Bitcoin is up again. Last checked, it’s up another $511.30 to $70,409.80. All thanks to the upcoming BTC halving event on April 20, high demand for Bitcoin ETF, and the fear of missing out (FOMO).
From here, it could see $100,000 by September, says Rich Dad, Poor Dad author Robert Kiyosaki. “He foresees a potential surge in Bitcoin’s value, projecting it to reach an impressive $100,000 by September 2024. His outlook aligns with the sentiment of other notable figures like Michael Saylor, CEO of MicroStrategy, who advocates for Bitcoin as a hedge against inflation and depreciating fiat currencies,” as quoted by TradingView.com.
If that’s the case, investors may want to invest in BTC mining stocks, and companies with big exposure to BTC, such as:
Marathon Digital (MARA)
Beaten down mining stocks, like Marathon Digital (MARA) are just starting to pivot higher. After finding support at $18, MARA is now up to $22.16, and could run back to $34 depending on BTC. Helping, analysts at Bernstein just raised their price target to $23.
As noted by TheFly.com, The firm says the top 3 U.S. listed miners today control 10% of total network hash power, with a combined market cap of $13B. With a new bitcoin “bull cycle,” strong exchange traded funds inflows, aggressive miner capacity expansion, and all-time-high miner revenues, the bitcoin miners are “compelling buys for equity investors seeking exposure to the crypto cycle.”
Leonardo Pisano de Fibonacci was a mathematician in the early 13th century. His major writings were not published until 1857, probably because no editor could determine what he was trying to say. His summation series basically was to add two numbers together to get the next number in sequence. For instance, 1, 2, 3, 5, 8, 13, 21, 34, etc. Also, .382 and .618 are commonly thought of as part of the series, since they add up to 1. Each number also bears approximately that relationship to another in the series as well. For instance, 8 divided by 13 equals .6153, 13 divided by 21 equals .619, etc. It has also been noted that the Great Pyramid of Gizeh has a height to base relationship of .618; that the nautilus maintains a Fibonacci relationship between the size of is spirals. Also, that the great artist da Vinci used Fibonacci ratios in much of his work. What does all of this mean to traders? I don’t know, but it sure makes for a great excuse to use these numbers for trading! Many traders have Fibonacci-based explanations for virtually every move the markets make, but that is far beyond the scope of what we are discussing here.
We are simply going to use the .382 and .618 numbers to figure percentage retracements of price swings. Let’s assume, for instance, that the D-Mark has moved from a low of 6447 to a high of 6477.
Despite the fact that Federal Reserve Chairman Jerome Powell is speaking on Friday and the Bureau of Economic Analysis is releasing their Core PCE Price Index on Friday as well, the market is closed.
Friday, March 29 is Good Friday. While many businesses will remain open, the Stock & Option Exchanges will not be open. Options Expiration this week is moved up one day. This week we have “Expiration Thursday.”
There are a couple of Stocks releasing their Earnings this week. But nothing which can move the market as a whole.
Wednesday, March 27
Before the Open: Carnival Cruise Lines (CCL)
Thursday, March 28
Before the Open: Walgreens (WBA)
One big news event to mention, one of our Volatility ETN’s – UVXY just announced they will have a 1:5 Reverse Split.
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