After years and years of waiting, the entire crypto world is giddy with excitement today as the SEC has pledged to give its presumed blessing to some number of Bitcoin-based ETFs. In a rather comic event Tuesday, the SEC’s own X account was hacked and used as a platform to delivery the big news that ETFs were approved, which caused $BTC (below) to spike briefly but then collapse when the fakery was discovered. If nothing else it gives you a bit of an idea what the market is willing to pay in an BTC-ETF world, which isn’t a heck of a lot higher than we’re at.
I have no dog in this fight, but in my chartistic opinion, BTC has peaked for now and will probably have a few months of easing back. I say this based on two things: one, our old friend the rainbow, and two, the observation that this much bluster and mania doesn’t exactly reek of a buying opportunity.
In fact, as charts go, I like Ethereum a lot better, which is sporting a very nice right triangle. If crypto sank hard, I’d be looking toward that green line on ETH as an entry.
To give you a taste as to the guy of breathless zeal around BTC, look at this fresh clip from CNBC, in which they have found a comely young lass whose entirely livelihood depends on crypto to offer HER opinion as to where BTC is going. Shockingly, she is bullish. Indeed, she declares BTC will be above six figures this year which, incidentally, she also predicted would happen in 2021. Just listen to a few seconds of the clip below (in which, I pledge to you, she never says “like, for realz” or “totally“) and try to comprehend the fact that the world’s best-known financial network is using this individual as the guiding light for people who want to know where to put their money.
