Monitoring the Crypto Bubble

Black

 

Daily:

 

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https://www.cnbc.com/2024/10/15/trumps-coin-sale-misses-early-targets-as-crypto-website-crashes.html

 

I'd suggest that he surrounds himself with those that feed his hubris.

 

Time to revisit the chart I reckon.

Price has been trending at/above the 200 DMA for 3 out of 4 weeks and we're testing what many now believe to be a 7 month consolidation phase as opposed to a shorter term capitulation phase that we were giving thought to a little while ago. I'm expecting a bit of volatility in the short term leading up to the US election, not expecting any break out above ATHs though but we could see a 10% correction say between now and then.

If Harris wins there's likely to be a sustained dip in the short term term, if Trump wins that's unlikely to happen. Long term I don't think it matters who wins the White House and I'm still expecting to see a high well above current price action sometime later in 2025 though I have no idea how high it will get, I'd say at least 50% higher than it's current price level.

The outlook for risk assets in 2025 is rosy though some market commentators are cognisant of the possible reappearance of inflationary pressure toward the latter half of the year so it's best to keep that in the back of our minds for those that do dabble in those asset classes.

 

Momentum is picking up again, this guy is way more bullish with his price predictions than I am but the 3 technical indicators he discusses are looking positive.

Ok, can't share Vimeo

Here's the link:

 

Ok, doesn't want to work at all

Screenshot of what he's talking about, when the 3 indicators in the past have lined up as they're doing at the moment he says that the price increases have been in the +65% range, soo he's predicting USD115000 by year's end.



Edit to add: USD115K? About as much chance I reckon as I have of getting it on with Isla Fisher.

 

I don't think anyone is really surprised that the price of BTC is range bound leading into the US election, the question is what happens after that and as election results generally don't alter the direction of financial markets to any great extent this suggests that the next leg is going to resume an upward trajectory in line with historical price action and future macroeconomic conditions.

 

I've read a number of commentaries saying that the price action appears to have broken out of what resembles a "descending broadening wedge" which apparently is considered bullish. That's nice.

 

Mid to late 2025?

 

Here's that broadening descending wedge mentioned earlier by some pundits on the daily, the top trend line on this chart is at about the 69200 mark today then it falls slowly lower after that so it's got to hold above that line to confirm the breakout I'd say if that's the way these patterns work out.

 

What's your reasoning behind that idea? And how big is a "dip"?