originally published Thursday, March 21, 2024


After about 2 weeks of healthy correction there was a pronounced reversal day candle in Bitcoin and other cryptos yesterday that we can see to advantage on our 3-month chart below.

The dynamic driving Bitcoin higher and higher this year is easy to understand. Bitcoin ETFs were launched earlier this year as the exchanges and Big Money have invented ways to “get a piece of the pie” and get their hands on more of the little guy’s money. Trouble is, these ETFs have to be backed by actual real Bitcoins which are finite in number, so the proliferation of Bitcoin ETFs is driving the price of Bitcoins themselves higher and higher, and this process is likely to continue and intensify as money flees increasingly unsafe Banks failing in larger numbers and goaded to do so more and more by the rising prices of Bitcoin, Bitcoin ETFs and other cryptos too, creating a self feeding speculative frenzy that really could cause them to moonshot. This all works to the advantage of the controllers of the system as it accustoms the investing public to digital money thus putting them into a better frame of mind to be later corralled into CBDC’s which are launching this year, thus sealing their fate. So it looks what we are going to see this year is a massive on-off speculative bubble in Bitcoin and other cryptos that could be of truly gigantic proportions.

So now let’s look at our latest Bitcoin chart. It shows a normal healthy correction back towards its rising 50-day moving average which served to ease the earlier heavily overbought condition. Yesterday a big white candle appeared on the chart on good volume that wrapped around the preceding day’s big black candle, thus completing a “bullish engulfing pattern” and the fact that this happened still some way above the 50-day moving average makes it all the more bullish.

Conclusion: Bitcoin now looks ready to begin another powerful upleg, as do other cryptos and after its minor dip this morning it looks like a strong buy for anyone interested.

Note that this article will be followed up by a look at a range of Bitcoin ETF’s that also look set to do very well going forward, and may be a more practical way for many of you to “get a piece of the action”.

Bitcoin, trading at $67,075 at 11.45 am EST on 21 March 24.

End of update.

Posted at 7.40 am EDT on 21st March 24.

The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment or securities advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market technical analyst, Clive Maund is not a Registered Investment Advisor or Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be construed as a recommendation or solicitation to buy and sell securities.