Related Reading: Bitcoin Stays Down, But Whale Wallets Quietly Climb to 4-Month High He further explained that Bitcoin (BTC) and equities, such as the S&P 500 (SPY), must navigate their respective golden pockets before any real, sustained rally can begin: "if crypto and stocks can’t reclaim the golden pocket and flip it to support, and end up rejecting there instead, then i am bearish on BTC & stocks for a while.” Nevertheless, Charting Guy sees potential for a bull run in April through June: "April – June shall be bullish af imo […] BUT that extension into June is only if May is strong and not a sell in May and go away type of month […] what will determine that? how BTC & SPY both react at their respective golden pockets when they get there on this April relief rally.” If these technical barriers prove insurmountable, Charting Guy says he will exit his positions: "if this purely is just a relief rally and the charts look toppy again when we’re back at these levels late April/early May, then i will be OUT of this market.” Another crypto analyst, @wauwda, has taken a more cautious stance, noting several bearish signals for both Bitcoin and the S&P 500: "Every indicator is getting bearish on the HTF for BTC & SPX: Bearish Stochastic RSI cross, Bearish MACD cross, Bearish divergence RSI, MSTR lower high, Altcoins higher high … Ultimate Bull Trap.” Related Reading: Saylor’s Strategy Adds $1.9 Billion Worth Of Bitcoin To Growing Portfolio While Wauwda anticipates a relief rally—citing the potential for a bounce due to extreme bearish sentiment—he points out parallels with 2021.
Founder Tron buys banana for $6.2M and eats it, Coinbase gives free bitcoin to every person at the warriors game, Department of Government Efficiency (DOGE), Teens are getting crypto courses on school, People are flexing on yachts, Doge is worth more than General Motors, Bank of New York Melon, Peter Schiff created his own Strategic Bitcoin Reserve.
He also points to ETH/BTC and Bitcoin Dominance (BTCD) as factors to watch, though both have shown volatile, oscillating patterns rather than a clear trend: "The thing I’m struggling with though right now is ETHBTC and BTCD since they both have been up and down only, but maybe that will change with the next leg up.” At press time, BTC traded at $84,206.
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