Revenge of the Elon

BTC: $50,972
OBTC: $26,007
VG: 6.56

Just like the Tesla announcement moved BTC to new highs ahead of schedule, we have a similarly out of band announcement driving panic into the market. VG has fallen to its second lowest point since breaking out of $20,000. The lowest was the $48K bottom on 25th April.

Of course, in bull markets, any dips under ~7 are for buying, as we have covered many times. Unfortunately, I’m not able to offer any confident commentary any longer, as we are definitely in uncharted waters here — we have never had such a long consolidation period in the middle of a bull market, and none which has repeatedly tested VG ~7. So far, it has held support and bounced back to 7 and beyond in short order every time, but the longer it goes on like this, the less we can rely on historical data. Of course, the probability for bouncing back from VG ~7 inside of a bull market is nearly 100%, so we’re still going to lean on this being another decent opportunity to accumulate.

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