Happy Bitcoin Pizza Day recovery
3 min read

Happy Bitcoin Pizza Day recovery

Cryptic ball: here's to a long life.

The weekend was smooth (read dead) for bitcoin and stocks alike. More importantly, today the major EU and US equity indexes are continuing Friday's close bounce. So, as explained Saturday, we can expect that relief rally to play out.

  • Firstly, TradFi traders are busy this week following what happens in Davos. Because the World Economic Forum is boring af, we can expect a peaceful week ahead, which shall create the conditions for a decent bounce.
  • Then, as the great Lily Francus points out, "probably one of the more bullish scenarios for crypto this year is to stay in this range for a few weeks". Why? Because it consolidates the important $30k support level.
  • Moreover, Alex Krüger also believes we're seeing a local bottom in stocks which should be followed by a relief rally, including by cryptoassets. After all, "equities just had their longest losing streak since April 1932"!
  • Lastly, while previously I was of the opinion that the June 15th FOMC meeting would spook the markets, I'm now believing the stock market panic is coming to at least a temporary end. Why? Check Ann Bayne's thread shared below!

In brief, it's time for a short squeeze, even if it won't be long-lived!

Chart art: here's to hedges.

The fact so many traders are hedged against downside now is great fuel to rally upwards a bit.

Three things: here's to extra cheese.

Tweet tip: here's to reasonable fear.

Probably true.

Meme moment: here's to the future.

Remember Laszlo had much more than 10k bitcoin then and this first real-world transaction back in 2010 first defined a price for bitcoin. Thanks, Laszlo!

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.