Last week, I noted how Bitcoin’s “Hoffman Line”; i.e., the $100 billion market cap level that causes INSTITUTIONS to consider an asset investable; passed the one-year anniversary of being breached to the upside.
I started talking about it BEFORE it was surpassed last October, BEFORE Brian Kelly of CNBC said a “wall of institutional money is headed for crypto.” Moreover, I was identified it as major support the DAY it first was challenged in early February.
Well, I’m here to say that, for the FIRST TIME since I noted this EXTREMELY IMPORTANT support level – which at the time I first mentioned it, was resistance – it has been discussed by someone else. On, of all places, a Tone Vays podcast - where it is discussed by well-known commentator Willy Woo and less-known Venzen. Tone, of course, completely ignores the question – as he could care less about fundamentals - but instead, the TA BS that has REKT all who have listened to him.
Willy seems to be bullish when he says “no one has been talking about the psychological level of $100 billion” – but then, per the below Tweet, says he thinks it will break. However, in true TA FUDster fashion, he claims it’s a “big question” whether it surges first, BEFORE crashing later.
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That said, Venzen correctly speaks of the WHALES supporting Bitcoin at $100 billion all year – yielding his conclusion prices will inevitably surge, as the bears capitulate on this massive line in the sand.
No one has a crystal ball, of course, when it comes to financial markets. However, the odds of such a MASSIVE FUNDAMENTAL SUPPORT failing, at a time when Bitcoin’s fundamentals have never been stronger, appear EXTREMELY low, in my view. So kudos to Venzen for recognizing it.
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I actually mentioned the Hoffman Line on Tone's live stream. He just commented on your name, but didn't seem to even know what the term meant. I used to like Tone, but now find his show very boring, and I agree that TA seems like nonsense to me.