The Taylor Market Report (12/12/23)

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Common Sense for Uncommon Markets

By Bill Taylor, Contributor/CIO-Entoro Investments


The opinions expressed below are my own & do not represent those of Entoro Investments, Digital Wealth News or any affiliates.  Any financial advice included in the column is for entertainment purposes only.


Bullish for week of 12/12/23

BTC | ETH

 


Neutral for week of 12/12/23

GOLD

 

Bearish for week of 12/12/23
S&P 500  

 

12/12/23 Closing Prices:

BTC: $41,160.00  (-5.7% Tue-Tue)
ETH: $2,178.61  (-3.8% Tue-Tue)
Gold: $1,961  (-2% Tue-Tue)
S&P 500: 4,643.70  (+1.7% Tue-Tue)


Countdown to 2024. That’s it. The year (2023) is just about in the books. Only a couple more “tidbits” of information are due out and they probably won’t make one ounce of difference to the financial markets.

The consumer price index (CPI) out this morning showed inflation has moderated. NOT declined, just going up more slowly (yippee). Producer price index tomorrow (PPI) probably will mirror the same. The Fed will finish meeting tomorrow with nothing to say that hasn’t already been said. In other words, the year in the financial markets is over. Enjoy the holidays.

So after some nice run ups, bitcoin, ethereum and gold had a soft week. End of year profit taking? The S&P 500 inched up (marking portfolios up, a/k/a window dressing?). No matter, here we are.

Bet you want to know what I think about where bitcoin, ethereum gold and the S&P 500 will be ….. a) the end of the year and  b) next year (even if you don’t, our cat wants to know). But anyway, here ya go.

BITCOIN has a 50-50 chance of seeing $50K by year (2023) end.

Next year (2024) new all time highs, like above $70K+. Hold BITCOIN, add on dips and look long term.

ETHEREUM could see $2,350-$2,400 end of this year.

Next year? Close to 3K. Like BITCOIN, hold and buy on dips.

GOLD is just GOLD. I think it ends right about here ($2K+/-) in a few weeks. GOLD “bugs” like it but it has been replaced by BTC and ETH. Next year? $1,900-$2,100 (when I invest I like things that go UP).

The S&P 500. Head scratcher. Inflation. Market went up. Interest rates went up. So did the market. War. Yup, market went up. Go figure. Looks like the S&P 500 will end the year at new all time highs. Next year? Come on, reality will eventually kick in. Markets don’t go up forever. Or do they? Next year? No clue right now. Check back in a few weeks.

(Our cat likes these calls. He thinks I’m brilliant. I have his treats.)


IT’S A REALLY GOOD BET THERE WILL BE A SPOT BITCOIN ETF SHORTLY. ELIZABETH WARREN (US SENATOR) AND GARY GENSLER (SEC CHAIRMAN) CAN’T STOP IT.  BUT, THE REAL NEWS IS THE AMOUNT OF PENT UP DEMAND FOR BITCOIN.  HUGE BUYERS, FEW SELLERS AND LIMITED SUPPLY.  Hmmmmm!

NEW ‘HOT’ TALK?  NOT IF, WHEN, THE FED WILL CUT RATES. IT’S THE “ROARING 20’S” AGAIN. A BULL MARKET FOR THE AGES.  WHAT COULD POSSIBLY GO WRONG?  Hmmmmmm!


NEW TARGETS:

  • BITCOIN 2023…….UP……$50K
  • ETH 2023…………UP……..$2,400K
  • GOLD 2023……….$2,050
  • S&P 500 2023……..Looks like 4,700

Current trading positions: 

  •  LONG BITCOIN
  •  LONG ETH
  • NEUTRAL GOLD
  • SHORT S&P 500

We compare the price of Bitcoin, Ethereum, Gold & the S&P 500. We use the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference as well as the London Bullion Market afternoon price settlement on the digital assets & gold.


Bill Taylor is CEO of Digital Wealth News and an advisor to Entoro Investments. He is widely published & quoted in financial media and an international expert on markets and BTC, ETH, Gold & SP500.

His opinions are solely his own and for informative purposes only.