The Long Investor
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$BTC TOP 20
🕑 Added 2025-03-07 10:21:39 +0000 UTCI'll admit that the Crypto Strategic Reserve reveal was not as show stopping as many thought it would be, as the US is just converting $BTC they already own from confiscated illegal activity and holding it in a reserve, the positive is that they do not intend to sell any which limits supply and I suspect their approach can change at any time....meaning they could add to it if budget cuts are applied somewhere else.
On the chart, we continue to see higher lows above the crucial 200 Day MA but no higher highs yet, so bulls will not be comfortable here until a higher high can come in next....if this can happen, it will also mean a break above the descending wedge, 50 Day MA and the 2.618 Fib again at $95.3k, so this will be a bullish move.
Again, the structure is not showing me that people need to panic sell here, as with the $SPY, the Wave 4 pull back is still standard, the descending wedge is bullish and there is a route to $123k.
Comments
DC
There is a second order effect to be considered. BTC was legitimized by the US Govt. There is an Executive Order signed by the POTUS in the Oval Office. 1- The risk of US Govt prohibiting US citizens purchasing BTC was eliminated. 2- Asset Managers no longer have the excuse that BTC is not legitimate. The risk of getting fired for buying BTC was massively reduced. 3- 2 years ago any legit crypto entrepreneur was getting investigated and prosecuted. Now they will have a whole set of rules and laws they can build on. Bullish!
Riskneutral
What about ETH?
basemint
This could have been strategic so as not to spark a buying war with other countries. China. Russia, Belarus all announced created bitcoin reserves now.
