BITCOIN Sends Crypto Soaring! There Is Not Enough BTC!

In this video, I dive into the bullish momentum of Bitcoin and its impact on the entire crypto market, emphasizing the significance of Bitcoin as a roadmap for cryptocurrencies. I start with an analysis of the daily Bitcoin chart, highlighting the potential for a next parabolic bull run not just for Bitcoin but for altcoins as well. A key focus is on the unprecedented event where Bitcoin ETFs purchased nearly twice the amount of new bitcoins produced by miners last week, indicating a severe supply and demand imbalance. This supply shock, coupled with BlackRock's Bitcoin ETF holding a significant portion of Bitcoin's total supply, sets the stage for a potential price surge. I explore the implications of this supply crunch, especially as we approach another halving event which will further reduce Bitcoin's new supply. I share my technical analysis, pointing out the importance of the Fibonacci retracement levels, known as the "bull market doors," and how Bitcoin's current price action is testing these levels amidst a supply shock. Despite my bullish outlook, I express caution due to historical patterns and the need for Bitcoin to break through key resistance levels. I conclude by discussing the rising wedge pattern on the daily chart, which, while typically a bearish signal, could indicate continued bullish momentum in the current environment.