We didn’t have to wait long. Today Bitcoin spiked up to over $73K US Dollars and is now flirting with it’s All Time High which might be the next logical Resistance Level for this market. It was just 5 days ago I pointed out that Bitcoin Breaks Flag Pattern so this move up was expected. In that post I wrote :-
I am now expecting a confirmation of this likely Breakout in the next few days. To me this would look like a sharp move through the $70K USD level and that could happen on a day where we see a 3-5% rally in the crypto markets across the board.
That’s pretty much exactly what has happened. Todays move in Bitcoin is about a 4% jump and we’re also seeing good buying support for other top 10 Cryptos like Ethereum and Doge. Solana is up over 7% on the week. Hive is lagging a little but there is some buying there too. My point is – There is some support across the crypto markets overall. Bitcoin is once again leading from the front and driving the broader markets higher. We've seen this before...
Overall I think todays price action is fairly Bullish for the Longer Term as we head toward 2025 which is where I think the real fireworks will happen...but what happens for the rest of 2024? It’s hard to say from here because apart from the All Time High Resistance it’s clear sky above from here. I do think that the US Presidential Election is playing a big part in pumping the crypto market because lots of markets are catching a bid right now I suspect that Mr Market is gearing up for a bender. I’m inclined to wait until AFTER the election because I fully expect a Sell-The-News event to happen regardless of who wins the Presidency. That’s less than a week away now so I won’t have to wait long...
Regardless, I’m pretty happy to have gotten some of my recent calls right and it’s a good day to celebrate a little bit. If you’re invested in any crypto you’d have to be feeling good about seeing todays price action in Bitcoin. For those of us who were around in 2017 and 2021 it does get a little bit exciting to see a Breakout like this but it’s important not to get carried away.
DISCLAIMER – This is not financial advice
