What Has Been Will Be Again

I wanted to add this to yesterday’s Litepaper, but there wasn’t enough room. 🪗

There’s a lot of folks on social talking about the monthly RSI and how it’s above the default overbought level of 70. That’s happened before. 

Total Crypto Market Cap Monthly Chart – Click to enlarge.

The chart above is the monthly chart for the Total Cryptocurrency Market Cap. I’ve highlighted two similar price action and RSI zones to show that price has hit the default overbought level on the RSI post-bear market before, and the trend has continued pushing higher despite the RSI turning lower. 

There are two schools of thought: past performance isn’t indicative of future results, and the other: patterns repeat. Which is right? I have no idea, but this is the first time the technicals have reached these levels with such powerful, bullish fundamentals behind them. 

And that can be a double-edged sword. Enough juice and joy, and things keep going up. But it’s also an opportunity for the ‘big boys’ to enact their shenanigans and trap bulls. Either way, be careful. ⚠️

More in   Crypto

View All

Bitcoin Allocations Matched With Gold?

Will Bitcoin ever match the gold in investors’ portfolios? 🏅

JP Morgan ($JPM) thinks that for Bitcoin to rub shoulders and match the allocation of gold in investor portfolios, its market cap would need to skyrocket to $3.3 trillion.

Read It

BlackRock’s Bitcoin ETF Surpasses Silver Trusts with $10 Billion in Assets

When the first gold ETF came out, it took a couple of years to reach $10 billion in AuM (assets under management). How long did it take Blackrock’s $IBIT? 2 months. 😱

Bitcoin spot ETFs have now eclipsed the largest silver trusts regarding assets under management (AuM), setting their sights on surpassing gold trusts next. According to recent data from HODL15Capital, BlackRock’s IBIT has achieved an impressive milestone, amassing an AuM of $10.03 billion, translating to a remarkable year-to-date (YTD) increase of 35.2%.

Read It

Crypto News In 3 Sentences – March 07, 2024

🔮 “Rich Dad Poor Dad” author Robert Kiyosaki forecasts Bitcoin hitting $300K by 2024: Citing the cryptocurrency’s rally past $69,000 following the introduction of spot Bitcoin ETFs and despite the recent 10% dip, Kiyosaki remains steadfast, advocating for investment in Bitcoin and praising its performance against the US dollar. Kiyosaki highlights its role against central banks and its potential to bring integrity back to money. Read it at Benzinga

🚫 Warren Buffett reaffirms his critical view of cryptocurrency, dubbing Bitcoin “rat poison squared”: The grumpy old man also said he wouldn’t spend $25 for all the Bitcoin in the world. Despite Bitcoin’s increasing acceptance, Buffett’s stance has been unwavering, viewing cryptocurrency as speculative and without tangible value. Yahoo! News has more

Read It

News In Three Sentences – February 28, 2024

Great Zeus’s Beard That’s A Lot: BTC ETF trading volume spiked over $7.5 billion, more than double its previous record. 😱 WatcherGuru has more

BlackRock Turns Bitcoin ETFs into Its Own Personal Money Printer: BlackRock’s ($BLK) massive $520 million infusion into $BTC ETFs, combined with Europe’s unrelenting buying spree and a nifty GBP arbitrage opportunity on $COIN, propelled Bitcoin past the $60,000 mark despite expectations of a pause. Short-sellers everywhere are now questioning their life decisions. 🚀    Read more from TrustNodes

Read It