The Next Leg of the Bitcoin Bull Won't Begin Until This Happens

The Bitcoin ETF excitement managed to push the Bitcoin price up as high as $48,969.37 before it ran out of steam. Unfortunately for Bitcoin Bulls, the price on January 11 fell to $45,678.64 at the close. Some Bitcoin bulls have not given up the dream of a $50,000 price imminently. Sometimes you swing for the fences and whiff.

Strike One Max Keiser:

Strike Two Max Keiser:

Will this be Max Keiser's third strike?

What you miss when you call your price shots based on narratives, memes, and psychological levels are the truly important levels staring you right in the face.

Don't Get Too Excited for the Next Bitcoin Bull Leg up Until the $46,963 - $47,213 Level is Broken on a Weekly Price Chart

Those psychological levels get a lot of attention, but I think they can be a distraction.

My reply followed by a correction:

But, the next leg of the Bitcoin Bull run won't get started until the price closes at or above $49,152 on a weekly price chart. Another point that I haven't noticed anyone else comment on, but I could have easily missed is that the January 11th closing price did not exceed the March 29, 2022 high of $47,455.30.

I suspect that the $47,455.30 level will be exceeded, but not before the Bitcoin price tests, and perhaps breaks through the $40,000 level. Another thing to watch is the lower Bollinger Band in the chart below.