The Bitcoin consolidation period is gradually coming to an end, and the bull run is about to go live.
Bitcoin is now breaking out of its downtrend; all we needed was for Bitcoin to close above $35,000, above that green lime, which acted as resistance, which is precisely what has happened. The Elon Musk pump and dump did not count, and now we see remarkable organic growth, a string breakout coming for Bitcoin with a price slowly climbing higher.
Bitcoin did put in a very lovely retest of the fifty period moving average after the Elon Musk drama. On the four-hour chart, we can see that it came back down, pushing higher from that. This is technically quite a bullish move. As long as Bitcoin stays above that purple trend line, we are in a bull trend for Bitcoin; we could see the price rising.
The next area of resistance for us to see Bitcoin cracking is $38,500, $40,000, and $42,000. After we crack $42,000, Bitcoin is going to take off.
It looks like we are starting to get to the end of that consolidation period, it has lasted for a few weeks now, but these things don't last forever during a bull run.
This break from the downtrend is signaling strongly that we could be heading back up soon. This means that we could see Bitcoin going into price discovery again, potentially in the next couple of weeks.
On the other hand, Bitwise is launching a Bitcoin fund on US Brokerage services. This is probably the closest thing to Bitcoin ETF on IS markets right now; if approved, it will go into direct competition with things like Grayscale GBTC. Bitwise is not a trust fund like Grayscale, it is a fund, so it should offer lower premiums. Real Bitcoin completely backs this fund.
Grayscale will be undergoing a big lock-up, and when these lock-up periods end, Bitcoin investors, via Grayscale, tend to take their profits and put them in Bitcoin. Previously, every lock-up period that ended was preceded by this consolidation period we saw happening for these couple of weeks. After the lock-up ends, the price of Bitcoin has historically pushed higher.
Not a guarantee, but this is what usually happens considering the market structure with the consolidation period; this time might not be different.
Michael Saylor has succeeded in attracting 1400 institutional plays, different firms to attend his event. It looks like we should expect a mega surge after this.
