A change in the tide for Bitcoin

1. A few unusual factors lead me to believe the bottom might be in for Bitcoin. When compared to Gold, SPX and M2, Bitcoin has touched off the previous high in 2017. Raoul Pal has identified the FED balance sheet as the numerator to watch in markets. Maybe USD is the wrong metric for Bitcoin TA? Thread below.

Matt 🧐 @matt_chain

Tuesday afternoon bold call of the day: BTC is going to absolutely rip through $100k (Thank you @jyashouafar for the chart)

2. John Bollinger, who correctly called the three drives pattern that marked the top has highlighted a potential bottom.

John Bollinger @bbands

I don't know what I could have been thinking, but I agreed to do @UpOnlyTV today. In any case I am ready, but I wonder if they are? Got a potential bottom in #Bitcoin to talk about, so at least there won't be a lot of awkward silence...

3. Sam from FTX sees a potential bottom. One of the top 5 traders in crypto IMO.

   Sam Trabucco @AlamedaTrabucco

   In fact, trading at the END of any of these periods is a predictably awesome trade -- the goal is finding it. It seems like MAYBE today marks yet another paradigm switch? We'll have to wait and see -- Alameda's new long positions are sure hoping so.

   

4. Santiment confirm that large BTC wallets continue to accumulate

   Santiment @santimentfeed

   🐳 #Bitcoin was temporarily below half of its #AllTimeHigh value that was reached just 2 months ago after it dropped below $30k today. However, there are signs of a potential turnaround. Read how our whale accumulation & $WETH data could indicate a bounce. insights.santiment.net/read/whales%2C…

   

5. Glassnode founders corroborate this.

Yann & Jan @Negentropic_

If you’re scared, just remember what the #Bitcoin long term holders are doing right now. Don't let the vola flush you out, think long term. bit.ly/3d38zXc

5. Will Clemente and Willy Woo add to this (take with a pinch of salt as they are almost always bullish)

6. A return to max fear yesterday after peak mining FUD feels like it may be the beginning of a turn up. My feed certainly panicked yesterday, with bear market calls everywhere.

7. Cryptodonalt is looking for a close above 34k to get involved.

   DonAlt @CryptoDonAlt

   $BTC update: Bounced a lil, still the same Close above $34k and I'll start buying for the short squeeze, anything below has me uninterested Glad there is some energy in this thing left overall

   

   7. Markets like regulatory clarity. Or to put it more simply:

      ciarán.eth @C1aranMurray

      Markets like certainty.

      

      

Conclusion

I’m wary of on chain metrics but there is something more significant about BTC, measured in Gold, SPX or M2 at significant levels. Let’s see if it holds up. I’m long Bitcoin for now. I’ll also be looking for anything that is outperforming Bitcoin, particularly Defi projects.