Chop Season

The Break Of The Uptrend

Author

Alpha 12 Team
January 16, 2024

Market Overview:

  • The Bitcoin ETF was finally approved by the SEC on January 10th. Price dipped afterwards as much as 15%, fulfilling the “buy the rumor, sell the news” prophecy, which we predicted.

  • We also claimed, contrary to popular belief, that the ETF approval was already priced in over the very short term, which turned out to be true.

  • And just as we stated in last week’s issue, a reversal in the ETH/BTC ratio occurred after the ETF announcement, with the ratio pumping as much as 20%. This is a clear indication that focus and speculation is now shifting towards an Ethereum ETF.

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