Bitcoin aims at 6 digits, two data points to watch | Christopher | Capital | October 2021


Since the US Securities and Exchange Commission stated that it may be approved as early as November this year, the four Bitcoin ETFs may be just around the corner. At the same time, as Bitcoin moves towards 6 digits, there are two technical data points to note here.

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After many years of waiting for the US Bitcoin Exchange Traded Fund (ETF), the crypto community may finally get four mainstream financial products before the end of this month.

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Bitcoin has set a precedent for continuing the bull market to historical highs, and may complete its fifth and final explosive rise at the end of the fourth quarter.

due to Final communication, BTC/USD has hovered between US$53,000 and US$57,000-the upper limit of the resistance zone has been reached this morning.

Nevertheless, with the intervention of buyers, Bitcoin continues to show its strength, surpassing 80% of circulating BTC supply is HodledThis has changed the dynamics of forward-looking investors, who must now be aware of two things:

  1. Funding rate
  2. Common bull market prediction models

From this point of view, investors should have reservations about my analysis. After all, no one can see the future; all we can do is have the courage to use the tools at hand to act according to our beliefs.

With this in mind, let us consider the chart.

Taking into account recent history, the surge in Bitmex Funding interest rates in either direction marks a historic high (64,900 USD) and a bottom (28,800 USD), of which 0.27% means that the price differs from ATH by nearly 10%, and -0.025% means the bottom is 4.4% The margin of error. This is quite accurate. Although history cannot guarantee, there are historical precedents for making profits when financing interest rates are out of control.

Nevertheless, it is worth considering other popular BTC bull market prediction models. if Bitcoin is within the fifth wave of the five-wave macrostructure (every Elliott Wave Theory), then the wave will also contain 5 structures (according to the model). In this case, at the time of writing, BTC/USD is likely to be within the third impulse rise. Technically speaking, the third wave tends to have the largest percentage expansion, followed by the corrective ABC correction pattern before the final explosion peak.

Considering these two data points, it seems the most sensible approach to profit in leveraged trading before the potential ABC correction (reload lower) while keeping the spot Bitcoin offload above the 6-digit mark.

Undoubtedly, keeping part of the funds in the “hodl” portfolio is an important move. However, if the prospect of another 80%-90% drop is not too tempting, you will be forgiven, even if I don’t believe this will happen again (because macro volatility will decrease after the super cycle). Nonetheless, in preparation for Bitcoin’s inevitable hit of $1 million later this decade, buying BTC at a discount of 55%-65% from historical highs is not a bad thing.

If the Bitcoin supercycle is at work, the major cryptocurrencies will steal the show. As this asset is officially recognized, the entire market will focus on Bitcoin. Litecoin It will become the main beneficiary of the super cycle, perhaps more than Ethereum, simply because its market value is relatively small, and it is fundamentally and narratively closely related to Bitcoin.

What is the mainstream BTC recognition like?

  • The public’s understanding of basic currency concepts, which essentially regard scarcity as a very desirable feature of high-quality currency.
  • The approval of the US Bitcoin ETF has consolidated the clarity and acceptance of regulation, and has evoked more awareness of traditional Ponzi schemes through modern economics (under the guise of modern monetary theory).
  • With a 6-digit valuation, all anti-bitcoin narratives will be completely placed on the blade, marking that the way bitcoin is perceived and traded has no return.
  • After the end of the super cycle (if it ends), the macro fluctuations of either party will be relatively reduced.
  • Today, mainstream consensus determines exposure to the US stock market. In the Bitcoin standard, mainstream consensus requires exposure to Bitcoin.

In other words, altcoins like Ethereum still perform well under legal conditions, but it is very likely that capital flows will be determined by Bitcoin. After Bitcoin hits a record high, capital often turns to altcoins. ETH/USD and LTC/USD are the first major beneficiaries.

The above 0.051 and 0.037 Satoshi Nakamoto levels provide interesting volatility trading opportunities for ETH/BTC (respectively), which will converge with the Bitcoin supercycle and standard capital flows in the crypto world.

these are My crypto bull market goal.

However, when the curtain closes and the musical chair game is over, investors will want to position themselves in stablecoins and bitcoins. After all, every end marks a new beginning, and the bear market that will eventually follow will be the time to accumulate and build the Bitcoin economy.

Pick you up later.

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Christopher Attard
Chris on Crypto founder
Contributor www.cityam.com
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