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Happy Saturday Folks! Last week Bitcoin was up nearly $2K and as I type Bitcoin is trading at $47,327. and for the week (M-F) Bitcoin was up only $4,488.20; week over week it's up $4,274.00 The best performing asset in the past 7 days was $SOL - up 10.45% in position #5 on Coinmarketcap.com. Last weeks ago the Fear and Greed Index was at 60 and today it's 74.
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
To not start off talking about the MONSTER rally would be irresponsible, so HOW BOUT DEM BITCOINS! Folks this is why you have to always be off zero with Bitcoin. Most of the gains will come from a few days and this week was the biggest green candle in one WEEK I've seen in a while. 23 Oct 2023 and 13 Mar 2023 we also saw large candles like that and after the 23 Oct 2023 candle Bitcoin went from $34K to $48K so... buckle up buttercups! So that's the bullish narrative what is the bearish one? We could drop like a rock from here like it did after the 13 Mar 2023 Candle but that went from $28K to $24K and then the rally continued. Either way, we are in the bull phase of the 4 year journey so don't blink.
Most of this is being driven by the ETFs so whereas folks said it was a sell the news event - they just didn't give it enough time. The Group of Nine have amassed over 200K $BTC and are on pace to accumulate well over 5 to 10M $BTC by the end of 2024. Couple this with the reduction in supply of $BTC at the halving on April 20th and you begin to feel the pressure of a supply shock coming.
Most covered news of the week was MicroStrategy once again accumulating as much $BTC as they can. Michael Saylor said he's never stop buying and would never sell so this week they bough another 850 $BTC and now hold 190K $BTC. Either he will be the richest man in the world by owning the richest company or he will be broke; no in between on this. Additional he announced that MicroStrategy would become a Bitcoin Development Company. Right along with that news article, we got word that the company we thought was going to be the big player in Bitcoin is actually going bust; Bakkt. Last week I highlighted Travis Kling's Thesis and this week the Podcast of the week is Pomp interviewing Travis about that Thesis.
Well that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
Monday the price of Bitcoin closed at $42,802.50 and the most covered news of the day was $700M net inflows as BlackRock and Fidelity gains offset GBTC outflows.(3)
Podcast of the Day: The Most Bullish Case For Bitcoin Ever Presented | Edan Yago | TWOAS
Tuesday the price of Bitcoin closed at $42,924.30 and the most covered news of the day was Solana outage caused a 4% dip in $SOL and a big rally in $ETH.(2)
Podcast of the Day: Preston Pysh - The Fearless Cadet: Lessons from West Point, Bitcoin & Fighting FinCEN's Rights Violations | The Bitcoin Matrix
By Wednesday (Humpday) the price of Bitcoin closed at $44,507.20 and the most covered news of the day was MicroStrategy smashed the buy button once again in January and bought another 850 $BTC; now holding 190K.(6)
Podcast of the Day: BTC168: Bitcoin Discreet Log Contracts DLC on LN Markets w/ Romain Rouphael | Bitcoin Fundamentals
Right over the hump on Thursday the price of Bitcoin closed at $45,930.20 and the most covered news of the day was Bakkt possibly going bust.(6)
Podcast of the Day: #1307 Alex Kruger | Bitcoin ETF Is A Trojan Horse! | TPP
As the week came to a close on Friday the price of Bitcoin closed at $47,290.70 and the most covered news of the day was New York Attorney General triples estimated size of alleged fraud in case against DCG.(3)
Podcast of the Day: #1308 Travis Kling | Bitcoin Saves The World From Speculation | TPP
Bitcoin whales have been on a buying spree, acquiring 140,000 BTC over the past three weeks, amounting to $6.16 billion believes Ali Martinez. According to Santiment it appears Altcoins are flashing bearishing amid this recently rally.
We've all heard it before and might have said it before: "This time is different." Well it appears this time really might be different. Hunter Horsely, BitWise CEO, believes the market structure that we are normally used to seeing in the 4 year cycle is changing.
“Forget what you knew about Bitcoin’s price. In 2024, we’re going to discover how the full capital market actually values Bitcoin,” he said thanks to the ETFs.
He's not alone, Crypto Wealth on X provided a chart that demonstrated that this 4 year cycle is moving faster than previous and the last one moved faster than the one before it. Now, the sentiment is that we hit ATH for sure if not six figures in 2024, according to Ki Young Ju and Jamie Coutts; and for different reasons. So the worst Bitcoin can do is $60-70K by the end of 2024. Raoul Pal believes the impending elections and money printing in 2024 will be very positive forces on the price as well. Meanwhile, with such fierce competition in the field, Valkyrie’s CIO Steve McClurg predicts that not everyone will be left standing by next year.
Bitcoin Miner appear to have stopped selling $BTC as the price goes above $47K, according to CryptoQuant. Bitcoin miners from China are moving to Ethiopia for cheap clean energy. FTX plans sale of Digital Custody for $500K in bankruptcy move.(2)