Crypto Briefing 3/26/24 – The Forecast

Crypto Briefing 3/26/24

Crypto Briefing 3/26/24

Bitcoin reached our initial downside target of $61,000 however it looks poised for its next bullish move into the halving. We can infer the following about the weekly chart based on the price action we have seen recently. In bar 1 we can see how there was a failed attempt on both the bulls and bears parts to flush Bitcoin down to a lower or higher level, resulting in a trading range. This past week even though there was intense downside pressure, bulls bought up the dip resulting in a marginal loss for the week. Based on this information we can see in the chart, and the fundamentals of the market, Bitcoin has a strong directional bias to the upside.

We still consider a sub $4,000 Ethereum an excellent place to add to a position, as we expect to see Ethereum perform very well over the next year and a half. After we saw the BTC ETF launch this year, many crypto investors are clamoring for an Ethereum ETF. Between now and August, we expect to see momentum for such an ETF start to build. As we start to see more traditional financial institutions enable the purchase of crypto ETFs, we can envision a scenario where we see a level of speculation that dwarfs what was seen in 2017 and 2021.  In other equities news, Robinhood continues to deliver outsized returns and has been mirroring the Bitcoin weekly chart. With a major announcement set for tomorrow (likely related to a new credit card product) we expect to see HOOD continue in its uptrend. As Ethereum and Bitcoin continue to post new all-time highs, we expect the market to pay more attention to Robinhood’s massive stake in Bitcoin and Ethereum.