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  • 📈 Bitcoin's Bullish Formation - We Have Concerns! (16 April 2025)

📈 Bitcoin's Bullish Formation - We Have Concerns! (16 April 2025)

🤯 MicroStrategy Sells its Own Shares for Bitcoin! PLUS: The $200 Million Bitcoin Bet, Bitcoin May Replace Gold as a Safety Net & more!

Author

Jonathan Hamblin
April 16, 2025

 

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Welcome back to

BULL MARKET BYTES

Your byte of cryptocurrency insight where it feels like we are starting to see the light at the end of the tunnel . . .

Hopefully, it isn’t just fire from everything crashing! 😅

Here is what we have for you today!

📊 BLOCKCHAIN BREAKDOWN
📌 BULL MARKET BULLETIN

  • Cryptocurrency Headlines - MicroStrategy Sells its Own Shares for Bitcoin, the $200 Million Bitcoin Bet, Bitcoin May Replace Gold as a Safety Net & more!

BITCOIN TECHNICAL ANALYSIS

Even though it may not hold, Bitcoin’s recent movement highlights a bullish formation - the bull flag formation!

In our last newsletter of Wednesday, Bitcoin was +0.91 so far in April and now we are at +1.71%.

We are moving in the right direction!

The most gain that Bitcoin has seen in Quarter 2 was back in 2019 at +159.36%. Hopefully we are overdue to another 100%+ quarter!

Throughout this newsletter, we will be discussing Bitcoin’s new formation and the potential for upward or downward movement.

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Last Wednesday, I told everyone the story about the gentleman that was yelling at the television . . .

Legend has it that he is standing in the same spot yelling to this day.

He was upset about the market going down, but as we hear over and over again - that is the time to buy!

As we look at Bitcoin’s movement in the last 10 days, we have to look at it from a more positive outlook.

On the 7th of April, Bitcoin fell to $74,397.51 - the lowest since November of last year.

Seven days later, Bitcoin was sitting at $86,196.57. That is a 15.86% increase in a week!

🎯 When the price is down, historically this is the time to buy and reap the reward!

We see this time and time again, yet we see the same amount of panic time and time again . . .

Either way, let’s take a look at where Bitcoin is now and what we project moving forward.

Byte, what do you have for us today?

🤖 Byte the Bot: “Resistance has been broken. Bitcoin’s movement has formed a bull flag formation with 56.23% potential of higher movement.

Momentum failed to breach $88,000 resulting in a pause of approaching resistance at $92,640.05 . . . patience is running thin . . .” 🤖

Completely agree!

📈 As discussed in Saturday’s newsletter, there is a combination of buying pressure that has occurred and is continuing to occur.

  • Traders buying the dip in price to add to their holdings

  • Traders buying to exit their short position and take profits

Additionally, our current candlestick isn’t the most bullish that I have ever seen which doesn’t give me the “warm and fuzzy feeling.”

Does this mean that Bitcoin is going to revert back into the “pullback area?”

Check out the “What to Anticipate” section below for more!

WHAT TO ANTICIPATE

Were we spot on with our technical analysis that took place on Saturday?

It appears that we were!

In Saturday’s newsletter, we stated:

🤔 What if Bitcoin moves upward? A sideways movement may be more realistic at this time since the strong push upward has occurred.

At that point, we would see the bull flag formation take shape - where it would hold support around $82,000 - $85,000.

At the time of this newsletter being created, Bitcoin sits at $84,028.86 - between $82,000 and $85,000 where the bull flag formation has shaped itself.

Now that we are in the bull flag formation there are a couple of obstacles to actually maintain this formation! We must:

  • Build stronger support up to $86,520.95

  • Hold support at $81,322.51

💪 What if we do not hold support at $81,322.51? Then we go straight back to the “pullback area!”

On top of that, we start forming another inverse cup and handle formation which indicates continued bearish movement . . . boo!

🤔 Why is building support up to $86,520.95 important? Having more sideways movement in Bitcoin’s price means more consolidation.

With consolidation, we are building a strong foundation for a future upward movement to occur that actually has some “oomph” behind it!

If we do not build the support, we may break higher in price - but it will not be a movement confirmation and it will return back lower immediately.

🌍 In a perfect world: Bitcoin does exactly what we outlined above where we addressed the concerns.

 💭 What are our final thoughts? This is a critical time for Bitcoin to find support and keep moving upward from there.

Another downward movement may result in $73,619.30 being broken!

I don’t know about you, but there are already spiderwebs in my portfolio . . .

If Bitcoin holds here, we build a plateau where we can officially say that Bitcoin is forming “higher highs and higher lows.”

This is synonymous with higher movement being on the horizon!

Best of luck out there, friends!

BULL MARKET BULLETIN 📌

Bitcoin Marked the “Safe Haven” During Trade Wars? When there is fear in the market, traders normally storm to their “comfort zone” which is normally gold or US bonds. However, as we switch to the “digital age,” we are seeing a shift towards Bitcoin! With traders shifting from gold to Bitcoin, will Bitcoin’s market cap equate to gold? If this were to occur, Bitcoin would be worth hundreds of thousands of dollars! I suppose time will tell!

MicroStrategy Sells Stock for More Bitcoin! Always a great feeling when you see a billion-dollar company selling its own shares for Bitcoin! To raise more “Bitcoin money,” MicroStrategy sold 959,712 of its common shares from 7 April to 13 April! How much Bitcoin do they own now? They own 531,644 Bitcoins valued at $45.18 billion! The better news? They are currently up $9.26B!

The $200 Million Bitcoin Bet! Andrew Kang, founder of Mechanism Capital, has now “doubled down” on his bet that Bitcoin will now move in a positive direction! On April 9th, he stated that he put $100 million on a long bet and on the 12th of April stated that he put down another $100 million! Shortly after doing so, he was positive $6.8 million! It seems to me that a lot of money is being thrown at Bitcoin as of late.