*Bitcoin's Battle Royal: Who Will Win?

9 Jan

BTCUSD BTCUSD (Bitcoin) Has made plenty of waves toward the tail end of the year in 2023 -- kicking off 2024 with some serious fireworks in both directions.

However, as we approach looming resistance coming into the Bitcoin Spot ETF decision (anytime now), the question is whether or not we are truly in a Bull Market as many traders would like to speculate.

Personally, although I am overall Bullish on Bitcoin, I am not entirely sold on all this early activity heading into both the Bitcoin halving (in April/May), nevertheless, a Spot ETF.

When you consider the current global political situation -- leaving us vulnerable to another possible World War, longing Bitcoin at these levels doesn't come without risk.

The likelihood of multiple Bitcoin flash pump or crash at virtually any moment, is not only possible, but likely. After all, recent price action has seen moves in either side get consumed in less than 5 minutes (and in some cases less than 2).

Also, when you consider all of the global turmoil and multiple catalysts, at play and/or expected (i.e. Bitcoin Halving, ETF Approval/Rejection, War, etc.), again, the likelihood seems VERY real we can expect multiple flash moves (as we've been seeing lately).

That aside, bitcoin is also somewhat over-extended. Not only is it 'overbought,' it's currently battling resistance at a pivotable level. (see below)



That said, I do believe there will be better buy opportunities to come, however, nothing is guaranteed.

Do I believe bitcoin has the ability to break past 50k under this current setup without seeing a correction first? Sure. However, this is not a level I am interested in buying, as I do not believe an ETF Approval will pair well with a correction.

On the other hand, if the ETF is rejected... If all ETF applications are rejected, good chance we'll see one of those epic flash crashes pretty soon :/

What do you think? Will bitcoin break (and close) above 50k before the halving this year?