Bitcoin (BTC)<\/strong> is\u00a0leading.<\/p>\n It\u2019s surged 14% over the past week and is trading back above $90K for the first time since early\u00a0March.<\/p>\n This explosive move has caught many traders by surprise. But you could have seen it\u00a0coming.<\/p>\n In fact, I predicted this on X last\u00a0week:<\/p>\n I don\u2019t say this to stroke my own ego. Instead, I want to explain what I saw that made me bullish on\u00a0bitcoin.<\/p>\n This fund invests in\u00a0bitcoin.<\/p>\n The introduction of bitcoin ETFs have turned bitcoin into an institutional asset. Flows into funds like IBIT drive the performance of bitcoin. So, it\u2019s crucial to understanding what they\u2019re\u00a0doing.<\/p>\n A few weeks ago, IBIT filled its election week \u201cgap up.\u201d This was a major level I was watching. It was imperative that bulls defended it, and they\u00a0did.<\/p>\n On Friday, IBIT also broke the downtrend that it had been in since January. That made me even more bullish on\u00a0bitcoin.<\/p>\n Source: StockCharts<\/em><\/p>\n Bitcoin has also been displaying a ton of strength relative to stocks. Take a look at this chart below. It shows the performance of bitcoin versus the S&P 500 ETF\u00a0(SPY)<\/strong>.<\/p>\n This ratio has spent the past several weeks consolidating near all-time highs. This is a super bullish chart. It tells me that bitcoin is poised to outperform US stocks in the coming weeks and\u00a0months.<\/p>\n Source: StockCharts<\/em><\/p>\n Finally, MicroStrategy (MSTR)<\/strong> has been displaying tremendous strength.<\/p>\n As you may know, MicroStrategy isn\u2019t your typical software company. It\u2019s a hyper leveraged bet on\u00a0bitcoin.<\/p>\n MSTR tends to lead the crypto market. In fact, it topped out in November. Last week, MSTR broke out of a multi-month downtrend.<\/p>\n This time, MSTR led to the upside. On Friday, MSTR recorded its third consecutive weekly green candle before breaking out this\u00a0week:<\/p>\n Source: StockCharts<\/em><\/p>\n In summary, I didn\u2019t turn bullish on bitcoin just because of one chart. It was the confluence of several data points. That\u2019s how you locate A+\u00a0trades.<\/strong><\/p>\n It\u2019s also why we recently put on two \u201cbitcoin trades\u201d in my advisory RiskHedge Live<\/em>.<\/a> Both of those trades are well into the green now and should deliver outsized gains as long as bitcoin stays\u00a0bullish.<\/p>\n P.S: <\/strong>Click here to get my best trade idea every\u00a0week.<\/strong><\/a><\/p>\n \u2014 Justin Spittler, Chief Trader at <\/em>RiskHedge<\/em><\/a><\/p>\n I\u2019m turning bullish on bitcoin<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":" My BTC prediction came\u00a0true Bitcoin (BTC) is\u00a0leading. It\u2019s surged 14% over the past week and is trading back above $90K for the first time since early\u00a0March. This explosive move has caught many traders by surprise. But you could have seen it\u00a0coming. In fact, I predicted this on X last\u00a0week: I don\u2019t say this to stroke […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-61793","post","type-post","status-publish","format-standard","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/61793"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61793"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/61793\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Let\u2019s dig into some charts, starting with the weekly chart of the iShares Bitcoin Trust ETF\u00a0(IBIT)<\/strong>.<\/h3>\n