What next for $BTC?

Spot $BTC ETF rejected again

Welcome to the eighth Alpha newsletter. We curate alpha for you. That’s it; that’s the newsletter.

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Yet again we find ourselves in the position of having to digest the news of a spot $BTC ETF being rejected by the SEC.

The Block @TheBlock__

SEC rejects VanEck’s spot bitcoin ETF

theblockcrypto.comSEC rejects VanEck’s spot bitcoin ETFThe U.S. Securities and Exchange Commission has rejected a proposed effort to list a spot bitcoin exchange-traded fund.

Should we be surprised? No. Should we be annoyed? It’s all a matter of perspective, I suppose.

Michaël van de Poppe @CryptoMichNL

Spot ETF on #Bitcoin rejected, which might be fueling a potential negative sentiment on the markets. A rejection isn't a bad cause, it's standard. Just delay until we get it. And prices that are correcting -> just a chance to start buying cheaper assets. Positivity.

It’s been a choppy week for $BTC and there are a lot of opinions about where it goes both in the short term and long term.

Pentoshi Won’t Dm You. hates Dm’s. DM's are scams @Pentosh1

$BTC 1 W You don't want it closing back inside that range imo

Rookie is summoning the magnet.

RookieXBT🧲 @RookieXBT

$BTC bigger magnet 🧲 = greater success rate

JT sees a possible fourth corrective wave with a fifth impulse taking $BTC to around $73k. JT was very accurate calling the May low.

JT ✝️ @JTheretohelp1

$BTC (Anatomy of The Final 5th) - #BTCUSD chart on @tradingview

tradingview.com$BTC (Anatomy of The Final 5th) for BITSTAMP:BTCUSD by JTheretohelp1Friends, I hope your all having a fantastic Friday! I am attaching a chart of what could be transpiring as we see Crypto’s slump across the board. The focus has been that $BTC is within the confines of its FINAL 5th Wave up, but that Final wave is constructed of 5 smaller sub waves (or impulses). If…

Short term pain for long term gain?

Galaxy @galaxyBTC

A drop to 59-61k followed by some consolidation would be the best way to continue the bull-run in my opinion. Might not happen but it would be extremely healthy for both $BTC and #alts. Be prepared either way.

This is a short term bullish sign, even though the colour red usually means bad.

Will Clemente @WClementeIII

Long-term holders buy BTC into weakness and sell into strength. We've just gotten our first red prints on LTH net position change in over 6 months, showing bull market distribution has begun.

Once a $1T asset always a $1T asset?

Willy Woo @woonomic

Contour map of every bitcoin at the price they last changed hands between investors. Huge price validation between $50k-$60k. #Bitcoin as a $1T asset class IMO is now cemented; hard to see it dropping below this zone. This data is @glassnode's URPD visualised.

Low float.

Lark Davis @TheCryptoLark

Only 12.9% of the total supply of #bitcoin sitting on exchanges right now, demand rising, long term holders not selling. BULLISH

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

#Bitcoin supply is getting tighter with each passing day. Supply shock is no joke!

Looking slightly longer term, this fractal TechDev has been following continues to look good.

TechDev @TechDev_52

Still gets me every time. #Bitcoin

And his data suggests we shouldn’t be too worried.

TechDev @TechDev_52

Every full cycle #BTC has topped just over the log 2.272. But how much over? Turns out the linear 5.618 based on a key intracycle high/low pair has called the last two tops almost to the dollar. This and more in my latest newsletter issue. getrevue.co/profile/techde…

A lesson in recency bias.

Benjamin Cowen @intocryptoverse

There is a common misconception that December is always the top of the market cycle for #Bitcoin. We have had 3 market cycle tops: June 2011 Nov 2013 Dec 2017 In fact, only one cycle had December as the top, yet so many assume that is has always been December. Recency bias.

Shall we all inhale some weekend hopium?

Loma @LomahCrypto

$BTC not nuking post-rejection. Probably just means it got front ran and priced in already. Green weekend?

And there is the rather significant $BTC upgrade happening this weekend aka Taproot, so maybe Loma has a point.

Coin Bureau (guy.eth) @coinbureau

Taproot incoming! 😎 The most significant #Bitcoin upgrade since 2017. Improving programmability & privacy.

A conspiracy theory for your consideration.

Hsaka @HsakaTrades

VanEck rejected so the GBTC ETF conversion could be approved, r-right Barry?

And that’s your alpha.