Strateš¾ Update - Week 45 | Q4 | 2024
First elections, BTC retests the 2021 top for support after breakout.
The information and insights are based on my knowledge; donāt take it as financial advice.
News
Deutsche Telekom, Europe's largest telecommunications company, is set to experiment with Bitcoin mining as a way to utilize surplus energy.
According to Coinbase, the FDIC has reportedly "advised" banks on over 20 occasions against offering cryptocurrency-related services.
With the recent rise of spot Bitcoin ETFs, these funds now control over 1 million BTC, a total valuation exceeding $72 billion.
MicroStrategy has disclosed plans for a major $42 billion Bitcoin acquisition.
Jimmy Patronis, Floridaās Chief Financial Officer, has proposed establishing a state reserve of Bitcoin as a potential security for retirees, describing Bitcoin as "digital gold" with the potential to stabilize the stateās portfolio and act as a buffer against swings in traditional asset classes. The state of Florida currently holds approximately $800 million in cryptocurrency investments.
Brian Armstrong, CEO of Coinbase, suggests that the next chair of the SEC should dismiss unnecessary legal cases related to cryptocurrency and extend a formal apology to the American public.
Tweet of this week: āCardano and Bitcoin are bridging.ā
Current status 100% Winning strategy: (šµ)ā> (ALL-IN)
a weekly candle close below $59.8k would really flash the black signal.
Risk-On Warning: First Blow-Off incoming!
The Yield spread (10-2Y) has reversed well back above zero after staying below for over 2 years. With the FED rate now really cut strongly, indicators are lining up in a prerecession formation.
Similar patterns preceded a recession within 6 months in the past, but ignited a final rally first. After that? Sharp collapse. Compare it yourself in the chart below.
Bitcoin - Falling Broadening Wedge - Update
Bitcoin (BTC) has broken out of the 7-month descending broadening wedge pattern two weeks ago and is currently testing the upper trend line once again.
Historically, a falling broadening wedge within an uptrend has a 79% probability of breaking to the upside. Additionally, there has been a strong rebound off the 40-week simple moving average (SMA) band, further supporting a potential upward move.
As long as the price closes the week above the 59.8k level, the 4-5 wave shown below will likely be confirmed by surpassing the ATH set earlier this year. It's evident that the price is still in the 3-4 correction phase, with the exciting final blow-off wave 4-5 yet to begin.
Roughly two scenarios remain to play out between now and EOY-ā25:
Due to an imminent recession (probably within 5 months), $BTC has a blow-off wave priorly, or prints a truncated wave 5 slightly above the current ATH;
The 4-year cycle plays out and price tops EOY-ā25;
