08/01/24 Weekly outlook

Last weeks high: $45912.61
Last weeks low: $43426.20
Midpoint: $40939.80

It's ETF decision week! ARK invests application for a BTC ETF has a deadline of January 10th (Wednesday) to either approve or deny registration.

At the end of last week we started to see much of the market prepare for this news event as altcoin liquidity moved into BTC or cash ready to be deployed on the result of the decision. We know this as altcoins bled against bitcoin quite dramatically, some alts falling as much as 30% from their recent local highs.

For this weeks outlook all eyes are on the SEC for their decision. The general sentiment is there will be a large single candle on approval towards 50K, with a sell off after. History has shown a 30% drop in a bull market is a healthy correction which would see us revisit the mid 30K area before the build up to the halving.

It is worth noting that just because that seems to be the most common theory it doesn't always work out that way and especially if on the off chance the ETF is denied, panic will descend on the market aggressively so be careful.

Volatility is definitely on the cards this week that is for certain.


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