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Happy Saturday Folks! What a week it's been? Monday the price of Bitcoin closed at $20,599.54 and it appeared we had dodged a bullet seeing that the week before Bitcoin dipped as far as $17.5K and closed below $20K. The overall sentiment at the start of the week was overwhelmingly bearish. Cowen said Bitcoin may have further to fall, Cramer indicated a drop to $12K, Arthur Hayes said it isn't over yet; more losses coming, Capo issued fresh threats, Krugman said it was a dead cat bounce, Brandt issued massive downside for Ethereum, PostyXBT warned of "clean fakeout" for Ethereum, Alex Kruger said the $20K level is "decisive" for the future of Crypto, and Mike McGlone said $20K might be the new $5K. Outside of price, the most covered news was the Dogecoin pump after Elon Musk said he was still buying, Alameda Research lending Voyager Digital 200MM USDC and 15K BTC, Rumors of Cardano's Vasil hard fork delay, and ProShares short ETF.
On Tuesday, we become aware of a planned attempt to squeeze those who were attempting to "short" Celsius Network's $CEL token; the token rose 300% in one week. The price of Bitcoin closed at $20,710.60 and the Analyst's sentiment seemed to shift more bullish. This time Dave the Wave begin asking if the bottom was in, McGlone thought Bitcoin could emerge as the top asset in the second half of 2022, Katie Stockton was predicting a relief rally; but said it might be muted, TechDev sees a new bull market coming, Poppe indicated Cardano breaking out, Coinshares is bullish Solana. Outside of price, the most covered news was Bitfarms giving up 3,000 BTC to pay down $100MM loan from Galaxy Digital.
By Wednesday, it appeared a recovery was in progress but the price of Bitcoin closed once again below $20K at $19,987.03. Analyst's sentiment was pretty mixed with Cred, Smart Contracter, and Altcoin Sherpa being a bit bullish, while Clemente, Capo, Merten, and Harnett all bearish even thinking Bitcoin could plunge to $13K. Outside of price, the most covered news was Voyager Digital to pursue Three Arrows Capital (3AC) for $650MM loan. In addition, China warning Bitcoin could collapse to zero, Hester Peirce opposing Crypto bailouts, Doge records increased utilisation in criminal activity (probably FUD,) and Binance.US cutting Bitcoin trading fees to zero.
Right over the hump on Thursday, it's clear that Bitcoin is never going to zero as the price closed once again above $20K at $21,085.88. Analyst's sentiment leaning much more bullish with Puell indicating that HODLer data hints BTC price "really close" to bottom, Murad Mahmudov chart indicates this is the bottom, and Cowen changing his tuned also saying Bottom is near; Capo remains bearish forecasting imminent Crypto market shift with new lows coming before July. Outside of price, the most covered news was CZ saying Bitcoin could chart new all-time-high in up to 2 years and Solana Labs launching a mobile platform and revealing Android smartphone.
As the week close on Friday, we might not want to call it a comeback just yet but with the price of Bitcoin closing once again above $21K at $21,231.66 - it's looking good. I am cautiously optimistic that Bitcoin will see $25K before it sees $15K. Analyst's sentiment remains somewhat bullish as Scaramucci believes Bitcoin is "technically oversold" and Mark Palmer forecasting increase to $95K by end of 2023. Outside of price, the most covered news was Celsius enlisting advisers for potential Bankruptcy and toward the end of the day news broke that Goldman Sachs was leading an investor group to buy Celsius Assets if they enter bankruptcy.
Currently the price of Bitcoin is $21,151 so buckle up buttercups - we've got a long way to go. If you enjoyed this format leave me a comment below and give me a thumbs up :)
PODCASTS OF THE WEEK
- Tales from the Crypt: #339: The importance of bitcoin self-custody with Tyler Campbell
- The Wolf Of All Streets: Why Dollar Cost Averaging Bitcoin Is the Best Strategy | Mark Yusko
- Bitcoin Fundamentals: BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast)
- The Pomp Podcast: #1017 Max Keiser On Helping A Nation Build On The Bitcoin Standard
- The Breakdown: Powell Finally Talks Recession
