"All the art of living lies in a fine mingling of letting go and holding on."
–Havelock Ellis
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Happy Saturday Folks! As I type Bitcoin is trading at $67,712 down since yesterday at $70,484 but flat from $67,712 last week. Last weeks ago the Fear and Greed Index was at 75 and today it's 72.
MY HOT TAKE
What a week it's been? It's a 99% chance $BTC will not make $100K by halving day. Current day shown by Nice Hash is April 19, 2024, Bitbo shows April 20, 2024 and Dune shows April 20, 2024; Jameson Lopp even recommended that miners should slow down so it can land on 4/20 haha.
The week started off with a bang and has ended with a bust. On Monday it was trading around $72K with sights on $80K; $TON jumped into the top 10 and even surpassed Cardano ($ADA.)
Then as Tuesday arrived we got a little pull back to around $70K but Mike Novogratz was bullish as always; convinced the Fed is going to have to cute rates. I still don't believe we will see a rate cut in 2024 because the economy is still cooking hot. I put out a poll to see if folks agreed with Arthur Hayes who said the halving will be a buy the rumor, sell the news event. In fact he said it would drop before and after the halving. The majority of the poll responders agreed so could there be more downside to $BTC in the short term?
Mid-week was my Birthday and once again another $2K drop in the price of $BTC which was now sitting around $68K; thanks to the CPI report which showed inflation is still a problem. Bitcoin miners are adding to their stockpiles and not selling as much Bitcoin. The publicly traded miners appears to be well capitalized and the halving will not present much of a problem for them; in fact it will be highly lucrative for them. It appears that $BTC, $SOL, and $LTC is for Gen Z because they appear to like it more than stocks. Grayscale is pretty much done with selling $BTC and most of it was related to all the settlements. Politically there is a lot going on up on Capitol Hill as it relates to eliminating illicit activities in Crypto.
$BTC jumped back up a couple of thousands to $70K on Thursday and the sentiment still remains somewhat positive and bullish. VanEck believes that retail is driving the ETF adoption and not institutions, however, SEC 13F filings show major Wall Street institutions bought into spot ETFs in Q1.
Friday started off great and by the end of the day, $BTC hit the floor, dropped all the way down to $65K; this rollercoaster isn't for the faint of heart. Did you BTFD? If not that is unfortunate. I wished I could really help folks when we have big drops because if they believe they will acquire $BTC under $50K - it's ain't happening capt'n!
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
