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Happy Saturday Folks! Last week Bitcoin was barely up around 1K and this week it up a little bit for the week. As I type Bitcoin is trading at $43,730.33 and for the week (M-F) Bitcoin was up $579.20; week over week it's up $1,528.63. The best performing asset in the past 7 days was again $SOL - up 27.33% in position #4 on Coinmarketcap.com. Two weeks ago the Fear and Greed Index was at 67 and today it's 70.
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
Most covered news of the week was Solana ($SOL) market cap flips XRP, Spotify, and Electronic Arts; makes another yearly high.(11) It's been on an absolute tear and for those who had their bags packed congratulations! It's has flipped BNB and is not comfortably in position #4 on Coinmarketcap. It would take a Herculean effort to jump $USDT at #3 or $ETH at #2; so let's not get crazy.
Last week I talked about the weekly red close but Bitcoin didn't disappoint by recouping all it lost and then some to present us another green weekly close. The $48K - $50K narrative is still alive and well and some even thinking $50K. Let's look at what the Analysts, Strategist, and Traders had to say this week:
Price Calls
According to Dan Tapiero, Managing Partner at 10T Holdings, the Bitcoin and crypto market is on the verge of a major transformation, with the world’s most valuable coin likely to soar to over $200,000 by May 2024. A slurry of catalysts and historical behavior could catapult bitcoin (BTC) to as high as $160,000 in a widely expected bull market that analysts say could be underway in 2024. Matrixport expected the SEC to approve Bitcoin Spot ETFs in January and this should lift Bitcoin prices above $50,000 by the end of January 2024.(2)
Bulls
The Economist says Bitcoin ”can be a useful diversifier” for your investment portfolio. Michael Saylor, former CEO and co-founder of MicroStrategy, predicts that there may be a significant increase in the value of Bitcoin in 2024 and that Bitcoin (BTC) could soon become a “legitimate” treasury reserve asset for top US companies.
Bears
As Bitcoin slips below crucial threshold, analyst Ali Martinez signals caution, predicting possible downturn to $37,500 per BTC. CryptoQuant’s analyst Yonsei discovered through an analysis of on-chain data that when BTC’s price broke through the $40,000 resistance, short-term holders and the 6-18 months investor cohort showed a move to realize profits. Chris Burniske, the founder of Placeholder Capital, says that if Bitcoin decides to take a breather, it will likely dip below $40,000. QCP Capital is expecting upper resistance for BTC in the $45,000 – $48,500 region and a possible pullback to $36,000 levels before the uptrend resumption.(2) Bitcoin traders see $48K BTC price before ETF 'sell the news' event.
ETF NEWS
Potential U.S. spot Bitcoin ETFs are a threat to Crypto exchanges warns Analyst Eric Balchunas.(2) Real estate investors are flocking to Bitcoin in record numbers. Bitcoin ETF ad war officially underway with Bitwise campaign. With all eyes on bitcoin ETF decision, SEC kicks ether can down the road.
Michael Sonnenshein believes the spot Bitcoin ETF will unlock $30T worth of advised wealth.(3) New Bitwise ad reflects expected bitcoin ETF marketing blitz. 7RCC, a crypto asset management firm targeting ESG-focused investors, filed an application with the Securities and Exchange Commission (SEC) for a spot-bitcoin and carbon credits futures exchange traded fund (ETF).(3) Jon Najarian says that he believes that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin exchange-traded funds (ETFs), and that would send the crypto king soaring by as much as 30% in just two days. Bitcoin spot ETF approvals look 'nailed on' for January, K33 Research says. Bitcoin Spot ETF Biggest Development on Wall Street in Last 30 Years, Says Michael Saylor.
Bitcoin advocate Samson Mow optimistic that Bitcoin ETF will stir healthy competition. BlackRock, Nasdaq, SEC met regarding Bitcoin ETF; this is the second meeting in a month between the parties about rule changes required to list the bitcoin ETF.
Grayscale CEO, Michael Sonnenshein, urges SEC to approve all Bitcoin ETFs simultaneously to avoid any first-mover advantage. The potential approval of a Bitcoin ETF by the US could significantly impact Bitcoin's value, with predictions ranging widely and analysts suggest an ETF would draw institutional capital, potentially transforming market dynamics and exchange operations. Price forecasts vary, with conservative estimates around $42,000-$100,000 and more bullish predictions reaching $1 million. Three commercials for Bitcoin ETFs (one from Bitwise) have appeared this week as the marketing war between competing asset managers heats up.(2) According to Charles Gasparino of Fox Business, financial firms feel confident that the Securities and Exchange Commission (SEC) is going to rule in favor of approving spot Bitcoin Exchange-Traded Funds (ETFs) after January 8, 2024.(4) Brian Armstrong says Coinbase stands to benefit from large incoming pools of capital to Crypto via Bitcoin ETF. Approaching spot BTC ETF launch may fall short of markey expectation with lower demand, creating a “sell the news” scenario in the second January week. Spot Bitcoin ETF approval ‘still happening’ by Jan. 10, analysts say.
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 $42,910.90 and the most covered news of the day was Bitcoin slipped below $41,000 as Crypto price rally cooled off and saw $33 million in outflows after 11-week streak of inflows to crypto funds ends.(5)
Podcast of the Day: Read_785 - Everyone Needs an Uncle Jim | Bitcoin Audible
Tuesday the price of Bitcoin closed at $42,697.70 and the most covered news of the day wascDo Kwon extradition approval canceled by Montenegro court.(6)
Podcast of the Day: Ryan Selkis Shares His 2024 Crypto Predictions | Bankless
By Wednesday (Humpday) the price of Bitcoin closed at $43,628.00 and the most covered news of the day was nothing.
Podcast of the Day: Decentralizing Bitcoin Mining Pools w/ Bitcoin Mechanic | Bitcoin Fundamentals
Right over the hump on Thursday the price of Bitcoin closed at $44,133.10 and the most covered news of the day was Solana ($SOL) market cap flips XRP, Spotify, and Electronic Arts; makes another yearly high.(9)
Podcast of the Day: Everything You Need To Know About The Bitcoin ETF | Eric Balchunas | OTM
As the week came to a close on Friday the price of Bitcoin closed at $43,490.10 and the most covered news of the day was Solana ($SOL), which has experienced an unstoppable rise since October, has reached nearly the $ 100 mark.(6)
Podcast of the Day: 10 Crypto Predictions for 2024 [Part 1] | TB
WEEKEND NEWS
Bitcoin (BTC) seems to have carved a local top in the $44,000 price zone, while on-chain whale activity hints at distribution.(3) BTC price 'absolutely primed' to gain says trader as Bitcoin eyes $45K. Bitcoin will close 2023 as one of the top-performing assets, up 160% — Kaiko. In the event that Bitcoin holds the current ‘Accumulate’ zone until January 1, 2024, the cryptocurrency would trade in the range of $36,187 to $47,292.
BitMEX founder Arthur Hayes warns that the potential success of spot ETFs could lead to the demise of Bitcoin and predicts that significant adoption of Bitcoin ETFs may lead to a decline in the direct ownership of BTC.(3) Bitcoin Whales sell 50,000 $BTC worth $2.2 Billion, is the rally over? Expert: Bitcoin spot ETF approval to be ‘buy the rumor, buy the news event’
Former Goldman Sachs executive Raoul Pal is predicting that Ethereum ($ETH) will outperform Bitcoin (BTC) in 2024.Ethereum has seen an 85% increase in market cap in 2023. While this growth is substantial, it slightly underperforms compared to other major assets in the blockchain space. Solana sets records for monthly new and active addresses amid price rally. AVAX doubles over 30 days.
Russian Bitcoin mining solutions provider BitCluster has announced plans to build a 120 megawatt (MW) data center in Ethiopia and turn the country into a global mining hub.
Veteran trader Peter Brandt withdraws bearish outlook on Ethereum, says Solana can continue trending higher.
Whales Bet Big on Ripple, Accumulate 360 Million XRP.
Deepfake video on YouTube impersonating Michael Saylor is latest example of sophisticated AI-powered crypto scams.
