It’s been a quiet week for BTC. Not much to add here, still mildly leaning on my assessment from the last update:
On the balance of evidence, my very speculative conclusion is that the most likely scenario is sideways movement and a slow grind up towards prior ATHs.
Emphasis on very speculative — as we have discussed before, we’re certainly in uncharted territory here. With no historical precedence for the current VG profile, anything I say will come with low confidence.
It’s still very early, but so far there does seem to be a range forming between VG ~3.5 to VG ~5. More as the situation develops, but be prepared for sideways movement.