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Bitcoin Will Be Tested Soon

Written By: ChartChamp

August 8, 2024

Bitcoin has been gradually recovering after the recent flash crash. However, the real test has yet to come. The world is waiting to see if Iran will attack Israel, and Iran claims they are intentionally delaying the attack as a strategy to keep Israel guessing about when the attack will occur. If there is an attack I think Bitcoin will be tested to see if the price remains within the bull flag structure. For now I’m patiently waiting to see if Bitcoin rises to fill the $59k – $63k CME gap, and whether BTC can climb back above $60k price levels.

The Japan carry trade in action here. A Japanese company called Metaplanet has emerged as the Microstrategy of Japan. They just raised $1 billion to purchase BTC. Japan has a low borrowing cost, and inexpensive liquidity is being used to buy assets like US tech stocks and crypto.

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