Is Bitcoin Now Bullish?
Dear subscribers,
This is an interim update for the last newsletter. During the past three days, BTC has broken key resistance levels and now short-term holder SOPR has broken, retested, and held above 1. This is the first time since March when short-term holders are bullish and selling in profits. While this shift in short-term sentiment doesn’t change the big picture of gloomy macro conditions and the lack of liquidity in crypto (for more, see the last forecast), it does potentially create some long-side opportunities in the short-run.
FOMC is now a week away, and the week leading up to FOMC has often been accompanied by rising market volatility and selling pressure. This should lead to some good accumulation levels in the week ahead. On-chain support is now at 21.6k.
As long as short-term sentiment stays bullish, we could potentially see a 30k BTC in the coming 2 months with a longer than normal FOMC meeting gap window.
Cheers,
Phi