This week I am going to be carrying from last week's Q&A with a part 2 of more of the same, I hope you enjoy it.
Source:stock.adobe.com
Q. Last week you said the market typically brushes off geopolitical events, aren't you worried about Israel and Iran bombing opening up the potential for World War 3.
A. At the time of writing Bitcoin is starting to recover after numerous attempts to crack $60,000. It would take something major in the middle-east conflict to sink Bitcoin and risk-on assets further at this stage.
Based on the price action so far, the market doesn't believe that the countries in the region have an appetite for all-out war.
The UAE and Saudi Arabia are quickly becoming even greater players on the global stage, I am sure they don't want their oil and tourism industries perturbed or disturbed for very long.
Take the UAE for example, the country now ranks 5th worldwide in the real economic growth rate index and is home to more than 116,000 millionaires.
It also has the world's 4th largest sovereign wealth fund (ADIA) and has one of the richest global economies in terms of GDP per capita.
Q. Sometimes I have trouble interpreting exactly what you mean inside your daily reports as English is not my native language and your English is not American English, which I am used to from my college days. Could you please tell me directly what your current short, medium, and long-term calls for Bitcoin and Ethereum are now.
A. My short-term call for Bitcoin for a move to a minimum $66,000 in the next few weeks, possibly $68,000. If we get a major bullish catalyst I'd expect to see BTC testing $78,000 by month-end.
For the medium-term I am not looking beyond $90,000 to $93,000. If Trump wins it's possible we could see $110,000, but I am not so positive on the U.S. voting system I must say. Nothing has changed since 2020.
Long-term I am expecting one more bear market back to $31,500 to $32,000. There will be a selling opportunity sometime in 2025 I expect. If Bitcoin looks weak above $80,000 plus after a Kamala win I would be looking to exit my Longs and get short around $90,000.
ETH short-term $2,800, medium-term $3,300, long-term $5,500.
Q. What is the cheapest way to trade crypto as Coinbase seems expensive?
A. My opinion is that Binance Futures is the way to go in that regard. Apologies if your jurisdiction doesn't offer this facility or option.
Q.I have noted your comment about a possible high at $90,000 for BTC and then a big correction. As a medium-term crypto investor, what signal on the vanguard indicator would you use?
A. I would look for the weekly indicator to turn Green for a few weeks in order to feel confident $90,000 is coming, then turn to Amber if we stall in that region. Once the Amber warning comes the meat of the down move normally comes only when the weekly Vanguard flips to Red. If it flips to Red after going Green, I'd expect $32,000.
Q. What are you looking for during the week ahead for BTC/USD, as I normally swing trade futures intraday.
A. I am definitely not an intraday trader and congrats to you if are able to be a successful every day in the market-style day trader. I only ever met one person in my entire career who could day trade well, and that was on relatively small money as he couldn't handle big accounts.
This week I am looking for a minor pullback to maybe $61,000, but as long as $60,000 support holds BTC should go to $64,000 and then $66,000.
If $60,000 cracks then Bitcoin is in some trouble and we have the nightmare scenario of seeing a probably $55,000 to $58,000 range going into the U.S. election.
Q. Is it correct that you will be charging for Biyond packages again towards the end of November? I am very happy to do that, just curious about Biyond's future plans.
A. Yes it is correct, we have been refining the product and also added Nirmata an A.I. analyst to keep me on my toes!
I also think my daily newsletter will offer real value into and after the election period and next year as we could see some major moves into June.
Bitcoin's got a few good trades left as I see it before it just becomes very difficult to trade and just a Buy and Hold above $100,000.
