Last Wednesday, Bitcoin rallied to its highest price ever, reaching just over $67k. The minimum bullish target at the previous all-time high that was preset at the start of the month has been hit. The majority of readers guessed it right.
What's next? I see at least two opposite perspectives. Let us see them one by one.
Gold calmly continues cobbling its Handle; Miners lay in wait.
You see, there is all this noise out there. It comes mostly from inflationists touting gold in the same breath as copper, as oil, and as commodities of all flavors (and aside from gold and, to a degree, silver, those flavors are cyclical).
But you also see, gold is counter-cyclical in its best suit. You see on this monthly chart that gold has been forming its Handle to the bullish Cup ever since the inflation trades came to the fore in the summer of 2020. Therefore, you see that those touting gold and inflation together have been wrong for over a year now (and counting).
For those dealing in reality instead of dogma, gold is a candidate to break the Handle at any time. Then it would be off to the target at 3000+ over the course of a year or more. But reality holds another option as well, and that is to finish the Handle making lower.
So why not tune out the perma-pompoms in real-time, realize that the thing is bullish, but the trigger is either coming sooner or later? We are doing that more focused work in NFTRH and associated updates every week and will be on the spot when the proper signals engage.
All three of the major averages finished the week higher, marking three straight weeks of gains, with the DOW being the only one to post a daily gain on Friday, hitting a record close. The DOW was able to post a weekly gain of +1.08%, while the S&P 500 gained +1.64% and the NASDAQ gained +1.29%, triggering a new green weekly Trade Triangle, indicating it's now in a strong uptrend.
The DOW climbed 74 points or +0.21%, hitting a record close of 35,677.02, its first since August 16. The S&P 500 fell -0.11% to close at 4,544.90 a day after closing at a record, and the NASDAQ shed -0.82% to the week at 15,090.20.
On a monthly level, the S&P and DOW are up about +5%, while the NASDAQ is up +4%.
This week's other big news is Bitcoin and, more specifically, the forest Bitcoin-related ETF that started trading this week.
Bitcoin rose to an all-time high of $67,016.50 as the ProShares Bitcoin Strategy ETF (BITO), the first bitcoin-related exchange-traded fund to trade in the U.S., made its debut on Tuesday.
BITO ended the trading day up 4.65% at near $41.80 per share. As of 4:02 p.m. ET, shortly after the close of U.S. stock markets on Monday, the ETFs trading volume had reached 23.9 million shares, worth more than $1 billion based on the closing price, ranking the investment vehicle as one of the top ETF launches in history.