Crypto Comedy: Bitcoin’s Latest Rise and Trump’s Strategic Reserve! 😂

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In the wake of a week that can only be described as a veritable catastrophe for Bitcoin, with prices plummeting more dramatically than a villain in a third-rate melodrama, the creaking digital currency has inexplicably resurrected itself, reestablishing its position north of $90,000. The source of this sudden resurgence? None other than President Donald Trump’s whimsical declaration of a U.S. crypto strategic reserve, which appears to be the spark for yet another speculative frenzy. Who would have thought we’d be treating digital coins like fine wine worthy of aging? đŸ·

Peter Brandt, that venerable seer and seasoned analyst, has put forth his six whimsical dictates explaining why Bitcoin has decided to don its bullish attire. Perhaps he should patent this charm? I digress.

Peter Brandt’s Six Theories of the Bitcoin Resurrection

In a mere 24 hours, Bitcoin has danced its way back up approximately 9%, contributing a staggering $166 billion to its market capitalization—truly a spectacle worthy of Las Vegas! This joyous incline is a significant departure from last week’s grim visit to $80,000, which had many a trader clutching their pearls in dread.

Mr. Brandt, with his encyclopedic knowledge that could rival the best of our schoolmasters, took to the Twitterverse to dispense six reasons why our dear Bitcoin has flipped its bearish frown. His reasoning, much like a detective novel, is grounded in a series of arcane technical developments from the preceding week—or perhaps more accurately, a mere leap of faith accompanied by an optimistic cup of tea.

Bitcoin chart

Firstly, our beloved Bitcoin has experienced a rather pedestrian 30% correction—who hasn’t? The drama peaked when the price joyfully sank to $78,900, a far cry from its theatrical January extravaganza, where it soared to an all-time high of $108,786. Thankfully, such corrections are common in the grand theater of bull markets, often heralding the next act of delirious ascension.

Secondly, the dear coin has managed to find support along its parabolic trajectory, unlike some tumultuous romances I could name. And, oh, the narrative thickens! The stalwart retest of a CME futures gap below that lingering $80,000 mark is a cause for merriment, marking an end to prior fears that had many a trader’s brow furrowed.

Adding to this charade, Brandt noted the intriguing emergence of a “foot shot doji” candlestick pattern — no, I don’t mean an obscure dance from the ’20s, but rather a harbinger of potential selling exhaustion. Throw in the Factor three-day trailing stop rule and a dramatic “puke out” of sellers, and it appears that Bitcoin’s recent ascension is not merely a flash in the pan but a proper resurrection.

What’s Next For Our Digital Friend as Its Bullish Signs Strengthen?

Currently, Bitcoin frolics on the exchange at $92,443, with indicators promising continued upward movement. Remarkably, institutional investments through Spot Bitcoin ETFs have yet to grace its price, which rather suggests we are merely scratching the surface of this digital bonanza, following Trump’s fantastical announcement of a U.S. crypto strategic reserve over the weekend. How positively Shakespearean!

For while traditional markets enjoyed a leisurely weekend repose, Bitcoin’s buoyant rise was heavily influenced by retail traders, potentially leading it back into the theatrical embrace of the $100,000 mark before the week’s curtain falls. Will the drama unfold as we all hope, or are we merely spectators in this grand farce? 🎭

TradingView snapshot

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2025-03-04 02:19