Sunday Afternoon, Bitcoin is Pushing Up Against its All Time Highs Again
by Mike Paulenoff
December 15, 2024 • 1:51 PM EST
Friday afternoon, fifteen minutes before the closing bell in the equity indices, this was my parting comment about Bitcoin:
Heading into the weekend, the technical setup argues against holding shorts in Bitcoin... no?...
Less than 5 hours before the re-opening of the equity futures markets this evening, we find Bitcoin above 103,000 as it approaches a full-fledged retest of its 12/05/24 ATH at 104,100, which, if (when) hurdled and sustained, triggers a next projection in my work to 110,000-112,000, perhaps in route to much higher prices thereafter, and maybe a reflection of the pro-crypto incoming Trump Administration "normalizing Bitcoin" as a store-of-value by a finite-supplied asset that is adopted throughout the international financial community.
If Bitcoin is the new generational "digital gold," and it is widely adopted and accumulated by the incoming US Government as an anchor for the value of the Dollar and used to gradually pay down a gargantuan $36.23 trillion in sovereign debt (as of this morning), then just maybe the damaged perception of the once meaningful moniker the "full faith and credit of the United States of America" will be rehabilitated, and as such, so too will US fiscal health and America's ability to pay the interest on its debt at increasingly favorable rates... the opposite of the way things are heading at the moment...
This is just me thinking out loud, offering food for thought as we head into 4 years of positive disruption intended to "fix" America... Let's keep our fingers crossed! Last in Bitcoin is 103,177...
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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