Is Bitcoin repeating its 2020 breakout? Is Tesla buying BTC? And is altseason upon us?

The data suggests that Bitcoin is Mirroring its 2020 breakout which gives Us our next price Target good morning you're listening to The ryen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to distinguish green flags from Red herrings in the confusing world of Crypto make sure you click that follow Button grab yourself a coffee and let's Get into It we are capping the week off nice Today as there are some fascinating Stories that I get to bring to you Firstly we're going to do a Bitcoin Wrapup for the past 24 hours which Includes the similarities with the 2020 Breakout and the price Target that gives Us how just a 5% dip would liquidate $2 Billion worth of bitcoin Longs Black Rock wants to add its own spot Bitcoin ETF to its Global allocation fund and is Tesla buying Bitcoin again outside of Bitcoin the data suggest that alt season Might be very close indeed and according To a study the majority of social media Posts about the metaverse are still Positive right your morning Bitcoin Debrief as you will have undoubtedly Seen the price of Bitcoin has been Edging upward but mostly stable and in Something of a recurring theme of

Today's episode analysts are drawing Parallels between now and the 2020 Breakout this relatively calm phase We're in at the moment is called Consolidation and yashu goola pointed Out that the price is moving sideways Within a triangular formation resembling A bull pendant which is traditionally Seen as a bullish continuation pattern Yashu wrote bitcoin's chances of a Breakout are currently considerable as Price consolidates particularly after New all-time highs this week and other Reasons discussed below thus the next Target could be around $92,500 in the Coming weeks up 35% from the current Levels but the question is could these Similarities between the current market And the last ball run be luring people Into a mistake Data from the monitoring resource coin Glass shows that Traders are making Heavy bets on btc's price trajectory and In both price directions too coin glass Data shows that it would only take a dip Of around 5% taking Bitcoin to somewhere In the region of $64,000 to liquidate $2 Billion of long BTC positions and if we Dropped as low as $60,000 it would wipe Out $2.33 billion worth of Longs William Suberg highlighted the other side of This coin though he wrote to the upside Breaking the latest all-time highs of $69,900 would liquidate around 1.31

Billion worth of BTC shorts with the Tally hitting $1.57 billion with a price Of $70,000 he added that as Wall Street Opens we're often seeing $1,000 candles In the space of a minute so these do Feel like highrisk bets to me also from A non- Trader perspective there feels Like there's some irony here the more The market mirrors the 20 20 breakout The more people invest accordingly and If enough people bet on this mirroring Continuing it could stop mirroring the 2020 bull run all together so you can See why there's bets both sides of the Fence okay now for a quick trip to one Of the driving forces behind bitcoin's Price the spot Bitcoin ETFs but this Time it's from a new angle courtesy of Black Rock black rock is not only one of The largest asset managers in the world But their I shares Bitcoin trust ETF has Dominated this new subset ctor of etps And now according to a filing made Yesterday with the United States Securities and Exchange Commission the SEC Black Rock wants to introduce spot Bitcoin ETFs into its Global allocation Fund called Malo our quote Helen Parts On the history of this fund she said Launched in 1989 the Black Rock Global Allocation fund seeks to provide Investment return through a fully Managed investment policy utilizing us

And foreign Equity debt and money market Securities including companies like m Microsoft Apple and others as of March The 7th Malo had $17.8 billion in assets Under management so the filing states That Malo May purchase black Rock's own Ibit ETF as well as other ETFs by other Issuers the filing read the fund May Acquire shares in etps that seek to Reflect generally the performance of the Price of Bitcoin by directly holding Bitcoin Bitcoin etps including shares of A Bitcoin ETP sponsored by an affiliate Of Black Rock so although we have no Idea how much Black Rock might buy this Will potentially see yet more demand for Ibits the fastest growing spot Bitcoin ETF and an incredibly impressive ETF in Its own right and the final Bitcoin Update I can't say I necessarily Expected this piece of news but here we Are Tesla might be buying Bitcoin again Now Tesla has been a holder of BTC for Some time but the crypto data analytics Platform Arkham intelligence has been Tracking Tesla's wallet and it now holds 1159 BTC in Tesla's last earnings report The company held 9,720 so it appears that Elon musk's Firm has acquired 1,789 BTC in the interim prant jar Created a brief timeline of Tesla's History with Bitcoin which I think is a Worthy reminder in February 2021 Tesla

Bought $1.5 billion worth of bitcoin in March 2021 they sold 4,320 Bitcoin in 2022 they sold Bitcoin in 2023 they had 9,720 Bitcoin and there was no change in The balance until now that is in Addition to Tesla's bags elon's other Company Space X also holds Bitcoin after Michael sailor convinced Elon to do so Though I can't find any definitive Figures on exactly how Much ALT season is a beloved period in Crypto we've only seen a handful of Times and it's where altcoins outperform Bitcoin for months now I've heard people Saying alt season has started and I've Remained unconvinced primarily just Because of how strong Bitcoin is Performing and the upcoming harving Being a good reason to believe that that Trend will continue nevertheless regular Listeners will know that Meme coins have Been popping off for a while and they Are altcoins now some crypto Traders are Suggesting that altcoins led by both Memecoins and AI tokens are ready to Take Center Stage so let's take a look At the latest data over the past week Despite Bitcoin hitting a new all-time High me coins have outperformed BTC now Although Bitcoin does have a higher Market cap than altcoins at the moment $1.4 trillion to altcoins $1.1 trillion Over the past 3 months bitcoin's market

Cap went up 56% but altcoins beat those Gains with a 64% rally on top of this Some large cap altcoins have been Individually outperforming Bitcoin so I'm going to give some numbers that are Accurate as of the time of recording Which is 7:00 a.m. eastern Dogecoin Arguably the king of meme coins is up 18.82% in the past week this pales in Comparison to Sheba enu however which is Up 55.5% on the week however the Pepe token Is up 89.2182 4% then there are the AI inspired tokens That are very much in Vogue at the Moment and have seen massive rallies Theta is up 57% singular it Nets AIX Token is up 33% and fetch is up 53% so It kind of sounds like we were already In alt season no well apparently not According to the index by blockchain Center if 75% of the top 50 coins Performed better than Bitcoin over the Last season 90 days it is altcoin season And at the time of recording this that Magic number is not 75% but 69% that is Only 69% of the top 50 altcoins have Outperformed Bitcoin in the past 90 days But we are clearly close and a recent Market report by k33 research Echoes That the report suggests that what we're Seeing right now is a mirror of the 2020 Altcoin Bull Run and the report says

Judging by history altcoins will start Outperforming about the time we are now Interestingly the popular independent Analyst on X cedy bull highlighted the Same interpretation with the trigger Seemingly being when Bitcoin reh hits a Previous all-time high creddy bull wrote The the common theme here and the key Takeaway is that after Bitcoin hits Prior all-time highs alts begin rallying At the first major pause or Consolidation of BTC whether that at Prior at or far above it as we discussed Earlier we are in that consolidation Period and in the past week a lot of Altcoins are outperforming Bitcoin so we May finally be right on the cusp of alt Season as the term metaverse wriggled Free from the pages of Neil Stevenson's Novel and into the public Consciousness I found myself talking about it a lot Back then I was discussing it on Podcasts With Friends In Articles and Even on stage and I would always walk The same line it was an ill-defined Concept and most of the products based On it didn't make sense even in its Broad and blurry context but eyeballs Were around the concept and therefore so Was the money that is until it wasn't Eventually it fell out of Vogue and the Naysayers felt Vindicated while the rest Were off to just grazing more Interesting pastures if you had asked me

Yesterday to guess what the general Population thought about the metaverse I Would have said it would be mostly Negative with a side of confused but Apparently it isn't a team of Researchers from the United Arab Emirates conducted a study to work out What the general sentiment around the Metaverse is on social media the team Curated a data set of Neutral I can tell you my guesses for The percentage breakdown of the posts Into these three categories would have Been way off in first place with 53% was Positive then 33% were neutral and Finally 14% were negative when it comes To the commonalities in words the team Behind the paper wrote the positive Tweets contain a lot of words supporting Metaverse adoption including need love Right future and new in contrast the Negative tweets contained words such as Bad crazy and and don't also contained Many offensive words no distinct pattern Of words is evident in the neutral Sentiment tweets for those skeptical the UAE researchers models reached as high As 92.6% accuracy across the entire 85,000 Post data set though the team did Acknowledge that the study is limited by The fact that a post has to use the term Metaverse to be flagged honestly in that Intervening time between the rise of the

Term metaverse and now I don't believe We've made much progress we still can't Even really Define it but I do think It's something that's important to be Working toward and it's nice albeit Unexpected to see that people are mostly Positive about It okay that is another week down except This time we've got a new Bitcoin Alltime High under our belts who knows What next week will hold but that is it For today it's a consider yourself Informed thank you for listening to the Ryzen crypto podcast by coin Telegraph If you're enjoying these daily updates Please make sure you let us know by Following subscribing or leaving review Have a great weekend let's do this again Monday