Oct 19, 2021 3 min read

BTFD, or the Ride of the Valkyrie(s)

Cryptic ball: i gotta feeling.

What have we told you? Consolidation and some volatility around the ProShares launch this afternoon, UTC time. True, confirmation that the Valkyrie Bitcoin Strategy will start trading this Wednesday under the epic ticker "BTFD" also helped. Bitcoin had a couple of hourly swings of 4% while alts barely moved during that time - whereas alternative cryptoassets tend to amplify BTC's movements. This shows how everyone's looking at the original cryptoasset as it stands just 2% away from its current all-time high of $65k.

As written yesterday, I feel today is the day. And the specific moment will be tonight's daily close, again in UTC time (that's 5h30am in India). That time of the day statistically concentrates most of bitcoin's price action, hence why I'm assigning such a probability. But, as usual, trading (and investing) is about scenarios and you should have a plan for a failure of the ATH - and also be aware that a good daily close today can mean the ATH is only broken tomorrow.

Lastly, remember $60k was the tough resistance to beat. And the current consolidation above that level shows its clear support and lays the ground for a spectacular run ahead. Now, note that ether and other alts are also looking strong. But no one knows what can happen when bitcoin enters its parabolic price discovery mode. I feel it will be a more sustainable rise than what happened in 2013 and 2017, but, even so, alts may suffer a bit this Uptober.

Chart art: that tonight's gonna be a good night.

*Credit goes to @filbfilb, a popular crypto trader that has a good record, and reminds us that this BTC fractal is still playing out and hints at an intermediate target of ~$70k next and $100k next.*

Three things: tonight's the night, let's live it up.

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Tweet tip: i got my money, let's spend it up.

*It seems Birb has been reading our newsletter. Now what's key is timing the peak (duh, it will be on the day of the $50k drop) and exiting the alt season at the right time (duh, just follow ETH).*

Meme moment: go out and smash it like oh, my god.

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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 guidance in the report will lead to any particular outcome or result.