🟠 Gold to Bitcoin rotation update:
Yesterday, BTC pumped as the gold market lost $1.5 trillion in value.
Bitcoin is now back at levels before yesterday's pump, but it is starting to rise again while gold continues to sell off.
INSIGHT: 💡 The Bitcoin network remains very strong on paper, with Hashrate continuing to push to new all-time highs.
Cycle metrics point to a bigger, broader move in the future for #Bitcoin. 🚀
⚡️Morgan Stanley calls Bitcoin "a scarce asset, akin to digital gold."
It suggests #BTC & Crypto allocation up to 4% for "Opportunistic Growth" portfolios.
Historically, Bitcoin has always broken through the top green line (2Y-SMAx5) during cycle tops. ⚡️
Current position of the green line: $380,000 🚀
Even assuming diminishing returns, we are a long way away from the top. 💪
💡 INSIGHT: Conviction remains high among #Bitcoin investors after a textbook bull market dip below the short-term holder cost basis.
Focus here for the bulls is to maintain momentum above $111.7K while breaking through the heavy supply until $118K. Above $118K should give the bulls all the momentum they need to get to new all-time highs.
Bears will be looking to drop below the STHCB at $111.7K and flip that area as resistance.