Patinece pays here. Lower is still on the radar but be on the lookout for reversal if $40,500 holds
Hi everyone. Welcome to a Monday rapid fire. Let’s crack straight in Bitcoin. ETF still ongoing is my successful launch of any ETF in history. So that’s with all 10 and the amount of inflows, outflows and volumes. So just incredible work here to let Bitcoin go mainstream. I found a new ETF tracker. Hey Apollo, I think it’s well worth your time and energy.
This is constrained though. All these ETF trackers are constrained by traditional finance and the mechanisms in which they pull the data. It often has, you often have to wait till the end of close of business. Also over weekends they’re closed. So a lot of this data, especially when you see GBTC selling a lot of their Bitcoin, a lot of that accurate data won’t get registered the following day.
So just keep that in mind that it’s not like a blockchain. And that’s why we love blockchain so much is it’s instantaneous. If you have a look here, I love that it has a graph of distribution over time. Hopefully a lot of these holders like Grayscale in the blue here will slowly decentralize into smaller cohorts.
And I think that’s a really, really positive thing for space. So pull this up, look at the graphs and track this over time. Just a couple of FI. News items I want to keep on deck. So I’ve been fairly open and honest about my bullishness on Ethereum going into this next little period before the Bitcoin halving.
And there’s a few things lining up, including the Ethereum ETF, but also Ethereum’s got a little lesser known upgrade. It’s happening and it’s a bit all over the place in terms of when it’s going to be released, but it’s happening over different phases. But it’s starting to happen towards the end of this month.
So I think that’s another kicker in the Ethereum can that we could see. Prices begin to move up and we’re seeing that strength in the FBTC chart which I’m watching very, very closely. But the Denkun upgrade is happening again in phases, but it’s starting this rollout January 30th, February 7th, are the dates you want to look for.
But as with always with crypto and these dates that get thrown out, they often aren’t, you know, 100 percent bang on. They can be pushed back through the delays and all that, but just keep an eye on it because traders and investors will be positioning with this sort of stuff. In my view, that’s as long as Bitcoin decides to play ball and stay within the range.
If it drops beneath that 40, 500, then I think we’re going to get a short, sharp correction across the board. Also Solana, you know, we’ve been following it because of how strong the movement has been in 2023, you know, 10x. I think Solana is kind of just getting started, but we’re seeing that correction phase play out.
But it’s got those strong fundamentals behind it now. It’s obvious you can’t look away from it. And with the fire dancer upgrade that it had towards the back end of last year, we’re seeing it move towards that or it can handle, you know, a million transactions per second, whether it’s going to do that’s another thing, but that kind of upgrade is getting rolled out.
throughout the beginning of this year, as well as a lot of fundamental positives coming up for Solana. So after this corrective phase around that, you know, let’s say 70 to 85, if you can get Solana in that range, even under a hundred, I think that’s going to look really good going into this next year.
But yeah, lots of things to look forward to. For Solana. So look for those tokens with relative strength during these phases. Now, Bitcoin looks like a Monty to want to drop lower and that kind of fires a red flag. I’m still, the bias is we’re going to get some short term downside here and I’m feeling that 38, 000 to 35, 000 will provide the The fear in the market this will need to kind of shake out some of that FOMO and a lot of that leverage in it and also give GBTC that runway to really capitulate into this market.
A lot of the other ETFs are starting to take over anyway, which is great. I believe the inflows from the other ETFs have started to again eclipse outflows from the sales from GBTC. So that’s a real positive. But this structure just looks like it wants to be corrected. But when something looks really, really obvious.
It’s funny how the market is either already bottomed and you just don’t realize it yet and it’s just playing with everyone’s emotions here or we’re going to overshoot that obvious downside target which I think for everyone is around about that 39, 038 which is why I’ve got 38, that main block of volume.
We can also come down and test that 200. I’d love to see for a reversal as well as penetrate that RSI downward trend there to the upside there with my little arrows but apart from that we’ve got halving incoming so I think after this correction is done. We’re going to have a really positive period, but for now, it’s kind of buckle up and wait and see what happens.
So guys have a great day. I’ll catch you again next time. Bye.
