BITCOIN BREAKOUT! This Week Could Change EVERYTHING!

In this video, I discuss Bitcoin's subtle but notable breakout at the beginning of the week, breaking the upper trendline of a symmetrical triangle, which may not seem monumental but is significant nonetheless. I delve into short-term price action, drawing parallels to Bitcoin's behavior in the last cycle when it was consolidating around all-time highs, to provide context and speculate on potential outcomes. With about 11 hours left on the daily candle, I highlight the importance of monitoring these movements closely. Additionally, I touch upon the recent news of multiple Chinese institutions launching Bitcoin ETFs in Hong Kong, which signifies another win for Bitcoin on the macro level, especially considering the supply shock narrative that has evolved with institutional participation. This institutional supply shock, occurring in the month of the Bitcoin halving, is particularly noteworthy as it coincides with Bitcoin hovering at all-time high levels, a pattern not seen until months after the halving in previous cycles. I then compare the current market structure and momentum indicators to those from the last cycle, noting similarities that suggest a bullish scenario could unfold. However, I also acknowledge the need to watch for potential resistance and the outcome of the daily candle closure above the breakout level. With targets to the upside, such as $85,000 and $89,000 to $90,000, I express cautious optimism while not discounting possible downside risks. This analysis sets the stage for an ongoing observation of Bitcoin's price action, inviting viewers to consider both bullish and bearish perspectives as we navigate the market's developments.