Investment Policy

Bitcoin reaches new all-time highs, leaving shorts in the dust.

The canine-themed coin, DOGE, has suffered a decline of 2.27% since yesterday, a most…unsettling development, indeed 🤕. And yet, we must not forget that over the course of the past week, the price has risen by a respectable 20%, a fact that warrants a cautious optimism, one would think 🤔.

Ah, the saga of Avalanche [AVAX]! Like a butterfly timidly escaping a chrysalis, it has donned its wings and soared within an ascending channel since that thrilling breakout five days prior.

Yet, as fate would have it, the price hath arrived at a pivotal resistance zone, one so wretchedly reminiscent of its previous swing high, thus increasing the likelihood of a brief interlude of consolidation or, shall I say, a corrective retreat, before one might exuberantly resume the upward trajectory.

And yet, the drama did not end there. In the realm of dollars, XLM performed a veritable ballet, surging over 70% to close around $0.43, effortlessly clearing multiple resistance levels that had stubbornly stood their ground since the first quarter. XRP, not to be entirely outshone, managed a respectable 23% climb to $2.78, but it was clear that the spotlight was firmly on XLM, the rising star of the sector.

Now, enter the oracle of online analysis, who suggests that Bitcoin might be standing at a metaphorical crossroads, trying to decide whether to head to El Dorado or just pick up takeout. It seems our dear BTC may just shoot up to an astronomical $143,000 if it can navigate past what we’ll refer to as “the Not-So-Great Wall of Resistance”—the area between $118,900 and $120,000, which apparently is the cryptocurrency equivalent of a hipster coffee shop announcing it’s out of almond milk.

Last week, the Bitcoin ETFs found themselves gorged with an abundance of greenbacks as the illustrious price of Bitcoin surged towards ethereal new all-time highs, like some ecstatic troubadour at the peak of his fame. Clearly, capital is not merely a currency; it is a melody that compels one to dance! 💃

According to Hougan, the amount of Bitcoin held on exchanges is at its lowest in years, suggesting that selling pressure has significantly diminished. Meanwhile, inflows from ETFs, corporations, and even governments are accelerating, adding fuel to the upward momentum.

In an enlightening tête-à-tête with the venerable CNBC Television, Mr. Reeves expounded upon the recent prodigious heights of Bitcoin’s market cap, attributing this ascent to an alluring cocktail of robust institutional interest and a most limited supply. Quite the spectacle, is it not? 🍸