Are we going higher than 32K in 2023 on BTC?
This chart represents a correlation of BTC price and USDC + USDT market cap divided by total crypto market cap.
As we can see, as soon as we are touching any channel borders on a stablecoin chart, we are starting to reverse to another side on Bitcoin chart.
Right now, we are exactly in that situation and my bet is that in 2023 we experienced a smaller distribution phase in a larger, global accumulation phase.
If we would think about that from an institutional perspective, this is a perfect way to make our general entry price lower by selling part of our crypto assets now in hope of buying more at the lower prices.
P.S...
Overall market conditions is the story for another post, but in my opinion we don't have enough power to grow risk assets and lead them into new bull market. Instead, it would be much more logical to get a better position by seeding hope of ETF's and big institutional buys, when in reality these buys already partially happened and now they are about to fix some profits on them already.
Trade safely, peace out!
As we can see, as soon as we are touching any channel borders on a stablecoin chart, we are starting to reverse to another side on Bitcoin chart.
Right now, we are exactly in that situation and my bet is that in 2023 we experienced a smaller distribution phase in a larger, global accumulation phase.
If we would think about that from an institutional perspective, this is a perfect way to make our general entry price lower by selling part of our crypto assets now in hope of buying more at the lower prices.
P.S...
Overall market conditions is the story for another post, but in my opinion we don't have enough power to grow risk assets and lead them into new bull market. Instead, it would be much more logical to get a better position by seeding hope of ETF's and big institutional buys, when in reality these buys already partially happened and now they are about to fix some profits on them already.
Trade safely, peace out!
Order cancelled:
Obviously, this set up invalidated on a channel break-out after I updated this idea.
I would expect a bounce to lock all the bulls here, when BTC will start to move higher people would expect it to go 30K+.
After that bounce it would be a great opportunity to get into shorts.
When I posted this idea there was no confirmation on the chart yet, but this upcoming retest would be a perfect time to scale in shorts to catch a bigger move.