After big stories with a bitcoin rally against Silicon Valley Bank bankruptcy and some reasonable cooling on the news of regulatory pressure on Binance and Coinbase, there has been some period of calm, and the crypto market continued to consolidate.
What does crypto Twitter most interested in these days? Mostly by predictions of the next market move, as we can see. So today, we're focusing primarily on the price models and forecasts from some of the best analysts in the space and the most prominent crypto Twitter influencers. Let's check out what's going on over there.
As for our current point in the general macro markets cycle, Charles Edwards, founder of the Capriole Investments hedge fund, says:
So, the global market is betting on a pivot in the Fed's course in may with a pause in QT and a subsequent wave of 'quantitative easing.' Generally, this means an influx of liquidity in the markets and a transition to the 'risk-on' mode, where risky assets, such as stocks and crypto (at least from the point of view of capital allocators), start a new bull run.
Now, regarding our current point in the Bitcoin halving cycle:
And that's how Willy Woo (the real legend) sees the big picture:
As for the current state of the fundamental Bitcoin on-chain metrics, Glassnode, live classics of the on-chain analysis, points out in their last weekly digest:
The #Bitcoin Binary CDD is a valuable metric for identifying elevated periods of Coin Day Destruction.
— glassnode (@glassnode) March 27, 2023
Currently, we remain firmly within a quiet patch, typical of bearish markets, early bulls, and the transitional period in between.
📊 https://t.co/qGSsJrtFtZ pic.twitter.com/1h1b3d5LVu
The #Bitcoin Realized HODL Ratio is a popular tool comparing the balance of wealth held by new and experienced investors on the macro scale.
— glassnode (@glassnode) March 27, 2023
Realized wealth has started to transfer from HODLers back to newer buyers, typical of cycle transition points
📊 https://t.co/s9lZNGrhqA pic.twitter.com/qouhm7suG1
Generally, all these guys believe that bitcoin bottom is in, and some of us obviously missed it (again), and for them, it's better to bring that fact and move on with it.
With that in mind, let's zoom in for some technical insights.
To quote DonAlt, "The most important structure right now is the one we set on Binance FUD. If we lose it, that'd be the first time over the course of this rally that bullish engulfed bad news lows get raided. It would be enough for me to think we'll cool down for a while. As long as it holds? Up only."
Altcoin Sherpa: "Good, solid lows take days and weeks to form. They always feel so choppy/boring while they are going, but when you zoom out, it makes sense."
GM Crypto Twitter$BTC breached up the local downtrend resistance on the weekly and earlier set a new yearly High.
— Crypto Rand (@crypto_rand) March 30, 2023
Rejected for now...but still looking solid:
Lets Go ✌️ pic.twitter.com/q5OpeSH6a6
For those who felt somewhat confused by this point, let's try to simplify – the current state of the BTC market 'for Dummies':
In place of your usual disclaimer, wise old Peter L. Brandt:
Markets have a magnificent way of eventually making all traders feel like complete idiots
— Peter Brandt (@PeterLBrandt) March 21, 2023