M/e January 2021

BTC: $33,157
OBTC: $15,453
VG: 7.11

Despite all the volatility in January, BTC ends up +15%. More importantly, OBTC is up double that, at 30%. As a result, VG continues to consolidate just above 7 — exactly where we expect in a mid-bull consolidation.

As you’ve been hearing for the last 2 weeks or so — there’s nothing new to add as nothing has changed. We continue consolidating and re-accumulating, eventually breaking out to the next phase of price discovery. There are no time targets here—it’s all about patience and discipline.


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OBTC is an attempt to value BTC using on-chain activity. I’m just a bitcoin investor, not a professional quant, please do not take this conjecture too seriously