Bitcoin Crypto Bubble Mania!

Stock-Markets / cryptocurrency Mar 04, 2024 - 07:59 PM GMT

Dear Reader

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Market Brief Monday 4th March (9am UK Time)

Bitcoin Crypto Mania $65k! On target to achieve NEW High of $71k BEFORE the HALVING! Possibly within the next few days! Believe it or not most crypto hollicks are following a pattern that calls for the new high some months AFTER the halving event and in fact many have been SHORTING the rally! Which basically says that the Halving Event is a NOTHING BURGER i.e crypto folks have been focused on an even Mid April when the action is taking place right now!

Whilst I am already lightly trimming bitcoin and alt coin via limit orders. I am more focused on trimming my favourite Bitcoin proxy MSTR which has shot up like a rocket, closing Friday after hours at $1106, well beyond my target of $1000 by the halving and likely destined to break above $1200 this week, maybe even today!

In advance of which I shared my trimming and buying levels.

SELL $1038 1%
SELL $1068 1%
SELL $1092 1%
SELL $1136 1%
SELL $1162 2%
SELL $1178 5%
SELL $1192 2%
SELL $1232 3%
SELL $1258 2%

BUY $876 1%
BUY $852 1%
BUY $801 1%
BUY $776 1%
BUY $752 1%
BUY $722 2%
BUY $696 2%
BUY $682 3%

As things stand I am now 79% invested in MSTR down from 106% of a few weeks ago, and likely will sell at least another 10% this week as in terms of fair value MSTR is now discounting a bitcoin price of $88k (1106 X 80) so is trading at an extreme which means MSTR is ripe for a sharp drop to below $900 regardless of what the Bitcoin does, i.e. we could see Bitcoin achieve $71k whilst MSTR drops to $900 which I am sure will confuse all those who bought the breakout above $1000. So don't get greedy folks, all those who bought MSTR sub $500 barely a month ago are now up more than 120%! It does not get much better than that!

As for the S&P, we are likely to see an interim top at the same time as BTC, though obviously S&P upside potential is maybe only a couple of percent vs bitcoins 10%, for a correction of sorts.

I will include an in depth analysis of Bitcoin and MSTR in my next article that I aim to post likely Tuesday AM.

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By Nadeem Walayat

http://www.marketoracle.co.uk

Nadeem Walayat has over 35 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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