Bitcoin All-Time High Imminent? 

GBTC

GM friends. 

Multiple signs are flashing green, indicating that bitcoin might be ready to bust the ceiling into some fresh all-time highs. Exciting times indeed! 

So pour up a coffee and have a seat, because here comes your mid-week crypto update.  ☕️📰

Bitcoin All-Time High Imminent?  - - 2024

Here’s what’s in today’s issue:

  • David shares his thoughts on Bitcoin’s ATH within reach, K33 Research calling for an incoming ETH supply shock, Core Scientific’s stock ripping, Wisconsin’s pension plan just getting started & the ASI token merger.
  • Rekt Capital has the latest technical analysis for you on the market. 
  • Erik has an article on farming airdrops: The good, the bad and the ugly.
  • In case you missed it by Rebecca.

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Bitcoin All-Time High Imminent?  - - 2024

Bitcoin All-Time High Imminent? 

Bitcoin made a strong move north Monday through Wednesday of this week, breaking its $60Ks range, and now priced at $71.7K, at the time of this writing. 

Currently, the asset is $2K away from its all-time high of $73,666, which was established in March. So now seems like an ideal time to ask if we will very soon hit a new ATH.

And my bet is that we do. Here’s the data to support that position. 

Classic Pre & Post Halving Price Ranging 

Bitcoin – so far – is repeating a pre and post halving price pattern similar to 2016 and 2020. 

If you go back to those years, you’ll find that bitcoin settled into sideways consolidations a few months before those halvings, and then continued within those ranges until five to six months after the halvings. 

Bitcoin All-Time High Imminent?  - - 2024

Then the supply shocks hit, and it was moon time. Bitcoin is doing the same thing now, so I’m very confident that the post 2024 halving supply shock is on the way. 

However, we’re just 1.5 months post halving, and not five to six months out. So what makes me think moon time is more likely this summer rather than the fall? 

Surging Spot ETF Inflows and New ETFs Coming Online 

One word: ETFs. The ETFs are the differentiator that I think speeds up bitcoin’s post halving supply shock. 

First, let’s look at the US spot BTC ETF inflows. On Tuesday, these ETFs hit $886M in net inflows, which is the second highest day since trading began. And the US net inflows are still averaging $148M per trading day, which is more than 4X what the miners can produce per day. 

And that’s not even including the Hong Kong ETFs. Nor Australia’s first spot bitcoin ETF, which officially launched Tuesday! Nor Thailand’s coming spot bitcoin ETF, which was approved earlier this week. 

Bullish On-Chain Data

Finally, we’ve got the on-chain data. The amount of bitcoin on exchanges continues to plummet. 

Bitcoin All-Time High Imminent?  - - 2024

This of course signals that holders are looking to HODL, rather than unload their corn. 

Bitcoin All-Time High Imminent?  - - 2024

And the declining number of bitcoin on exchanges aligns with an increasing supply of bitcoin that’s remaining inactive in holder’s wallets (i.e. not moving). If you want to dig further into the recent on-chain data, see Bitfinex’s new report, here

So yeah . . . I think everything above indicates that a new ATH could very likely be upon us any day now. 

K33 Research Says ETH Supply Shock Coming 

K33 Research dropped a new report Tuesday. The company stated that the coming U.S. spot ETH ETFs could pull in roughly $4B in net inflows – or 1M ETH – over the next five months. 

Bitcoin All-Time High Imminent?  - - 2024

The report went on to state that if these numbers actualize, then an ETH supply shock will ensue, and ETH would likely begin to outperform bitcoin in terms of price performance. ETH has been bleeding to BTC for the past 2.5 years. 

K33 Research derived their numbers by comparing the assets under management of current ETH ETPs around the world to their corresponding bitcoin ETPs. Then they took that average ratio and forecast the US ETH ETF numbers with the current US spot bitcoin numbers. 

K33 expects the US spot ETH ETFs to launch in late June or early July. 

Core Scientific’s (CORZ) Stock is Ripping

We’ve got some breaking news on the American bitcoin miner Core Scientific. 

The stock absolutely ripped Tuesday when it was announced that CoreWeave, which is a cloud computing provider:

  1. Signed a 200 MW AI deal with the miner, and
  2. Offered to purchase the company for an all cash deal of just over $1 billion. 
Bitcoin All-Time High Imminent?  - - 2024

The purchase offer comes out to $5.75 per share, which is 55% higher than the stock’s average price over these last three months. 

With regards to the 200 MW AI deal, the contract lasts for 12 years. Core Scientific will host CoreWeave’s NVIDIA GPUs, for the latter’s AI and cloud-based products and services. Additionally, CoreWeave will contribute $300M in capital investments into Core Scientific’s infrastructure, which of course will be credited to CoreWeave’s hosting payments. 

This is all pretty bullish for the bitcoin mining industry, and this offer follows another recently made by Riot Platforms (RIOT) for the purchase of Bitfarms (BITF). 

Wisconsin Pension Plan Just Getting Starting, Says Finance Prof. 

If you remember our lead story from May 16th, then you know that the State of Wisconsin publicly disclosed the purchase of BlackRock and Grayscale bitcoin ETF shares to the tune of $163M. 

Bitcoin All-Time High Imminent?  - - 2024

The purchase was executed via Wisconsin’s Investment Board (SWIB), which is a state agency that manages Wisconsin’s retirement and state investment funds. With the announcement, Wisconsin made history as the first U.S. State to own bitcoin.

Well now, David Krause, professor of finance at Marquette University, says that he believes this purchase was merely SWIB dipping its “toe in the water” and that the agency will likely buy more shares in the future, and other pension funds will follow SWIB’s lead. 

For context, SWIB’s portfolio is worth $156B, meaning their bitcoin allocation currently makes up 0.1%. And interestingly, the professor further stated that any bitcoin investment less than 1% to 2% of the total portfolio would not have any substantial impact. 

This statement to me implies that the professor thinks SWIB might be looking to reach this level of bitcoin exposure in the fund. 

ASI Token Merger Date Announced for June 11th 

Here’s another update for an altcoin story we covered a few months ago. 

Bitcoin All-Time High Imminent?  - - 2024

In March, we reported that three blockchain-based AI projects – and their respective tokens –  are merging together to create a new decentralized AI platform. The projects and tokens in question are Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN).

The combined project will be called the “Artificial Superintelligence Alliance” and the new token is dubbed “ASI”. Well, project developers recently announced that starting June 11th, FET, AGIX, and OCEAN holders will be able to swap those tokens for ASI. If you’re a holder, you can find more details here

The goal of the Artificial Superintelligence Alliance is to provide a product alternative to the centralized AI products and services coming out of Silicon Valley. 


Bitcoin All-Time High Imminent?  - - 2024

In today’s edition of the Wealth Mastery Newsletter, the following cryptocurrencies will be analysed & discussed:

  • Arweave (AR)
  • Coti (COTI)
  • Avalanche (AVAX)
  • Kyber Network (KNC)
  • Bitcoin Cash (BCH)
  • Theta Token (THETA)

Arweave — AR/USDT

Bitcoin All-Time High Imminent?  - - 2024

In recent months Arweave has accomplished the following:

  • Broke the blue Macro Downtrend in March
  • Retested the blue Macro Downtrend as new support in April
  • Formed the light blue Bull Flag just above the Macro Downtrend in April/May
  • Broke out last month from the Bull Flag
  • Enabled a Monthly Close above the black $43 level to begin a break back into the $43-$59 range.
  • Currently retesting the $43 level as support this month.

AR is potentially mimicking late 2021 price action by holding this $43 black level as support (purple circle).

The retest in progress and a successful retest here would enable a move across the entirety of the black-black range from the $43 Range Low to the $59 Range High.

Coti — COTI/USDT

Bitcoin All-Time High Imminent?  - - 2024

We’ve been waiting for the COTI Monthly Close; COTI needed to Monthly Close above the orange $0.13 level to build bullish momentum.

This didn’t occur however COTI has actually successfully retested the top of the black wedging structure on the Weekly timeframe, positioning COTI for a potential reclaim of this orange level:

Bitcoin All-Time High Imminent?  - - 2024

The retest of the top of the pattern was perfect and for COTI to confirm this recent breakout, it would need to Weekly Close just like this.

Doing so, would position COTI for a potential pullback right back into the orange level.

So while the recent Monthly Close didn’t satisfy requirements for a reclaim, it looks like the recent wedge breakout on the Weekly is giving COTI another chance to reclaim the orange level, to follow the proposed black path.

We’ve seen upside wicks beyond the orange level many times over the past several weeks which is why that Weekly Close is so essential.

CLICK HERE to go Premium and read the rest of this week’s Market Analysis – Premium subs can read Rekt capital’s full report.


Bitcoin All-Time High Imminent?  - - 2024

Farming Airdrops: the Good, the Bad and the Ugly

I interviewed one of Lark’s writers, Jesse, to get some tips from him on how to have fun farming airdrops.

How do you not lose your mind, your soul and your funds in the process?

A key takeaway: by farming airdrops, you will get a feel for the quality of new projects, and will know if they are good investments – regardless if you qualify for the airdrop itself.

TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Farming Airdrops: the Good, the Bad and the Ugly”


Bitcoin All-Time High Imminent?  - - 2024

Crypto Market News

  • Bitcoin’s post-halving bull market may reach $130K by September 2025, according to Peter Brandt. Source
  • US Senator Ted Cruz has officially become a Bitcoin miner. Source
  • President Biden has vetoed the SAB 121 bill which would have allowed banks to custody crypto if approved. Source
  • BlackRock’s IBIT Bitcoin ETF has overtaken Grayscale’s GBTC as the world’s biggest Bitcoin ETF with over $20 billion in assets. Source
  • BlackRock has added its own Bitcoin ETF to its Strategic Income Opportunities Fund. Source
  • $3 billion in Ethereum has left exchanges since the ETFs were approved on May 23. Source
  • Ethereum ETFs could drive a supply shock and may attract $4 billion in inflows in five months, according to K33 Research. Source
  • Gemini Earn users were paid $2.18 billion on May 29 representing a 232% recovery. Source
  • Mastercard has launched its Crypto Credentials P2P pilot program. Source
  • Cathie Wood says El Salvador’s Bitcoin and AI plans could see GDP 10x by 2029. Source
  • Former FTX exec Ryan Salame is to serve a 7.5-year prison sentence after taking a guilty plea. Source
  • Singapore’s largest bank DBS has almost $650M in Ethereum according to Nansen. Source
  • AI token merger between Fetch.ai, SingularityNET and Ocean Protocol is set for June 13. Source
  • Coinbase, Kraken and Circle are the newest members to join the crypto industry’s cybersecurity group. Source
  • Leveraged Ethereum ETFs will start trading on the CBOE exchange by June 4. Source
  • Robinhood has released its crypto API for US users to set up automated trading strategies. Source
  • Japanese exchange DMM has lost $305 million in Bitcoin through a private key hack. Source
  • Global Google searches for “onchain” have hit an all-time high after a spike in interest between May 26 and June 1. Source
  • Australia’s first spot Bitcoin ETF is set to launch for trading on June 4. Source
  • Thailand has approved its first spot Bitcoin ETF with One Asset Management. Source
  • Crypto exchange OKX has expanded to the Netherlands and launched its Web3 wallet. Source

Coins and Projects

  • Bitcoin transactions have hit a yearly high of over 367,000 BTC transferred so far in 2024 as of May 28. Source
  • Jack Dorsey-backed Bitcoin mining pool Ocean has opened a new hub in El Salvador. Source
  • Bitcoin miner Core Scientific has announced a $3.5 billion deal with AI cloud provider CoreWeave. Source
  • Bitcoin NFTs hit $4 billion in all-time sales volume and currently hold the top four spot following Ethereum, Solana and Ronin. Source
  • The Ethereum ETFs could launch in June as BlackRock has updated its S-1 filing. Source
  • Hashdex has withdrawn its spot Ethereum ETF application after the SEC failed to approve it. Source
  • Ark Invest has ended its partnership with 21Shares on its spot Ethereum ETF. Source
  • Franklin Templeton has disclosed its spot Ethereum fees marking the start of the fee war. Source
  • Ethereum ETFs will see much lower demand than Bitcoin ETFs, according to JP Morgan. Source
  • PayPal’s PYUSD stablecoin has launched on Solana and will offer confidential transfers between merchants and customers. Source
  • LayerZero is expanding to the Solana network allowing users to move assets to Arbitrum, Ethereum, Polygon and 70 other chains from Solana. Source
  • Starknet has launched a $25 million token incentive program. Source
  • Celo has integrated Chainlink’s CCIP interoperability protocol. Source
  • Aptos has integrated Chainlink’s CCIP and data feeds as part of joining Chainlink’s SCALE program. Source
  • Aptos Labs CEO Mo Shaikh has joined the CFTC’s digital assets subcommittee alongside BlackRock, BNY Mellon, and Uniswap Labs. Source
  • Polkadot parachain Astar has proposed a $38 million token burn to improve its tokenomics. Source

Macro News

  • Cathie Wood’s Ark Invest has invested $60 million into Elon Musk’s xAI startup. Source
  • Israel has launched a digital shekel CBDC experiment for payments taking inspiration from Project Rosalind carried out by the BIS Innovation Hub. Source
  • Qatar Central Bank has launched the first phase of its CBDC project. Source

Bitcoin All-Time High Imminent?  - - 2024

Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.

If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.

If you really want to take advantage of fastest growing asset class EVER, I highly recommend that you check out my new altcoin course: Mastering Altcoin Investing

In this course we’ll teach you all about how to spot, choose and acquire the winning altcoins of the next bull market. 

Learn how to build your portfolio so that growth is ensured and risk is mitigated. Let me help you build a strategy that’ll change your life forever in the upcoming bull run.

See you next time!

Lark and the Wealth Mastery Team


Bitcoin All-Time High Imminent?  - - 2024

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Bitcoin All-Time High Imminent?  - - 2024

Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.

You can find a full disclosure of all my crypto & venture investments here.

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Join the Wealth Mastery Investor Report

By Lark Davis

Combining cutting edge insider insights and done-for-you market analysis to deliver crypto investors the best opportunities to grow their wealth, stay ahead of the curve, and avoid costly mistakes! We cover DeFi, NFTs, Altcoins, Technical Analysis and more! 

Join the Wealth Mastery Investor Report

By Lark Davis

Combining cutting edge insider insights and done-for-you market analysis to deliver crypto investors the best opportunities to grow their wealth, stay ahead of the curve, and avoid costly mistakes! We cover DeFi, NFTs, Altcoins, Technical Analysis and more! 

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