#Bitcoin - What’s Next?
The big Sunday Report: all you need to know.
🚩 TA/LCA/Psychological Breakdown: One month ago, for the first time since Bitcoin's all-time high (ATH), it successfully printed a new higher high, pumping past the previous high of $65k. This challenges the widely-discussed theory of higher highs and lower lows, which many bearish analysts were using as evidence that Bitcoin would continue in a downward trend. Currently, Bitcoin is 8.8% below its peak from Tuesday, which is reasonable and a healthy correction considering the massive rally we saw in the last two weeks. This small pullback is HEALTHY! The reason for the current dump is, market starts pricing in the fact that Harris could win the election. Yes, its not super bullish if Kamala Harris wins, but its super bullish if Trump wins! Remember, Elections have historically not changed the Federal Reserve’s commitment to continuous printing, regardless of whether Trump or Harris becomes president. The market is simply pricing in the effects of a possible Harris scenario, hence the "dump." Hold steady, nothing changes in the mid to long term as the overall trend remains upward in the big picture. Election results are expected to be published on November 5th!
Harris = Short term dump, mid long term super bullish
Trump = Short term pump, mid long term super bullish
OTC Out of Stock:
Rumors that OTC desks are running out of Bitcoin appear to be true. There are several new offers for MtGox users who rejected previous offers, as well as for former FTX users with large BTC balances, who have also received new offers from OTC desks. It’s true that the Bitcoin supply at OTC desks is almost out of stock. Several Twitter accounts have reported OTC desks reaching out to buy their BTC. It seems CryptoQuant might be manipulating numbers for its own benefit, their reported OTC desk balance is heavily skewed, showing a balance of 400k BTC on OTC which is wrong! The current range is between 110-130k BTC still in balance, suggesting that 300k BTC has been sold by OTC desks in the last few months since March. Overall, this means buyers are increasingly forced to buy directly from exchanges, which causes more immediate and significant price increases. Everything bought through OTC has 0% price volatility, even if 1M BTC was bought or sold, you will not see it on the charts, soon these players need to buy from exchanges, as BlackRock is doing so by buying through Coinbase! You will see how fast BTC will rise and start to pump big, this is mid term, long term !
Trade Ideas: As mentioned above, the last higher low is in the 65k region, the area we broke above a month ago. We may revisit this region if there is a fear-driven event or scam wick. In such an event, I have set several long orders in the 65k region should the market allow a retest. I am still holding long positions from 53k and 58k and currently have orders set around 65k if the market revisits that area.
