Published
2 months ago on
February 15, 2024
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There doesn’t appear to be anything that can keep bitcoin from its current inexorable climb towards the heavens. Money is pouring in from the Spot Bitcoin ETFs and there seems to be no let up.
$BTC is unstoppable
$BTC is on an unstoppable trajectory up and to the right. Each time the analysts warn of an impending correction, the price just ignores all reason and continues to surge.
Source: Coingecko/Trading View
Corrections do happen of course, and the ‘sell the news’ event after the announcement of the Spot Bitcoin ETF approval was a good example. This 21% retrace helped to reset the market somewhat, even though a bigger correction would have been healthier.
That said, the market does what the market does, and now we have surpassed that yearly high of $49,000 and are heading north at a rapid pace. With all the money that is pouring in from the Spot Bitcoin ETFs, it is hard to see how this ascent slows, let alone stops.
This time is different
It is starting to look like “this time is different”. Many seasoned traders and analysts will usually scoff or laugh at such a statement, because experience tells them that this is hardly ever the case.
However, this avalanche of inflows into the ETFs is starting to put a whole different light on things.
All-time-high in March?
Source: Coingecko/Trading View
Zooming out over the current and the last bull market for $BTC, one can see that the price has arrived at a good level of resistance at $52,700. However, it should also be noted that the biggest resistances have already been surmounted.
If we were to take the 35% gain since the bottom of the correction at just under $39,000, which took less than 4 weeks to make, and add this to the current price, we would be at a new all-time-high half way through March.
This is admittedly bordering on the ridiculous, and surely just could not happen. Be that as it may, is this time different?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
