BTC: Bullish, For No Reason?
Updated: Feb 15
Uh, BTC, my fav for 2023. Do you remember when I first followed BTC. I think it was teens or low-20s a few years ago and it raced to like 40s 50s fast. Then I got off and then bearish and it plummeted with slam-on-the-brakes-Fed.
Now I think reverse.
What's so nice about Bitcoin (BTC) is most of its investors don't really think about the Fed, but hello, the Fed is driving all these things. So I like having a call in BTC when the main thing is the Fed but the world isn't focused on the Fed when it comes to BTC.
I expect a big ol Fed flip. CPI, PCE, wages, housing data, you name it are all dropping hard and the Fed has run out of excuses.
I think probably the biggest beneficiary is BTC which trades wild both up and down. If we get a Fed flip I think wild up.
I've been calling out BITO above 10.6 is positive short term. Today though BTC's turn up tells me there's more follow through potential a little further out. As always, we take things step by step.
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