BTC: Bullish, And Nobody Knows Why
Below is some of what we posted to subscribers Monday, January 9th in our post market update. Excluded from this post is the rest of our update (and of course our non-stop chat) which includes daily market calls, Fed calls, earnings calls, trading and medium term calls in large cap tech stocks like TSLA and AAPL and key macro tickers like TLT, GLD, BTC and USO. Click this and you can try a free trial to get the rest, if you want. No pressure.
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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