Bitcoin has taken $45,000 as it rises above a nearly three months long resistance line on the verge of potentially breaking out.
The crypto has gone green especially since this Tuesday when Do Kwon, Terra’s founder, began buying BTC to back Luna’s UST stablecoin.
He bought another $125 million earlier today, with more such days to go until April the 7th.
The crypto had already turned bullish as can be seen on the hourly chart with it re-testing that $39,000 iron support for perhaps the last time last week to finally let go and move up.
The big question for now is to where it might go. Our target for long has been $80k based on a completely hypothetical wave theory.
It’s just because it is above $70k, and if we are right it dipped from there because six figure is a huge line to cross for the first time, then it may well gravitate around there again to see if it can $100k.
A dip from $80k, if it reaches it, would then make the fall of $100k inevitable as it would show the probabilities the wider theory is correct – that extremes have been smoothed out by the waving or ‘sideways’ needed to take that 100k, as well as maybe due to bitcoin’s new supply now being at or near negligible levels – has higher chances of being right.
We’re currently very far from there however, but if we are getting a bull run, it may be we will get a proper one, maybe to at least $60k.
Hedge Funds Return
In yet another indication of change in sentiments, hedge funds are back to buying after what feels like a forever drought.
SkyBridge has sold $50 million to just one accredited investor through the SkyBridge Coin Fund.
Ideabuds Crypto Fund seems to be a newer one with it stating in a filing the minimum investment is $250,000, yet it has raised in total just $860,000 from ten accredited investors.
There’s also Muse Crypto Opportunities Fund. Little more is known about this except it’s from Nicholas Cianci, a former equities trader at Susquehanna where he claims he consulted “some of the largest hedge funds in the world.”
He describes the Muse fund as aiming to “invest individuals’, families’, and institutions’ assets on their behalf to fit their needs and goals.”
These are just some of the few we came across. Not big enough raises to headline, but fairly big in combination to tell of a potential trend: smart money is maybe thinking about bitcoin again.