🚀 Correction was inevitable, but will Bitcoin fall further?

👇 1) We have been the biggest crypto bulls in 2023, calling the Bitcoin low on October 28, 2022. On February 1, 2023, we projected that Bitcoin could rally to 45,000 by Christmas. We called the rally in Bitcoin mining and crypto-related stocks on September 28, 2023, and advised clients to liquidate those positions before they crashed on December 28, 2023.

👇 2) Often, our views have been non-consensus, and on August 17, 2023, we warned that the troubles in China could cause a Bitcoin correction (BTC fell -10 % within two days). On November 9, we said a move to 45,000 was imminent, and on December 8, 2023, we warned that a Bitcoin consolidation was ahead (BTC peaked on December 9). While there was a chance that Bitcoin could climb to 50,000 in January, our most recent analysis indicated that the rally was running out of steam.

👇 3) Our paid subscribers understand our shifting thought process, adapting to the fast-paced ups and downs of the crypto markets. Our positioning changed from outright longs to trading calendar call spreads to outright put ideas, gradually shifting to less bullish positioning over the last month. After our report yesterday, Bitcoin fell -10%, Futures Open interest declined by $1.2bn (-12%), the funding rate dropped from +60% to just +4% (annualized), and volumes doubled from $68bn to $116bn for the crypto market.

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