The check list is more bullish this week than last week. The S&P & Nasdaq had the highest weekly close ever. This is an important when it comes to technical analysis. This is very bullish, signaling that markets will continue higher for the next 4-6 weeks.
I’ve observed that in 2024, the crypto markets seemed to follow the traditional markets. Essentially, investors were willing to take risks on buying bitcoin only if the traditional markets were first showing strength. And last week, we had strength in the S&P, Nasdaq, and Gold charts. I think Bitcoin and crypto will follow suit very soon.
Lastly this last week, we saw volatility in Bitcoin be very low. There were 4 days in a row, where the price opened and closed at the same price. See below
This type of low volatility is typically followed by a lot of volatility. And since the checklist is primarily Green, I would expect a move to the upside.
Ultimately, we have been ranging around $97,000 for 3 months. I’m expecting a break above $110k soon, which should send us towards $150k by May!