The Short Term Bullish Case For Bitcoin (February 2024)

Many Medium authors have been fast to dismiss #Bitcoin following lackluster returns publish ETF Approvals.

I’ve learn a few articles right here on Medium which were fast to name for Bitcoin’s demise on condition that the ETF Approvals haven’t produced face-melting upside bitcoin returns but.

Nonetheless, anybody who has been taking note of the worth of Bitcoin over the past 12 months has made a fairly penny.

In truth, if you happen to invested in Bitcoin on the day that Blackrock Filed their Spot Bitcoin ETF Software on June 15, 2023, you’ll at the moment be up a cool $17,319, or 67%.

Sensible cash would have identified this and performed this commerce. Cash was made. The ETF Approvals weren’t a promote the information occasion. It was priced in.

With that little rant out of the best way, let’s get into the meat of this text and take a step again to ask ourselves how the subsequent 30 to 60 days might play out for Bitcoin.

In doing so, we will set the stage for the Brief Time period Bullish Case for Bitcoin in Q1 of 2024 main as much as the halving occasion in April.

The wave of GBTC promoting pressures on Bitcoin which have so far neutralized any constructive response that we could have seen because of the ETF approvals has now performed its course.

However, the ‘New 9′ Bitcoin ETFs have been relentlessly accumulating bitcoin. The highest 9 Bitcoin ETFs have already totaled 175,000 Bitcoin, valued at 7.5 Billion. All in simply 18 buying and selling days.

These huge greenback inflows into the ETF could sound mindboggling nevertheless they make sense once you begin to think about the benefits that holding Bitcoin in an ETF gives to the typical particular person like your self.

Over the subsequent 30 to 60 days there might be 20–40 extra buying and selling days. It could be…