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Happy Saturday Folks! Last weeks Bitcoin was up nearly $2K and this week it has continued to pump. As I type Bitcoin is trading at $43,811.20 and for the week (M-F) Bitcoin was up $2,477.10; week over week it's up $6,077.52; absolutely insane. The best performing asset in the past 7 days was again $ADA - up 60.07% in position #8 on Coinmarketcap.com; in addition, $AVAX has entered the top 10 and pushed Tron to #11. Two weeks ago the Fear and Greed Index was at 74 and today it's 73 - this is really good because slow and steady wins the race.

Keep reading, watching, and listening with me each and every week!

MY HOT TAKE

Most covered news of the week was Former Binance CEO CZ can’t leave US until court decides if he’s a flight risk(6) and JPMorgan CEO James Dimon talked about Cryptocurrencies again: “I would ban it if it were me”(6)

The sentiment continues to be wildly bullish as many are still believing $48K - $50K is in play before end of year; with a Santa Claus rally. Check out all the thoughts of the Analysts, Strategist, and Traders:

Price Calls

Bitcoin recently hit a 19-month high over $43,000, with Bloomberg analysts forecasting it could reach between $50,000 and $500,000. Bitcoin’s price may rise above the $50,000 mark in early 2024, according to a CryptoQuant report. New Bitcoin all-time high within next 6–12 months, predicts Matt Hougan Bitwise Asset Management CIO. Bitcoin price could soar to $83,000 by 2025, popular analyst Rager suggests. Crypto financial services firm Matrixport details catalysts for Bitcoin rally to $125,000 in 2024.(3) Bitcoin price hitting $700,000 predicted by Adam Back within year or two; flipping Gold. 

Bulls

Macroeconomist and crypto strategist Henrik Zeberg says that Bitcoin (BTC) is setting the stage up to skyrocket as BTC’s weekly relative strength index (RSI) suggests that Bitcoin has a powerful force behind it. Macro guru Raoul Pal says that crypto assets are set for a new bull market as traditional finance firms begin to move into the nascent sector.(2) Bitcoiner Max Keiser Boasts 20,000,000% Profit on His BTC Holdings. CEO Jenny Johnson of $1.5 Trillion investment firm Franklin Templeton reveals Crypto investments, says she holds Bitcoin and three Altcoins: $ETH, $UNI, $SUSHI.(2) Bitcoin bull market not yet overheated as BTC forms negative correlation with stock market: CryptoQuant CEO Ki Young Ju.

Key drivers include macroeconomic factors and potential ETF approval. Bitcoin will be ‘more scarce than gold’ says Brian Kelly. and in a new interview on CNBC’s Fast Money, the founder and CEO of digital asset investment firm BKCM says that he expects some altcoins to start rallying in January following a historic price pattern. Robinhood CEO and co-founder Vlad Tenev says that potential rate cuts by the Federal Reserve and two other things are sparking optimism in the crypto space. John Bollinger, known for his expertise in market analysis, has recently shared his insights on Bitcoin’s current market trajectory, noting that the premier cryptocurrency is exhibiting “signs of strength.” This observation comes when Bitcoin consistently sets new highs amid the ongoing bull run. The report added that 90% of bitcoin’s circulating supply is now in profit, indicating possible short-term corrections.

Short sellers lose over $6 Billion as Bitcoin and Crypto stocks soar and Bitcoin just flashed a signal that previously resulted in over 800% BTC price explosion, says Crypto Trader Ali Martinez. Massive uptick in exchange volumes could suggest growing institutional demand ahead of ETF approval: Glassnode. Fidelity Investments’ Jurrien Timmer: “Bitcoin is a form of digital gold, with a venture twist.” (2)

Bears

Bitcoin’s crash will be ‘more spectacular than its rally,’ says US economist Peter Schiff. Crypto analysts predict potential market corrections as Bitcoin's rally could be ending; however, the overall trend remains upward. A market pullback for Bitcoin in the near term is likely, it has happened in previous bull cycles. 

ETF NEWS

BlackRock and Bitwise file updated spot bitcoin ETF applications with the SEC.(3) Boomers interested In Bitcoin, market won’t allow BlackRock to buy BTC below $60k. BlackRock received $100K seed funding for Spot Bitcoin ETF.(2) SEC delays decision on Grayscale's proposed spot ether ETF into the new year.(3)

The higher frequency of bitcoin-related filings shows more adoption and recognition of crypto and indicates that many firms are interested in the ETF hype. Grayscale CEO says he's feeling optimistic following conversations with the SEC about a spot bitcoin ETF. According to Reuters, industry executives said that negotiations between the US Securities and Exchange Commission (SEC) and companies applying for spot ETFs are progressing.(2)

VanEck's proposed spot bitcoin ETF gets 'HODL' ticker in new filing with SEC.(2) Recession won't keep bitcoin from reaching new highs in 2024, VanEck predicts in yearly crypto forecast.

Well that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL! 

THE WEEDS

Monday the price of Bitcoin closed at $41,763.00 and the most covered news of the day was about the Crypto markets adding $70 Billion daily as BTC nearing $42K; $166M shorts got liquidated(4) and El Salvador’s firm stance on its Bitcoin investment saying ‘We have no intention of selling.’(4) 
Podcast of the Day: Gensler's Dubious Legacy | The Breakdown

Tuesday the price of Bitcoin closed at $41,613.10 and the most covered news of the day was Former Binance CEO CZ can’t leave US until court decides if he’s a flight risk.(6)
Podcast of the Day: Guy's Take_076 - Fiat Money's Dark Secret | Bitcoin Audible

By Wednesday (Humpday) the price of Bitcoin closed at $43,980.50 and the most covered news of the day was SEC delays decision on Grayscale's proposed spot ether ETF into the new year.(4)
Podcast of the Day: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL | Bitcoin Fundamentals

Right over the hump on Thursday the price of Bitcoin closed at $43,471.50 and the most covered news of the day was JPMorgan CEO James Dimon talked about Cryptocurrencies again: “I would ban it if it were me”(6)
Podcast of the Day: If You Own Bitcoin, You’re A Bitcoiner (Sorry Maxis) W/ Udi Wertheimer | TWOAS

As the week came to a close on Friday the price of Bitcoin closed at $44,240.10 and the most covered news of the day was US Judge bans Changpeng ‘CZ’ Zhao from leaving the country.(4)
Podcast of the Day: Market Forecaster Raoul Pal Says There’s a Good Chance Bitcoin Will Hit $100K-$200K in 2024 | Unchained

WEEKEND NEWS

Bitcoin traders set sight on $50K-$53K $BTC price as Altcoins boom; optimistic outlook reinforced by lack of retail liquidity

“Traders are fearful that crypto markets may be in a bull trap at the moment. But while Bitcoin may have stopped its momentum for the time being, Ethereum and altcoins are blasting off once again. FUD could propel BTC to $50,000 if it increases.” - Santiment

Prominent Bitcoin supporter Samson Mow expects Bitcoin price to go higher than $44,000, but he does not mind slight pullback at the moment. 

ETF STATUS | ETF DEADLINES

Fidelity held meeting with SEC about spot bitcoin fund, submitted presentation about ETF workflows. No influx of new users for Ethereum despite spot $ETH ETF hype.

$XRP has regained its pace, pushing as high as 7% to stir optimism for December close. Crypto analyst Ali Martinez is expressing bullish sentiment on Solana (SOL) amid triple-digit-percentage gains by the Ethereum (ETH) competitor this year; Solana could surge by around 25% from the current level if the bullish momentum is maintained. Cardano jumps 20% as analyst eyes Bitcoin pullback to $40K to 'fill CME gap;' set for best weekly close since 2021 bull run. On-Chain data reveals Dogecoin has broken all major resistance – $DOGE price to $0.15?(2)