WistCap Flagship Long

20% corrections have been a consistent feature of $BTC's run-up from the 2023 lows. We are tracing a healthy path back to the medium term uptrend. When the RSI has breached the 40 line over the last year, the price has generally formed an interim low.

This looks like an obvious area of support although as ever much will depend on the macro. That said, this market moves from being "bad news sensitive" to "good news sensitive" in pretty short order.

Eyes on the horizon.

Enclosing a link to our latest newsletter. (Bitcoin Is A Slow Fix - CHAINLETTER 28).

Markets are entering choppy waters, but Bitcoin is holding up strongly. This is an important phase. $BTC passes the test and proves to be a lifeboat, it will roar. The technical set-up in this regard is encouraging. We examine the case for decentralisation, and look at some blockchain use cases in the poorest parts of the world. Also, why open-source should be the default setting in the free world.

• Technical analysis Flag pattern in play, BTC dominance increases

• On-Chain Transactions recover

• Macro Gold sniffs inflation, MOVE smells trouble

• Cryptoverse Blockchain use cases making the world a better place

• Ethos Bitcoin is a slow fix, why decentralisation is better for freedom

Click here for our fortnightly newsletter, CHAINLETTER. This edition entitled "HAVE I MISSED IT (2)?" (The first part was written in November 2023, when the price was US$36,000).

For technical and macro reasons the short term could be choppy, but that's an opportunity to add. Longer term we argue we are entering a new regime.

Also, why:

• ...gold making a new high is as significant as the ETFs.
• ...bitcoiners in Egypt should be building a pyramid to Satochi.
• ...BTC should get to more than US$300,000

And more.

In the WistCap Flagship Long strategy we have taken this bout of weakness to add $IMX as part of our "sector leader" process.

Little change elsewhere, delighted by the contrarian price behaviour in $MKR which is behaving like a genuine portfolio diversifier.

🚀🚀

This week's CHAINLETTER - commentary and analysis on $BTC valuation, $RNDR , $UNI , ETF flows, on-chain behaviour (subdued), beneficiaries of the $ETH Dencun upgrade.

Lovely feedback from a subscriber this morning:

"Charlie, Just want to say that I subscribed to a dozens of letters but the one you wrote is the BEST out there. Thanks for pouring your blood and sweat into this gem of a letter. I truly hope millions read this on a regular basis."

It's a very long way from millions, but I hope you find something valuable in here!

Charlie

$STX (Stacks) added to the portfolio at 9%. Very simply this is a bitcoin scaling and smart contract solution, and therefore a core holding for us as we see this as a huge area for growth. It's been a part of our non-ICONOMI portfolios for a while (STX only recently listed on ICONOMI so hasn't been possible up until now).

We have also added a small 5% position in $ETH. This is lower conviction trading idea, but there's good reason to expect it to trade well relative to BTC as we get closer to the next upgrade, Dencun, and the possibility of an ETH ETF.

It's hard to ignore ETH's recent price behaviour relative to BTC. It has seemingly put in a low and looks set to break out of a downtrend.