"It is the set of the sails, not the direction of the wind that determines which way we will go."
 –Jim Rohn

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Happy Saturday Folks! Last week Bitcoin was up over $2K and this week it up a little bit for the week. As I type Bitcoin is trading at $42,201.70 and for the week (M-F) Bitcoin was up $728.70; week over week it's down $1,609.50; after the previous week $6K rise a rest is expected. The best performing asset in the past 7 days was again $AVAX - up 26.35% in position #8 on Coinmarketcap.com. Two weeks ago the Fear and Greed Index was at 73 and today it's 67 - I think 74 might have been max greed for this local top.

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

MY HOT TAKE

Most covered news of the week was Bitcoin price slipping below $42,000 as short-term holders were taking profit - Long liquidations spiked to over $320 million as bitcoin dropped 6% and ether stumbled; Analyst said that was expected.(11)

The sentiment remains bullish as many continue believing that Bitcoin is headed higher toward $48K - $50K. With this week possibly closing in the red, it could be the beginning of a more significant pull back before we get a Santa Claus rally. Let's look at what the Analysts, Strategist, and Traders had to say this week:

Price Calls

Bitwise Asset Management believes ‘Bitcoin will trade above $80,000 in 2024.(4) Bitcoin Price Prediction for 2024 by VanEck is “Bitcoin price will reach an all-time high on November 9th, exactly 3 years to the day from its last all-time high.”(4) Bitcoin to explode from fair value to $100,000 really fast, says Morgan Creek’s Mark Yusko. Bitcoin ($BTC) to reach $1 Million, predicts Arthur Hayes with Cryptic message but this isn't a new prediction, he said it 17 March 2023(3) and JAN3 CEO Samson Mow forecasts Bitcoin’s surge to $1 Million post-ETF approval in 2024. The "endgame" target of this cycle remains "well north of $120,000," says Tuur Demeester.

Bulls

Santiment stated that the last decline was seen as a buying opportunity by some investors and said that this correction was the sharpest decline in the last 4 months. Raoul Pal said he believes that there is a greater than "20% chance that this cycle in Crypto and Exponential Age tech is an Everything, Everywhere, All at Once adoption cycle." On the current Bitcoin rally ‘Baby, we are so back’ and big traders still waiting on the sidelines as Crypto launches ‘most hated rally,’ according to Meltem Demirors. Bitcoin advocate Max Keiser announces massive BTC inflow into El Salvador to happen quite soon. Bitcoin halving sees miners accumulate more rigs – Crypto execs eye $100K price target.

Bitcoin “washout” completed, BTC ready for $48,000—and higher; BTFD!(2) William Clemente, the co-founder of Reflexivity Research, suggested this correction was necessary as it would “shake out “weak hands” and leverage, allowing for a stronger foundation for eventual moves higher.” He further mentioned that Bitcoin’s volatility “is a feature, not a bug.” Bitcoin ($BTC) all-time high incoming? 3AC Kyle Davies makes ultra bullish claim about Bitcoin being in a SuperCycle. The great wealth transfer could inject up to $225,000,000,000 Into BTC and other Crypto assets says Mike Novogratz. 

Anthony Pompliano says Bitcoin bull market has begun with major frontrunning of Fed rate cuts and ETF approval. BlackRock executive Jeffrey Rosenberg evaluated the FED's decision and described it as a green light for investors. Bitcoin could rise in 2024 even if spot ETFs are not approved, Matrixport says. CryptoQuant says the bear market is in the past, and BTC has moved into a bull phase, even though the cryptocurrency has fallen about 10% from its latest peak. VanEck CEO Jan van Eck Says ‘Bitcoin is the obvious asset that is growing up in front of our eyes’, mocks Jamie Dimon’s comments about Crypto.

Bears

On-chain analyst Willy Woo analyzes Bitcoin’s path potential $39,000 retest.

ETF NEWS

Multiple Bitcoin ETF issuers, including BlackRock, Grayscale, Franklin, and Fidelity, have recently met with the SEC which is set to decide on BlackRock's revised spot Bitcoin ETF application by January 15, with a final deadline of March 15.(2) Analysts predict a potential $100 billion inflow into BTC following ETF approval, but some believe this is an overestimation. BlackRock’s ETF, technological progress, and clearer regulations are all injecting confidence back into the crypto market, according to Jeremy Allaire. BlackRock ETF big change lets world’s biggest banks buy into Bitcoin. However, top analyst James Seyffart pours cold water on $100 billion inflow expectations on Bitcoin ETF.

SEC and fund firms appear to be “getting very close” to resolving ETF structure-related questions, says Valkyrie chief investment officer Steven McClurg. Gensler says SEC's 'new look' at spot bitcoin ETF applications has involved recent court rulings. Bloomberg Analyst James Seyffart foresees H1 2024 U.S. approval for spot Bitcoin and Ether ETFs.

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 $41,527.10 and the most covered news of the day was Bitcoin price sliped below $42,000 as short-term holders took profit - Long liquidations spiked to over $320 million as bitcoin dropped 6% and ether stumbled; Analyst said that was expected.(11)
Podcast of the Day: What Drives BTC's Predictable Four Year Cylces? | The Breakdown

Tuesday the price of Bitcoin closed at $40,901.20 and the most covered news of the day was AVAX bounced above the $40-mark for the first time since May 2022, taking the weekly gains to 84% and doubling its value since the start of 2023; $AVAX might repeat Solana's ($SOL) mind-blowing rally.(5)
Podcast of the Day: VanEck’s 2024 Crypto Predictions with Matthew Sigel | Bankless

By Wednesday (Humpday) the price of Bitcoin closed at $42,721.60 and the most covered news of the day was FASB published new crypto rules that will let firms use fair-value accounting; corporate adoption on the way.(5)
Podcast of the Day: Bitcoin’s Fair Value Is Over $50,000 - And Will Double! l Mark Yusko | TWOAS

Right over the hump on Thursday the price of Bitcoin closed at $42,784.90 and the most covered news of the day was SEC delayed Invesco’s spot Ethereum ETF.(3)
Podcast of the Day: Kraken's CEO on Their Battle Against The SEC | Bankless

As the week came to a close on Friday the price of Bitcoin closed at $42,255.80 and the most covered news of the day was a security issue in Ledger software impacted several decentralized applications and the issue stemmed from a compromised software library connected to the wallet provider; over $600K supposedly compromised.(9)
Podcast of the Day: #1284 Danny Masters | Investing Legend Has BILLIONS In Bitcoin & Crypto | TPP

WEEKEND NEWS

Bitcoin and Ethereum draw over $19.7 Billion inflow, echoing past bull run. However, Bitcoin dipped below $42,000 despite major stock indices posting gains as Bitcoin at risk of snapping historic winning streak, but 'perfect storm' brews for a strong 2024. Crypto analyst Tuur Demeester’s analysis of Bitcoin: Why it is undervalued, macro tailwinds, nation state adoption, and more. Bitcoin in danger as we are ‘one chess move away’ from ‘big problems’ due to 51% miner consolidation.

Transaction fees on the Bitcoin network have risen above $37. According to data from Mempool, the current minimum transaction fee exceeds 600 sat/vB, or approximately $37. This increase in transaction fees resulted in more than 347,000 transactions being disapproved.

Franklin Templeton strategist sees every national treasury holding Bitcoin, says BTC will be base unit of trade. Sandy Kaul, the head of Franklin Templeton’s digital asset and industry advisory services, says that we’ve already begun to see nation-states adopting the top crypto asset by market cap.

Bitcoin (BTC): 3 Silent Network Movers No One Pays Attention To

Bitcoin mining offers a financially incentivized mechanism to capture and utilize methane emissions. This financial incentive is unique amongst methane mitigation technologies. Finance titan BlackRock is actively investing in Bitcoin mining companies – report.

New data reveals that a deep-pocketed Ethereum ($ETH) investor has woken up from a year of dormancy and is selling off its crypto assets as the top altcoin loses momentum. $XRP hits roadblock on its way up, making quick reversal close to impossible. Dogecoin's ($DOGE) on-chain indicators reach healthiest levels in years. Avalanche ($AVAX) price adds 400% in two months.

Stablecoin market cap flashing positive sign for Crypto liquidity, according to analytics firm IntoTheBlock. Tether: We've onboarded FBI, Secret Service to our platform.(2)

Coinbase says it will challenge SEC crypto rulemaking rejection.(2) Blockchain firm SafeMoon is filing for bankruptcy after its founder and two executives were indicted on fraud charges in November. 

Warning About Fraudulent NFT Scheme: The Cardano community, a Twitter account, warned users about a scam involving Berry Pool delegators receiving a dubious NFT, falsely promising extra ADA rewards through a fraudulent event. NFT Trader, a peer-to-peer trading platform, suffered a hack, resulting in the theft of millions of dollars in high-value NFTs.