This bull run is only getting started and BTC is already getting very close to breaking the previous cycle's high, which is the all time high near 70K. This has, at least from what I can see in the charts on Bitstamp, has never happened in Bitcoin's history! Maybe this time really is different now that Wall Street is in play! So the question is, will Bitcoin break all time highs before the halving?
Looking back at Bitcoin's history on the Bitstamp exchange, which has the most history for Bitcoin price action, I can't see where the price has broken through the previous all time highs prior to the halving supply shock. So what we are looking at is Bitcoin history in the making.
This time around, things are looking to be a bit different for Bitcoin now that Wall Street is in the game. Since last cycle, we have seen more crypto related companies go public like Coinbase and many large mining companies, and then the big one, the Bitcoin ETFs. We have been seeing huge inflows of capital coming into the main ETFs like IBIT and BITB. What happens when these ETF shares are purchased is that the fund managers then have to buy BTC on the market. When someone sells the ETF shares, they have to sell the equal portion of BTC. So we are seeing way more buying right now than selling.
My cousin is a financial advisor and said their firm hasn't yet agreed to start offering it to their clients yet. If things are just getting started, just wait till not only the big firms come in, but many of the smaller mom and pop firms like my cousin works for get in.
As many people have seen, much of the inflow to the BTC market is coming from the ETFs. That means that the retail FOMO hasn't even started. Just wait till the average investor that was waiting to get figures out that they are missing out. The price is going to soar! I promise you, you aren't ready. I know I am not, haha.
So will we break all time highs before the halving? At this rate, and the time of writing this post we are at nearly 63K, I would say it's a huge possibility. Once we break that resistance, we will be in some of the biggest price discovery the world has ever seen. And I am not saying that to blow smoke up your arse either. As much as I fought the Bitcoin ETFs and still think that it's a way to manipulate the price and supply by Wall Street, I am not sulking at the value of my wallets going up either, haha.
So are you still sitting on the sidelines? Or are you ready to run with the bulls? I know I don't have enough BTC at this point, so I am trading opportunities with other assets like ETHBTC and HIVEBTC to earn more sats as we go through the cycle. At this point, I am not sure the rest of the market is going to run with BTC due to the inflow of big money. I suppose if they can get an ETH ETF passed, then that would be the next big play. But right now, the is BTC's race to win! So what do you think? Will bitcoin break all time highs before the halving?
Until next time,
Be cool, be real, and always trade logically my dudes!
Nothing said is financial advice.
This is for educational and recreational purposes only!
Stay safe in these volatile markets and don’t get rekt!
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