Bitcoin's Weekly Horizon - Week 15
It has been another eventful week. According to our research, there is always a likelihood of Bitcoin touching the CME gap. As envisioned, Bitcoin experienced a 10% drop from 71k to 64k. After that, Bitcoin has begun to climb again. Looking forward, we will need to identify our following targets and anticipate what’s to come. What exciting developments and opportunities await us in the future? Let’s plan and stay ahead of the game.
TL;DR
- Bitcoin experienced a 10% drop from 71k to 64k, but has begun to climb again.
- We are currently in a large sideways trading range, but a breakout is inevitable.
- Significant movements on the blockchain from whales have been observed, with them buying while smaller traders and retailers were selling.
- A large amount of new USDT has been printed in the past few weeks.
- BTC is currently valued fairly in terms of the total money circulation in USDT, and the market is preparing for a positive trend.
- Imminent targets at 74k are within reach, and this has been the forecasted trajectory since 62k, including the CME gap.
- The economic calendar for this week is expected to be quite volatile, with key reports due on Wednesday and Thursday.
It’s important to understand that we are currently in a large sideways trading range in the long term, extending from 58k to 72k. We have traded within this range for several weeks, but a breakout is inevitable. During this period of sideways trading, we have observed significant movements on the blockchain from whales, with them buying while smaller traders and retailers were selling. Additionally, it’s crucial to note that many new USDTs have been printed in the past few weeks. It’s worth highlighting that Bitcoin hit its all-time high of 72k when the USDT market cap was at $102bn.
According to recent market data, the cryptocurrency BTC is currently valued at $107 billion, which should indicate a price higher than $72k under normal market conditions. However, the current market price remains surprisingly lower. This suggests that BTC is valued fairly in terms of the total money circulation in USDT and that market makers and significant players are preparing for an upcoming positive trend. In conjunction with several arguments presented in recent Sunday reports, this trend should signal that the super cycle is loading, and the most substantial price increase is yet to come.
It is essential to emphasise the importance of keeping market makers from acquiring your holdings. The mother of all bull markets is currently loading, and a new All-Time High is expected to emerge in the coming weeks as the 2024 Bitcoin halving is around the corner. Imminent targets at 74k are within reach, and this has been the forecasted trajectory since 62k, including the CME gap. The price is anticipated to rise, and we will continue to ascend towards the 74k region. It will be interesting to observe how the market responds at that point.
This week’s economic calendar is expected to be quite volatile. On Wednesday, the Consumer Price Index (CPI) reports are due, with a forecast of 3.4%. We will have Producer Price Index (PPI) reports, Unemployment Claims, and the European Central Bank (ECB) press conference on Thursday. The ECB press conference will likely react to the US CPI numbers and provide insights about future rate hike increases or decreases. This week’s calendar is expected to be quite volatile. The CPI reports are due on Wednesday, with a forecast of 3.4%. On Thursday, we will have PPI reports, Unemployment Claims, and the European ECB press conference. The ECB press conference will likely react to the US CPI numbers and provide insights about future rate hike increases or decreases.
We would like to update you on the upcoming week’s developments. Please subscribe to our RSS feed to stay informed. We are excited to see you participate in next week’s Bitcoin Weekly Horizon.