Once again, the technicals is just a way to use math on prices that have already happened. You see that article on MSFT having a vote on whether they should add BTC to their balance sheet? There hasn't been a single company that went down after adopting a BTC strategy to their treasury. With the shareholders voting, do you think they will vote against having a possible explosive move to their stock?? I think this sideways actions for the past 6 months have been excellent in distributing bitcoin to a wider audience. I even saw a post about how some university added $15M of one of the ETF's onto their balance sheet. I imagine most of this is going to be illiquid. Once a major player like MSFT of GOOG or APPL adopts a bitcoin strategy and wants 50k bitcoins, you will see the price make a move that your "technicals" won't be able to explain.
You are forgetting that price is pre-determined by the chart. The chart is showing weakness. EW is showing a possible double correction setting up. MSTR announcing they are buying more BTC is irrelevant to price...what happened when an entire country (El Salvador) announced they were switching to bitcoin? Price tanked. External events do not affect bitcoin in any meaningful or predictable way. How do we know that this current move wasn't fueled ahead of the announcement of an upcoming vote? It doesn't matter...bitcoin TA was showing that we were beginning an ABC middle pattern which began the move from 58k to present. You cannot trade based on upcoming news, because the big money is wayyy ahead of it...and the chart is way ahead of big money. This does not mean that bitcoin won't rally from here, but you cannot depend on news to propel it...news will only facilitate price completing its natural cycle.
Uptober is a bust, the big issue is the election uncertainties, no TA can do anything about it, imho There are trillions of $ waiting to invest and speculate after the election I got out of my short term trade perp futures, too stressful, but my long term "trades"/investments are doing quite well, mstr call options and memecoins btc above $60k should be very profitable if you got in 3-4 months ago on the right bitcoin-crypto-related positions
Obviously the inflows represent shifting from self-custody into ETF vehicles for purposes of liquidity, convenience & security. Otherwise the price would be rising steadily (like gold post 2004) rather than chopping sideways for eight months. BTC is the big laggard among risk assets. Peak to peak it’s well behind not only the Qs but also German, Indian, and Japanese stocks, along with gold and silver.
You are wrong if you simply study the 13F filings, unless you believe pension funds, Morgan Stanley, Goldman Sachs, insurance companies, sovereign wealth funds, banks et al were sitting on a bunch of bitcoin in cold storage and sold them and used the funds to buy bitcoin
Moving money to etf's should not have any affect on price because the etf's have to meet new inflow with new bitcoin.
Also, can we get a moment of silence for the pre-conceived notion that big money is the smart money? Retail has been hodling bitcoin for over a decade with the knowledge that bitcoin equity will out pace mortgage debt. It seems like all these companies announcing they are buying bitcoin for the same reason, are being praised for arriving late to the party... @johnarb @Specterx @NoahA
Anyone who's committed to bitcoin for the long term understands that all the money buying bitcoin from the etf's and corporations like mstr, block/square, mara is very good for the bitcoin global adoption and continued success Anyone who is only interested in bitcoin for short term get-rich-quick trades will have other concerns Do you actually own bitcoin, waxy? I seem to remember you started a thread about the disadvantages of owning actual bitcoin vs etf's