Today we discuss Bitcoin in January
TradingShot Chart via Trading View
Bitcoin Market Health
According to Stock to Flow we should be at 44K-46 K
BTC Past in Repeat?
Charts via Glassnode Studio
r/Wallstreetbets effect on the Bitcoin and Crypto Market in February…
SEC already released a note about the Gamestop debacle earlier this week, but it’s piling on with a new letter from its acting chair and commissioners (that includes Hester Peirce, (“Crypto Mom”). “In addition, we will act to protect retail investors when the facts demonstrate abusive or manipulative trading activity that is prohibited by the federal securities laws,” reads the note. “Market participants should be careful to avoid such activity. Likewise, issuers must ensure compliance with the federal securities laws for any contemplated offers or sales of their own securities.”
Talk of a crash in the market the first week of February. blaming r/Wallstreetbets for the crash to get public support for more government regulations. The Endgame is here.
Bitcoin has a lot of Institutional money already allocated to it. If we do see a coordinated crash in the Traditional Markets this week we could see Bitcoin fall back to 24K support lines.
Keep in mind…
Visa May Add Cryptocurrencies to Its Payments Network. Visa CEO Al Kelly said the payments giant is in a position to make cryptocurrencies more “safe, useful and applicable” and may add them to the company’s payments network. “Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” Kelly said. “Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa, including coin-based Crypto.com, BlockFi, Fold and BitPanda. These wallet relationships represent the potential for more than 50 million Visa credentials. The next leading network has a fraction of that. And it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today.”
BlackRock is now entering the Bitcoin Market the world’s largest asset manager with $7.81 trillion under management, appears to have granted at least two of its funds the ability to invest in bitcoin futures.
MicroStrategy conference here on February 3rd and 4th. MicroStrategy is the first publicly traded company to invest significant treasury assets in Bitcoin. At World.Now, you'll hear from MicroStrategy Chairman and CEO Michael Saylor, as well as a slate of BTC industry luminaries, as they discuss this groundbreaking treasury reserve strategy.
Harvard, Yale, Brown have been buying Bitcoin for at least a year according to Coindesk.
U.S. Federal Reserve officials voted Wednesday to keep monetary conditions at historically loose levels while waiting for the economy to heal. The Federal Open Market Committee (FOMC) will keep the target rate for federal funds in a range of 0% to 0.25%, and the Fed plans to keep buying $80 billion of U.S. Treasury bonds and $40 billion of agency mortgage-backed securities every month. “Because inflation has been running persistently below 2%, we’d like to see it run moderately above 2% for some time,” Powell said. “We have not adopted a formula, we’re not going to adopt a formula. … We’re going to preserve an element of judgement.”
Bridgewater founder Ray Dalio appears to have warmed a bit further to the largest cryptocurrency, saying it or its rivals could fill the growing need for alternatives to gold. Calling bitcoin "one hell of an invention," While still expressing concern that bitcoin could be hacked and that governments could ban it should it become too successful, the legendary hedge fund manager bestowed praise on the cryptocurrency in a daily newsletter, saying, "I greatly admire how Bitcoin has stood the test of 10 years of time, not only in this regard but also in how its technology has been working so well and has not been hacked." He also agreed to deliver a keynote at CoinDesk's Consensus conference in late May.
Elon Musk has become a Bitcoiner…biggest news of the year so far. “In retrospect, it was inevitable.” This legitimizes Bitcoin amongst technologists. This also speaks to Tesla & Space X adding Bitcoin to its balance sheet à la MicroStrategy. Look for this news to launch very soon. We reported this shortly after Bitcoin in January when rumors started circulating in the Bitcoin space. Bitcoin jumped to $32K then above $38K in a couple hours. Several hours later, Bitcoin dropping below $34K on Friday evening. Through the weekend, Bitcoin continued to trade below $35K. Coinbase Blue app crashed.
Research and analysis of the Bitcoin market tells me…
I am expecting a full recovery to Bitcoin by the end of February and 75K by the end of March.
According to the 57% Bitcoin Theory in 2021 we created last year we should be back at 34K by mid February. Turns out this was more accurate than we could have ever predicted.
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