Weekly Rundown - April 21, 2024

"We stacked sats"

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I gotta tell you, the Internet has me confused.

Did the crypto bull market already begin? Or did it already end?

Will Bitcoin Runes make it unusable or usher in a new era of innovation and expansion?

Why did the US Federal Reserve post a Bitcoin price chart on its Economic Data website? Why did Binance move its SAFU reserve into USDC instead of its traditional favorite, USDT?

Methinks something is amiss. Something foul is afoot.

No matter! We persist. Wall Street ETFs will save us, they say.

ETF inflows are negative again this week and down bigly since last week, continuing a downtrend that started last month.

The good news?

ETFs don’t matter as much as people think!

Read almost anything I’ve written over the past several months and you will know why. So, don’t sweat it.

There are bigger reasons to be excited and worried. I talked about those in my most recent update.

In that update, I also discussed our broken parabolic trendline, some must-see metrics, key prices, and a trade setup that’s playing out as I type this post.

That’s not all you got this week!

I also posted Four Crucial Steps After the Halving with critical information to navigate the highs and lows of the post-halving market with confidence.  

If you missed those posts or any of the premium content, upgrade to the premium plan now so you don’t miss anything else. You’ll also get:

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This week, look for the monthly issue and at least one more market update. I’ll have a new altcoin report and other goodies in the coming months.

Scroll down for some content you may enjoy.

Poll results

In last week’s poll, I asked which of these paths is more likely:

It was an even split! 50-50.

What do I think?

I’ll give you an answer based on the behaviors we’ve seen in the movements of Bitcoins, investment trends we’ve seen play out in recent months, and the metrics I use to analyze the market.

Path A—up, down a bit, then up a lot—can only happen from some external event or major market manipulation. For example, a big Tether pump, shenanigans from a nation-state, a sovereign currency crisis, a crazy action from a market maker, or something along those lines.

We’ve seen those kinds of things in crypto before, so don’t dismiss this possibility. We may not even know the true cause until months or years later.

Path B—down, up a bit, then down a lot—fits what we’ve seen in previous similar circumstances. It’ll freak everybody out, look like every previous bull market crash, and won’t even break the uptrend we started in December 2022.

It’s also the path we’ve started to follow when you zoom in a bit, as you see from the line in the chart below:

Let's not get ahead of ourselves.

That path can change in a heartbeat. In an instant! Our larger circumstances can change just as quickly. At the snap of a finger!

The moment you think you have everything figured out, Bitcoin does the opposite. Act 3 is just as unpredictable as Acts 1 and 2. Bitcoin loves to keep you on the edge of your seat. It’s a fickle, spiteful beast.

I’ll leave the “calls” to others. We’ll take the market as it comes. Should be fun to see how things unfold!

IYKYK. If you’re into crypto conferences, you’ll get this:

Bottom line: Milk Road updated its list of airdrops with new finds and new instructions.

My take: I used to cover airdrops, but it's too much to keep track of and others do it much better. I haven't found any source that covers so many potential opportunities to get free crypto in such a straightforward way as Milk Road’s guide.

Why you should care: you want free crypto.

Relax and enjoy the ride!

A note before you go

I’m looking to finalize my next list of sponsors!

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