Oh, yes, the Great A’Tuin, the cosmic turtle upon whose back Discworld rests, is moving along its orbit, but somewhere down below, Bitcoin (BTC) is doing its best impression of a 🐢 turtle too, 🐢continuing its sideways shuffle in the accumulation phase. And yet, just like the winds that fill the sails of the Lancre Omnibus, tailwinds are gathering, pushing Bitcoin towards a potential breakout that might just rival the excitement of a 🎉 witch’s sabbath.
The Eleventh Week of Sideways Price Action: It’s a Witch!
It’s been eleven weeks now, and Bitcoin is coiling tighter than Granny Weatherwax’s bun, waiting for that moment when the 🦄 unicorns align and the 🐱 cats walk backwards, signaling the bulls are ready to charge. After all, it took a while to digest the 8-month long bull flag from last October, much like how Nanny Ogg digests her third helping of stew.
And so, here we are, with Bitcoin 🍷sipping its mead in the middle of the sideways range, patiently waiting for the 🦁 lions of the market to roar and lead us into the next phase of the bull market. 🦁
Tailwinds Are Building: The 🌀Vortex of Good News
News is swirling around Bitcoin like a 🌀vortex of good fortune. The Czech Republic 🇨🇿 is eyeing Bitcoin as a possible addition to its financial reserves, and the prime minister 🤵has declared that citizens won’t pay capital gains tax on Bitcoin held for three years. It’s like a 🎁gift from the gods for hodlers.
In the 🇺🇸US, Utah has passed a bill allowing Bitcoin in state treasuries, and 16 other states are considering similar legislation. Meanwhile, Senator Cynthia Lummis 🏛️proposes a government Bitcoin Strategic Reserve, comparing it to gold and oil. She suggests buying 200,000 BTC annually for 20 years, claiming it could halve the national debt. It’s a bold plan, much like how Rincewind boldly avoids responsibility.
With these developments, it’s only a matter of time before other nations start playing 📈game theory, trying to get ahead of the US in the Bitcoin race. It’s like watching the 🏃🏃♂️Igor Olympics.
Bitcoin Continues in Its Range: 🎯The Target
In the short term, Bitcoin is close to breaking out of a triangle on the 8-hour chart. But let’s be honest, unless you’re a 🕰️clockwork trader, the direction doesn’t matter as much as staying above the range’s low at $92,000. It’s like trying to stay on Death’s horse without falling off.
BTC Compared with GOLD: 🥇The Gold Standard?
Looking at gold, currently at $2,864, it’s in price discovery mode, making new all-time highs. But Bitcoin is outperforming gold, up 286% since the start of 2023, and over its lifetime, BTC is up more than 20,000% against gold. It’s like comparing 🍔hamburgers to 🍽️filet mignon.
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2025-02-07 14:02