BTC Update 04/17/2024, 61522 (-1.1%)
Journaling Days: 04
BTC printed its lowest 61522 at 17:31/04/16/2024
BTC printed its highest 64356 at 04:50/04/17/2024.
Journal time: April 16th-17th. 7am-7am UTC+7
News Makers:
The world of Bitcoin is never dull, and this week is no exception. From interest rate worries to hints of future growth and the upcoming halving event, there's a lot to unpack. So, let's dive into a quick summary of what's happening and what it might mean for the future of Bitcoin.
Impact of Economic Policies on Bitcoin:
Federal Reserve's Rate Decision: Bitcoin's price fell to about $62,900 following comments from Jerome Powell, the Chairman of the Federal Reserve. Powell indicated that interest rates would remain high for a longer period due to the economy's strength and insufficient progress toward the inflation target of 2%.
This delay in rate cuts, influenced by robust job growth and consumer spending, has led to a decrease in investor optimism for rate reductions, negatively impacting Bitcoin and other cryptocurrencies.
Predictions of a Bitcoin Upsurge:
Market Analysis by a Crypto Analyst: Jason Pizzino, has observed patterns in Bitcoin's price movements similar to those in 2019, which preceded a significant price increase.
Pizzino suggested that Bitcoin might consolidate for several months around current levels before potentially embarking on a bullish phase. He highlighted critical price points to watch, including potential resistance around $67,000 to $69,000, which could determine the short-term direction of Bitcoin's price.
Bitcoin's Halving Event and Market Trends:
Upcoming Halving and Historical Data: Bitfinex, a cryptocurrency exchange, reported that despite a recent price drop to below $63,000, the behavior of large Bitcoin investors resembles that of 2020 before a major price surge. With the upcoming halving event that will reduce the mining reward from 6.25 BTC to 3.125 BTC per block, historical trends suggest a potential increase in Bitcoin's price. The report emphasizes that significant amounts of Bitcoin are moving away from exchanges and into private storage, indicating that long-term holders are expecting prices to rise.
Overall, these reports highlight the complex interplay between economic policy, market sentiment, and significant cryptocurrency events like halving, all of which influence Bitcoin's price dynamics. Investors and market watchers are keenly observing these factors to gauge the future trajectory of Bitcoin's value in the market.
BTC Projection 04/17/24
Short target: 64356.5
Long: 61521
Projection is valid until 04/18/24/07:00 am
BTC 04/16/24 Prediction (Update) #Final
If you followed my price projection yesterday, BTC opened your long position (62242.5) at 11:27.16/04. The chart above explains more. If you don't set SL too low, yesterday's signal was profitable.
I consider 2.63% final because if you take 100x leverage, with the initial margin that Binance required 31.12 USD to bet on 0.05 BTC, you would have closed your long with PNL $82.18 ROI 264.05% at 04:30/04/17/24 (utc+7).
BTC 04/15/24 Prediction (Update)#2
Your L1 position (63820) is around breakeven at the time of writing, so there is no update. We'll see what will happen tomorrow