BTC Correction Off the Ba k of ETF News?
BTC on a weekly has been on a tear and is obviously over heated from all technical regards. However there is strong fundamental news holding the price up in anticipation of the SPOT ETF deadline in January 2024.
I am proposing a theory that goes against the general sentiment in the market right now - in the face of everyones over bullishness, including Bloomberg analyst forecasting a 99% ETF Approval odds in January, I can see a delay.
Heres my timeline:
1. January ETF deadlines will be denied or delayed.
2. The price will bomb off the news, scaring everyone.
3. Ark Invest will obviously refile with the necessary adjustments.
4. BTC will find support somewhere above 25k.
5. March - all BTC SPOT ETFs will be approved on the BlackRock deadline.
6. April - BTC supply will halve - Supply shock accompanied by renewed hype of the SPOT approvals.
7. May - June major capitol begins to flow in from ETFs and we go Lamborghini candle mode.
This is all showing in price action history. Historically major progressive announcements in the crypto space have resulted in a flash correction - reference the chart - notice the large correction that resulted after CoinBase IPO.
The Price action looks very similar to previous local tops that coincided with giga bullish news - again resulting in a flash correction to major support.
Further - We never confirmed 30K as support after almost an entire year of resistance. This needs to happen for healthy market structure moving into the BullRun post halving.
Lastly we are currently trading between the .5 & .618 fibonacci retracement from the ATH and the bear market low. There will be major sell pressure coming in between 48-50K and I can see a spike to that price if the ETFs are approved and then a Rapid sell off to back test 30K.
Smart DCA - Buy weekly now with half your strength - set the other half to the side for a potential and highly likely correction.
I have been Bullish since 15K, I knew i was right because everyone was Bearish. Im Short term Bearish now because everyone in the world is calling for new ATH before the Halving and a 100K BTC by January - It wont happen! Dont get FOMOd.
I am proposing a theory that goes against the general sentiment in the market right now - in the face of everyones over bullishness, including Bloomberg analyst forecasting a 99% ETF Approval odds in January, I can see a delay.
Heres my timeline:
1. January ETF deadlines will be denied or delayed.
2. The price will bomb off the news, scaring everyone.
3. Ark Invest will obviously refile with the necessary adjustments.
4. BTC will find support somewhere above 25k.
5. March - all BTC SPOT ETFs will be approved on the BlackRock deadline.
6. April - BTC supply will halve - Supply shock accompanied by renewed hype of the SPOT approvals.
7. May - June major capitol begins to flow in from ETFs and we go Lamborghini candle mode.
This is all showing in price action history. Historically major progressive announcements in the crypto space have resulted in a flash correction - reference the chart - notice the large correction that resulted after CoinBase IPO.
The Price action looks very similar to previous local tops that coincided with giga bullish news - again resulting in a flash correction to major support.
Further - We never confirmed 30K as support after almost an entire year of resistance. This needs to happen for healthy market structure moving into the BullRun post halving.
Lastly we are currently trading between the .5 & .618 fibonacci retracement from the ATH and the bear market low. There will be major sell pressure coming in between 48-50K and I can see a spike to that price if the ETFs are approved and then a Rapid sell off to back test 30K.
Smart DCA - Buy weekly now with half your strength - set the other half to the side for a potential and highly likely correction.
I have been Bullish since 15K, I knew i was right because everyone was Bearish. Im Short term Bearish now because everyone in the world is calling for new ATH before the Halving and a 100K BTC by January - It wont happen! Dont get FOMOd.