It seems to me the worst is behind us. ECB and BOJ raised rates as expected and US Fed is holding tight for now and BTC is stable just above the 200 WMA. If oil prices come down some more, inflation will s/b tamer and and if we can get some AI productivity boost tail winds the Fed can start looking to cut rates sometime next year. I’m hoping lower oil prices are part of the discussion for the next FOMC meeting July 28th and BTC could easily be 80K by then…unless Iran starts playing mischief again.
@TedPillows I disagree, I think the market is looking more to lower oil prices and inflation than the fomc meeting that will probably take a wait and see attitude.
@TedPillows Yeh, but dude over 1 million people follow Cowen now and are looking for that 53K avg cost basis or lower, so $60K could easily be the bottom, unless we see an S&P500 crash that takes everything with it.
@mikemcglone11 I love your analysis, but you can be wrong on some assets for years by your own admission, and then people that follow you are SOL and miss out on tremendous profits during those years. There's got to be a better way.
@TedPillows Yeh, that’s what I’m thinking too, but so many people think it’s gonna happen, makes me wonder if maybe the bottom is already in. So I’ve got some skin in the game now, but not all of it yet.
@benjamincowen 1. Was this anticipated and is it part of the reason the S&P500 went down the last several days?
2. Which echo chambers mentioned the likelihood of this happening because I did not hear anything about it on X until Ben's post.
@ITC_Crypto@benjamincowen Hey @benjamincowen does it matter that BTC appears to have formed a giant multi-year cup and handle pattern that broke out at about $60K? Could that mute the typical 70% drawdown from peak to trough?