- What a wild ride for Friday we’ve had as the market has dipped below the 200 day EMA only to turn around and show signs of strength again.
- But now at the end of the day, it looks like we are going to close a little bit lower.
- With that being said, I think you also have to look at the fact that we are squeezed between the 50 day EMA and the 200 day EMA indicators, which generally will cause a lot of noise.
The $90,000 level ends up being a bit of a magnet for price at this point, and therefore I think we’re just stuck. Bitcoin’s looking for a reason to get moving, and we once thought it was going to be the US government, but now we know better, as the US government isn’t actually buying Bitcoin. What they are doing is they are using confiscated Bitcoin and sitting on it. That is the crypto wealth fund.
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So ultimately, I think you’ve got a situation where Bitcoin doesn’t really have anywhere to be. If we get a massive risk off move, like we had seen earlier in the day, that works against Bitcoin. But if suddenly everybody wants to own risk assets, that’ll be excellent for Bitcoin. Keep in mind, Bitcoin is going to move back and forth with Wall Street because it’s a Wall Street ETF. Now it’s not a decentralized currency anymore, nor is it expected to be anything other than basically an index, it’s going to act like the S&P 500, whether you want it to or not.
Drifting Higher. Eventually
So, with that being said, I think it does naturally drift higher over time. And I have been buying little bits and pieces along the way, but this is almost like an investment. It shouldn’t really be a tradable instrument at this point. I think now that the institutions are involved in it, unless you’re willing to sit and babysit a short-term move here and there. For the most part, you’re just looking to invest. And I think the next push will be to try to get retirement funds a little bit more exposed to Bitcoin via the ETF. The 50-day EMA above at the $94,000 region opens up the possibility of a bigger move to the $100,000 level, possibly even $110,000 after that. If we do break down from here, I think the $75,000 region should be the next place you see buyers jump in.
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