Fake Dip? The MOST important Bitcoin Chart Traders Are Watching

Institutional Crypto Research Written by Experts

Author

Markus Thielen
May 02, 2024

Blurb: QuickAlerts revolutionizes the way traders and developers interact with blockchain data. By offering real-time alerts for on-chain events, it provides the tools necessary to make informed DeFi trading decisions, integrate blockchain event-driven logic into workflows, and enhance app functionalities with up-to-the-minute data.

👇1-12) Beware of fake dips when triangles break. Bitcoin’s relative strength has retraced back to 40%, which has been associated with rally attempts on three occasions since early 2023. We are pointing out a new ‘line in the sand’ where we might change our view. The previous ‘line in the sand’ where we turned bearish was 68,300.

👇2-12) Although we had been (correctly) bearish in January 2024 (most will remember that), we turned bullish on January 26. The last sentence of our January 26 report stated, “We would use any further dip to start buying again.” Our view was also covered in CoinDesk (here).

👇3-12) We used the term new bull market as early as mid-January 2023 when lower inflation turbocharged the rebound. Hence, we focused on when a) inflation turned unexpectedly higher and b) the Fed turned less dovish. As we pointed out during the last few weeks, the situation might be very different, with severe consequences for Bitcoin - that’s why our analysis below might be of the utmost importance.

Market Updates

Become a paying subscriber of Market Updates to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

Most comprehensive, unbiased digital asset research for traders and institutions:

  • • Receive 2-4 concise, informative Market Updates reports per week.
  • • We cover everything that impacts the price of Bitcoin and other major cryptos, from on-chain data to macro and market structure (funding rates, money flows, etc.). Our insights are trusted by some of the largest hedge funds and traders in the industry.
  • • You'll gain full access to our in-depth 'Market Update' analysis, informed by our experience at leading investment banks like Goldman Sachs, Morgan Stanley, and JP Morgan, as well as managing hedge fund capital at Millennium.
  • • We rigorously backtest our insights and are unafraid to call bullish or bearish market conditions. Our research is unique and grounded in solid financial analysis, offering perspectives you won't find anywhere else.
  • • --------------
  • • Our clients include hedge funds, traders, liquidity providers, exchanges, family offices, proprietary traders, institutions, high-net-worth individuals (HNWIs), CEOs of major listed Bitcoin mining companies, executives from crypto service providers, TradeFi portfolio managers, etc.