Weekends7 Apr 2024 12:11
You have noticed bitcoin pumps between the close of US stock exchange 9pm GMT Friday and the opening of US exchange 2:30pm Mondays , on average bitcoin moves up 2.54% over this period.
As I’ve previously suggested Jane Street as well as hedge funds are using the futures markets to short bitcoin, the key level appears to be $72k , once this level is breached you can expect a nice jump in price , $85k-$87k been the near term target as those shorts will be forced to cover effectively creating a short squeeze in what’s already a very tight market .
As many will have seen the US government dumped 30k of their estimated 210k coins last week , alongside the continued bleed from greyscale it would have been reasonable to expect a significant dip , that dip never arrived which tells you that the demand from the ETFs is still strong , added to that MR 100 continues buying in the region of 600per day on average.
What’s really bullish is we are approaching the 90days from the launch of the ETFs , this is significant because many pensions, institutions, fund managers take around 90days to go through compliance procedures.
With the halving fast approaching seems if anything more bullish than anticipated, my own target was $53k ( calculations made New Year’s Day ) at the halving and whilst that’s still very possible it’s becoming less and less likely.
Just be mindful the halving doesn’t mean we pump straight away , normally there’s a dip followed by a period of consolidation before an explosive pump , this time may well be different but it’s worth bearing in mind to prepare yourself for what may feel an underwhelming few weeks .
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