Silver or Ethereum?
Little wonder Bitcoin is slack, as the hot money has found a new toy to play with.
ByteFolio
ByteFolio publishes a model crypto portfolio weekly, along with news, research and commentary.
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Strategy Is Not a Systemic Risk to Bitcoin
It should be noted that MSTR’s risk relates to the premium or mNAV, and not the credit risk. The latter would only kick in if the price of Bitcoin truly collapsed from here.
Saylor’s Dump
Bitcoin’s ByteTrend Score remains at a score of 0 since 16 November. This is bearish.
Baby Bear
Bitcoin’s ByteTrend Score drops to 0., which means the trend is now bearish. The $100k level has been broken, and a bear market fits the four-year cycle thesis.
Farewell the Treasury companies
Strategy (MSTR), formerly known as MicroStrategy, is being dumped at pace. Investors bought MSTR as a Bitcoin proxy as the ETFs (or ETNs) were banned in major financial centres such as London.
Back to $100K
The past year shows the $100k level in detail. This has the potential to be a major support level, as it has been tested so many times. But bad things can happen, so we shouldn’t count on it.