Bitcoin Poised To Break Out Again – CHAINLETTER 32
Everything we see now – technical, political, on chain, regulation – supports the view that the risk remains to the upside.
Everything we see now – technical, political, on chain, regulation – supports the view that the risk remains to the upside.
The recent price action removes bitcoin from a precarious technical position. Our long-held case that the price would consolidate in this range before moving higher in mid-summer remains intact.
Bitcoin’s price is closely aligned to term premia.
While the price continues its high-level consolidation, we analyse various factors that suggest the speculative froth has largely departed. This creates the perfect preconditions for a leg higher later this year.
Bitcoin’s energy usage has been a sore point in the past. Now the miners are turning the argument around. Bitcoin will eventually be seen as a force of good in the way energy is generated, distributed and managed.