Bitcoin is moving faster than I can refresh the price feed. I woke up this morning to see BTC at $82,000, and at the time of writing, it touched $88,000. This follows a weekend of Bitcoin making huge gains, with the highest weekly close ever on Sunday.
At the current price, Bitcoin returns are:
+10% over the past 24 hours
+31% over the last 7 days
+39% over the last 30 days
+44% over the last 90 days
+99% year-to-date
Bitcoin is only 13% away from $100,000! It has officially entered the parabolic phase. Analyst Rekt Capital highlighted the following:
“The 2020 Candle 4 rallied +106% after breaking its respective 4-Year Cycle resistance ($13,856, black). If Bitcoin were to repeat a +106% move in this current 2024 Candle 4, it would end the year at $96,500.”
So how long will Bitcoin keep this pump up? Well, by now, you should know nothing goes up in a straight line. We are due for a pullback to build support levels. Expect this to happen soon.
Who Is Buying?
MicroStrategy announced they bought 27,200 more Bitcoin.
Dennis Porter, CEO & Co-Founder of the Satoshi Act Fund, said 5 countries have reached out to him about setting up Strategic Bitcoin Reserve legislation. It seems some countries may have already started buying based on the price action.
Stablecoin liquidity continues to increase. Today, we saw $2 billion in Tether (USDT) and $50 million in USDC minted. This liquidity will, of course, flow to Bitcoin and altcoins.
Are We Near the Top?
Not yet, according to different indicators. Rekt Capital shared the following chart showing the progress based on past cycle performance.
The Pi Cycle Top Indicator is not showing a top.
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