JUST IN: 🇺🇸 Federal Reserve Chair Jerome Powell says the Fed is "not allowed to own Bitcoin."

@WatcherGuru

How people think bull markets are: Buy a coin ->10x within 12 hours, sell then move on to the next -> 5x within 24 hours -> sell then move on and repeat What really happens: Buy coin that is pumping -> immediately lose 35%, coin then goes sideways, don't…

Market update (12/16/2024):

Bias: Day 6 Uptrend. Week 14 Uptrend (continuous)

Analysis:

Ultra quick update, looks like alt season is cancelled by Mr Bitcoin himself.

Rampaging rally into new highs while alts are now reeling. Aside from the few alts which have a very strong narrative going for it like Trump coins (AAVE, LINK, ENA, ONDO, etc etc) , AI, NFTs, and HYPE eco, best to seek cover in BTC itself. Alts look like they are going into a bearish reversal or continued daily downtrend. I think ALTs may bleed for a bit here.

Honestly, this has taught me every single cycle, one of these type of events happen and its nothing new. The expectation that Trump was going to kickstart Alt season did not come to fruition, despite some attempts and even his wallet buying millions of alts.

We will simply keep waiting for that day to come, nothing else to say.

Actions:

-Buy Bitcoin
-Buy trending alts
-Buy capitulations on non-trending alts or accumulate them

Status: Active

Eigen Foundation announced that transfer restrictions on the EIGEN token are expected to be removed on September 30th, 2024. There is a 7-day withdrawal period for unstaking EIGEN. Earlier, Eigen Foundation proposed an intersubjective token innovation paradigm, that is, any AVS node or individual can initiate a fork of the Eigenlayer protocol. — link

1) What

[ETHUSDT] Farside Investors (@FarsideUK)

Largest outflow day since 31 July 2024 for ETHE

QUOTE Farside Investors (@FarsideUK)
Ethereum ETF Daily Flow

Grayscale (ETHE) US$ Flow: -80.6 million

For all the data and disclaimers visit:

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Src: Phoenix News

Honestly I am shocked at how resilient the market has been since it made a new ath pre halving

52k bottom has potential to V hard

Scenarios: Most bullish: We just pump from here ofc Bullish but unlikely: Btc holds 56.5k, Total3 flushes below April 13th low Most likely: long chop/bleed to 52k btc, alts follow down harder Unlikely: Beginning of bear already happened

Last update - stop selling