Where Next For Bitcoin?

Bitcoin this week still continues its sideways movement within a wide price range haven been at its current price level for at least one tick in six of the past seven weeks. All the same the 10-20% weekly price range is wide enough to provide short term profit opportunities to smart day traders.

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There was a strong belief we would see a lot of sell pressure at the end of last week as a record $6 billion of bitcoin options contracts were set to expire last week Friday. Often, in advance of option expirations (options expire on the last Friday of the month), large traders and institutions sell holdings prior to the deadline in an effort to get to the “max pain” market price for options holders and the best price for options sellers. While the BTC price did dip to near the $50,000 level, it has since recovered and never quite made it to the max pain of $44k which would have optimized losses for certain retail investors.

Also as it has often played out, a Bitcoin price pullback of up to 30% off the previous all-time-high is often just a wind-up for the next big move to the upside. It also gives a great chance to buy the dip.

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Ethereum is clearly following Bitcoin right now. A breakout of Ethereum on its own could point to a major altcoin move. I’m watching for exactly that.

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WAXP on the other hand which has gone up 295% in March and over 800% for the past year remains one of my favourite altcoins right now and continues to ride the NFT wave powering a big volume of non-Ethereum based NFTs. I'm still holding my bag to see where that goes.

This post is beginning to sound like some financial talk, so I'll just go ahead and say "This is not financial advice". Always do your own research.

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