Bitcoin update:

Bitcoin continues to trade in the $60,000-$72,000 range.

We consider this a net-positive.

Essentially, Bitcoin is confirming that it "belongs up here" and is allowing some miners/people with long term positions to liquidate at huge profits... with buyers (through ETF inflows and direct spot) buying each and every dip the profit-takers create.

Very healthy.

We expect Bitcoin to continue to trade toward the middle of this range until a new catalyst moves it out.

We believe there is a 75% chance the move out of range will be to the upside, and in that case could produce $15k-$30k of upside very quickly. Downside risk has a 25% likelihood and would likely be limited to a $8-10k move under range.

We remain extremely bullish long term with a base-case price target of $733k by 2029, and stretch target of over $2,000,00.

Short term traders can continue to play the range, buying dips around 62-63k and selling near 70k.