BTC/USD long term price direction
Updated
A lot of people asking me if they should sell their crypto, is the bull market over, why I am still bullish etc. In this post you can read my points on why the bull market for me is not over:
1.) Bitcoin ETFs – in the offices of SEC are submitted dozens of Bitcoins ETF proposals – Fidelity, WisdomTree, Wilshire Phoenix, VanEck etc. SEC already postponed its decision about the ETFs, but the new deadline is 17.June. An approval will be very bullish for crypto.
2.) Q2 company reports – another event with bullish perspective. Do you remember what happened in Q1 reports? Yes, Tesla bought. In the recent dip, numerous giant withdrawals from Coinbase were spotted during the dip. Do you remember the photo of Zuckerberg and his goat?
3.) HTF indicators – the NVT is screaming BUY at the moment; we have not seen the NUPL indicator in the blue zone (euphoria), which has marked all previous market tops; the S2F model of is also somewhere in the middle and is projecting at least 120 000$ this year.
4.) Tech giants are addopting crypto – big companies like Visa and Paypal are bullish on Bitcoin – why you are bearish? Very interesting fact is that Apple are searching for crypto experts now and this is a clear sign of crypto adoption in Apple Pay very very soon. Google allowed crypto adds... So many bullish news from NASDAQ companies.
5.) El Salvador and other Latin American countries are adopting Bitcoin - it will be way hard for countries to ban Bitcoin, while it's an official currency!
6.) ETH and EIP-1559 - I know it's a theme for Bitcoin, but EIP-1559 is sooo bullish event, that it will have huge bullish impact in the whole crypto market. It is set for 14.July 2021 and ETH could be the market catalyst of the new bull run.
7.) What I see until summer - as you can see on the chart we are still in a range with very strong support and resistance areas (30 000 - 45000$). Yes, the death cross will happen soon, but as seen in March 2020 it's not 100% sure indicator for a downside movement. Just play the S & R areas and wait for a massive breakout.
1.) Bitcoin ETFs – in the offices of SEC are submitted dozens of Bitcoins ETF proposals – Fidelity, WisdomTree, Wilshire Phoenix, VanEck etc. SEC already postponed its decision about the ETFs, but the new deadline is 17.June. An approval will be very bullish for crypto.
2.) Q2 company reports – another event with bullish perspective. Do you remember what happened in Q1 reports? Yes, Tesla bought. In the recent dip, numerous giant withdrawals from Coinbase were spotted during the dip. Do you remember the photo of Zuckerberg and his goat?
3.) HTF indicators – the NVT is screaming BUY at the moment; we have not seen the NUPL indicator in the blue zone (euphoria), which has marked all previous market tops; the S2F model of is also somewhere in the middle and is projecting at least 120 000$ this year.
4.) Tech giants are addopting crypto – big companies like Visa and Paypal are bullish on Bitcoin – why you are bearish? Very interesting fact is that Apple are searching for crypto experts now and this is a clear sign of crypto adoption in Apple Pay very very soon. Google allowed crypto adds... So many bullish news from NASDAQ companies.
5.) El Salvador and other Latin American countries are adopting Bitcoin - it will be way hard for countries to ban Bitcoin, while it's an official currency!
6.) ETH and EIP-1559 - I know it's a theme for Bitcoin, but EIP-1559 is sooo bullish event, that it will have huge bullish impact in the whole crypto market. It is set for 14.July 2021 and ETH could be the market catalyst of the new bull run.
7.) What I see until summer - as you can see on the chart we are still in a range with very strong support and resistance areas (30 000 - 45000$). Yes, the death cross will happen soon, but as seen in March 2020 it's not 100% sure indicator for a downside movement. Just play the S & R areas and wait for a massive breakout.
Note
Just a quick weekend update:We perfectly follow the plan for now - bouncing between support and resistance with low volumes. The range could continue even in July, when we will have ETH updates and some Q2 company updates, which I believe will be catalyst for the next move UP. SEC delayed their decision for Bitcoin ETFs for August.
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