to go up nearly $15K this week and next week to hit that number and it's never went up that much in one week. Current day shown by Nice Hash is April 19, 2024, Bitbo shows April 20, 2024 and Dune shows April 20, 2024. That said, I'd be happy with an ATH by halving day and my birthday which is coming up soon!
The bullish sentiment continues to reverberate through the Crypto community as we kicked off the week learning that Tether was buying more Bitcoin; at this point who isn't buying Bitcoin right? Coinbase, Ali Martinez, Matt Hougan, Alex Krüger, and James Check all provided bullish comments at the beginning of the week and Bitcoin was trading around $69K at that time.
Then as Tuesday arrived we got the big DUMP with $BTC dropping as low as $65K; many were liquidated. Is ETH a security or not and the ETF champs like Eric Balchunas and James Seyffart are not to excited about the chances of an $ETH ETF being approved.
Mid-week things continued looking grim as $BTC dropped to around $64.5K and many were wondering if this was going to be the big pull back or if it was temporary correction and low and behold folks should have BTFD. More investment into Bitcoin mining continues and if mining companies continued to deploy machines ahead of the halving we should see price follow. The US Government is still hodling around 180K $BTC but they seem to be shifting some of it to Coinbase to possibly sell to the ETFs? Anthony Pompliano and Cathie Wood both continue to see nothing but upside for $BTC in the short term. As goes $BTC so goes the Crypto market, $ETH and other assets continued to struggle as well.
Jobless claims came out booming and that temporarily pushed $BTC to touch $67.5K on Thursday and Hut8 announced that major banks had reached out to them about purchasing $BTC directly; however, this was not broadly covered and only by a suss publication. Unprofitable miners are actually turning their machines back on ahead of the halving - something wicked this way come! Could we see a massive bull run ahead of the halving? Cathie Wood and Dan Tapiero calls $BTC an insurance policy against rogue regimes and mass adoption is on the way respectively.
Wall-O'Money continues to be headed toward Bitcoin and if anyone is feeling bearish right now, they should be. Yes there will be daily flucuations in price but as Mark Yusko says, "Price is a liar." the focus should be on accumulating as much $BTC as you can while you can under $100K. Even short term holders appears to be buying at this level. It doesn't appear that mining profitability will fall after the halving so if these miners keep deploying more machines, Samson Mow might be right that we will see an OMEGA candle sometimes this year.
There were a lot of great podcast this week and I highly encourage you to go back to previous briefs and check them out. Also I've started sharing the Bitcoin Basics (subscribe, like and ring the bell on these) videos with you all because it's great content to help nocoiners and newbies learn about Bitcoin; also a great refresher for us old timers.
I'll be adding news as it flows in over the weekend below, but that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
WEEKEND NEWS
Genesis completes redemption of GBTC shares, buys 32K Bitcoins with proceeds. Bitcoin ETFs see massive $213M inflows in single day. Cboe seeks SEC approval to mix mutual funds with ETFs. Jamie Coutts says the DXY, with a history of calling Bitcoin Q2-Q3 rallies, is potentially about to flash green for BTC. Bitcoin mining companies have increased their selling activity but are still facing challenges like lower transaction fees and increasing mining competition.(2) Bitcoin bulls nudge at $70K as BTC price sees 'not typical' weekend. Bitcoin ‘pretty unlikely’ to revisit $50K price level, says Dylan LeClair. Bitcoin's upcoming halving marks a significant milestone with rewards reduce to 3.125 BTC per block and Analysts debate its impact amidst a bullish trend, discussing whether the event has already been priced; while historical data suggests post-halving surges, concerns linger over miners' reduced. Whales keep stacking! A Bitcoin whale has stacked 1,308 BTC, worth nearly $90 million since March 6. The address ‘bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w’ currently holds this amount at a dollar-cost average of $68,617 per coin, according to Lookonchain’s post.
