Bet On Yourself

It’s bitcoin halve time! The “halving”, a significant event in the cryptocurrency world, occurred on April 19, 2024, with little fanfare or market turbulence. This momentous occasion, which takes place roughly every four years, saw the reward for mining a block of bitcoin transactions reduced from 6.25 BTC to 3.125 BTC. Less bitcoin, mo’ problems. But there is silver lining—at least, if you are a bitcoin miner.

Despite the importance of this event, which is hard-coded into the bitcoin protocol to control inflation and maintain scarcity, the market reaction was surprisingly quiet. After paying attention to the build up boxing feud between Garcia v. Haney, the world is a stage. Prior to the fight Garcia appeared unhinged and not focused, he even bet on himself to win the fight. Everyone was counting him out, until the fight happened. Garcia dominated the match, sending Haney to the canvas on three separate occasions.

One thing I have learned about life: cream always rises to the top.

The halving proves that there is resiliency in Bitcoin, and in the face of constant speculation and noise, it proves to weather the storms and remain strong.

🥊,

RO

Market Analysis

Weekly View

Bitcoin's Weekly Outlook: Breaking Key Levels and Potential Milestones

In this week's newsletter, we continue to analyze Bitcoin's recent movements. Last week, Bitcoin faced a pullback, dropping to the $57,500 to $61,600 range. However, it rebounded strongly after testing the upper boundary of this critical zone . This week, Bitcoin surpassed $65,500, a critical horizontal level representing the highest weekly close of the previous bull cycle. If Bitcoin closes above this level or higher by the end of the week, it could signal a potential for reaching even higher levels, marking a significant milestone in the current market cycle. Conversely, a weekly close below $65,500 might indicate a retest of the $57,500 to $61,600 zone.

Daily View

Analyzing Bitcoin's Price Action: Consolidation and Channel Dynamics

In our daily analysis update, we observed Bitcoin's recent movement after testing the zone between $59,000 to $61,500. Bitcoin subsequently climbed towards the mid-range of the broader zone mentioned earlier. Additionally, another perspective on this price action is viewing it as a parallel channel, as depicted in the chart. Monitoring price behavior within this channel is crucial, as a breakout could signal the next short-term move for Bitcoin. This dynamic suggests ongoing market consolidation and highlights the importance of closely monitoring Bitcoin's price movements for potential trading opportunities.

Weekly Statistics

Bitcoin Market Cap

Bitcoin Dominance

Disclaimer: The information provided in this newsletter is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any financial instruments.