Today we discuss Bitcoin in January
TradingShot Chart via Trading View
Bitcoin Market Health
BTC Past in Repeat?
2016 into 2017
2011 into 2012
2020 into 2021 - Will we see another 30% drop?
Charts via Glassnode Studio
More Institutional money is flowing in 2021…
Grayscale up and over 2 Billy from last year!
Grayscale @Grayscale12/31/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products. Total AUM: $20.2 billion $BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC https://t.co/YKb6T8htGx
Charlie Morris from ByteTree has identified 50 companies, with a surplus of cash. “They are growth companies and aren’t naturally high dividend payers. Their capital-light businesses are so profitable that they don’t need the money to fund future growth. The result is a growing cash pile that receives no interest to compensate them against inflation.“
These Mostly Tech Companies are holding $500 billion, much more than what Bitcoin is worth Today. BOOM!
Ruffer Allocates to Bitcoin - UK Wealth Managers Will Follow in Time…
Charlie Morris from ByteTree reporting, “Ruffer are in, and they are not speculators. Speculators buy tech stocks and Ruffer have few. They understand intrinsic value, while avoiding bubbles. They have carefully weighed up the risk versus the opportunity, and Bitcoin has come out on top. That doesn’t make it right, nor risk-free, but it is always comforting to be on the same side of a trade as Ruffer. They are a well-regarded firm among UK wealth managers. They manage around £20 billion of assets. Many of their clients hold the multi-strategies funds.”
Keep in mind…
COVID Stimulus Checks are arriving next week starting on the 4th could we see the same $600 transfers into exchanges like we saw in 2020 with $1200 transfers
Institutional buyers and wealthy individuals are causing Bitcoin to rise this time around. Most notably no new addresses are being created, people waiting on the sidelines are now doubling down ready for the 2021 Bullrun. Regular retail demographic has still not even entered in back to Bitcoin, this will happen in 2021.
Jason Nelson Reporting from Decrypt, “VanEck has refiled its application for a Bitcoin ETF. VanEck withdrew its last attempt at an ETF on September 17, 2019, after several attempts were blocked by the U.S. Securities and Exchange Commission (SEC). The SEC has repeatedly blocked Bitcoin ETFs submissions because it believes the Bitcoin market is prone to manipulation”
Research and analysis of the Bitcoin market tells me…
We will see a drop of at least 30% from the current price of Bitcoin. This will put us at around $20K anything further downside from this can get us as low as $16K
I am expecting this dump to occur sometime during Jan 4th through the 17th. We will be back to recovery of the Bitcoin price in February.
Their is just NO scenario according to all the data I have looked at that has us continue this bullish run we are having into the new year.
According to the 57% Bitcoin Theory in 2021 we created last year we should be back at 34K by mid February.
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