Many people seem to think this is Bullish. Forgetting the fact (obviously) that it's still 50% from it's $69,000 High.
Classic case of retail only seeing what retail want to see and are blinded by every other opinion, including backed by sound logic.
When I said all that time ago - let's go long.
There was method to the madness, I had already been personally long several years. I explained why as a money manager it was now a thing of interest.
Fast foreword a little - the re-accumulation phase. This was the most interesting call of all for me.
You see, what I knew would be happening here was the bigger players had been entering and would use techniques to both enter and exit on their own terms. This was simply stunning to watch play out in front of your own eyes.
As we rallied away from the re-accumulation zone - retail got greedy and majority of social media was calling for 100k. Instead we had a very distinct pattern start.
I tried to warn people, but 100k had their eyes glazed over!
All you need to ask yourself, is who's selling. No I don't mean then. I mean now.
Here's the hint.
As we rallied from that 28k, it was pig ugly, you couldn't mask that move up with digital lipstick.
I explained why it would be capped. It needed to go down 3-4 and it would go up 4-5 but it already had it's name marked just above the old All Time High.
So we get up to a new high - yet again, calls for 100k came long and loud, 250k, a million dollars. Then it was apparent, people just threw numbers out in the air, rainbow stock to flow models and the reality was, they had less than half a clue!
Plan A, B, C and D was all "long only" again not listening to rational or logic.
As we dropped down "As I said we would" the next obvious move was the re-distribution. I explained how this would play out. No surprise, it did!
We hit $15,000 a long way from the $135,000 worse case your local influencers were shouting for.
We now start a long-term accumulation.
People with the memory of a fish, think that this move up will clear their red bags. Need I remind you we are still 50% of the ATH.
What can we see out on the monthly?
Look again
Maybe the monthly is too much to wait for? Here's the weekly view.
The angle, the volume, the overbought nature...
None of these scream - Bullish intent. Retail pumps the price by a couple of thousand dollars and it's again cries for the moon. The Blackrock approval of it's ETF pumped the price artificially and Institutional players are taking advantage. The accumulation phase, is happening, but it is not done - yet.
Before you jump into the comments with "Long Only" - back it up with logic, let's create the great debate.
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We totally disagree on so many points (check my work for details) but i must give you some love for the 'Hard work'.
Mayfair_Ventures
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@FX_Professor, Thank you kindly for the coins 👍 Much appreciated!
sweetie1973
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My thoughts, although Contrarian, are that Blackrock is not going to fund its trust with Bitcoin proced at 30K plus. It will crash it first then fund it with 20K Bitcoin or less. Blackrock is the owner of this world. When they want into an asset class, they dont miss the boat- they back the boat up to to the price THEY want to pay to accumulate- not retail pricing. Plus.. just remember when BR now can paper derivative your asset class (like Chase with GLD and SLV with paper ETFs, that means they can hammer your prices ont he physical sot. Look at GOLD and SILVER physical and see how BR, Chase have suppressed those prices for decades by offering EFT derivative products they control. They literally control the physical through the derivative. Be very careful what you wish for
Mayfair_Ventures
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@sweetie1973, yup, but most don't see it like that. They assume Blackrock in = Lambo's all around ;-)
@sweetie1973 yeah i thought this too. although they should be responding to demand from their customers, but this isn't how it works in the real world. i also would be surprised if these interests don't already have a sizeable holding from prior cycle accumulation.
yes, derivatives are evil, and shouldn't be allowed... to allow these and not allow real ETFs is flat out corruption and aides manipulation and price suppression
SwallowPremium
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Thank you!! Good to some someone who is not "blinded" by social media!! Economy is not yet ready for recovery without any major drop!
Tristan73
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Since January I just see uptrend, I will follow that trend and forget the noise, especially Blackrock, trend is your friend untill the end.....
dundjerko
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First they were waiting for 12k, then they were waiting for 20k, then they were waiting for 25k, now they are waiting for 30k, soon they will be waiting for 40k.