The Fight is On, Someone is Expensively Wrong

Crypto Compass 15

Key Takeaways

• Bulls are gaining control of the narrative as bitcoin sets up for a strong leg up.

• The $28 - $28.2k range will set the ground for the next move.

• Altcoins are gaining ground as the Altcoin Cycle Signal suggests transitioning to an alt-heavy allocation soon.

• What carries a greater opportunity cost: overweighting alts or BTC?

• Bears have had control of the narrative since Q2 2022, but things are changing now. The fight is on. Bitcoin closed April in the green (3rd month in 2023, Feb was flat), and we are at a pivot point just shy of the $30k psychological level.

• The short-term trading channel is between $27 - $29.2k, but we are confident that we will be over $30k in no time. Our thesis solidifies the longer we’re above the highly active $28 - $28.2k level. Notice the large horizontal bar.

• That is not to say we might test the lower bound of the short-term channel, which a break below $27.6k would most likely lead to it. That doesn’t change our mid-term outlook over $30k on the conservative side.