By Bill Taylor, CEO / Digital Wealth News and AI & Finance
DISCLAIMER: The opinions expressed below are my own & do not represent those of DWN or any affiliates. Any financial advice included here is for entertainment purposes only.
Bullish for week of 11/19/24
GOLD | BTC | ETH
Neutral for the week of 11/19/24
S&P 500
Bearish for week of 11/19/24
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11/19/24 Closing Prices :
BTC: $93,137.21 | +4% | (Tue-Tue)
ETH: $3,116.69 | -5.2% | (Tue-Tue)
Gold: $2,604| +1.3% | (Tue-Tue)
S&P 500: 5,916.98| -1.2% | (Tue-Tue)
Let’s start with the obvious. The big deal. BITCOIN BITCOIN BITCOIN. OK then.
The U.S. election was two weeks ago and it looks like everything is becoming clearer. Cabinet members for the new administration are being selected (selected, not yet confirmed) and it looks like there is going to be a big “cleansing” in the government. Meaning less regulation, lower taxes, fewer government employees and a new wave of optimism.
Less certain, interest rates, inflation and geopolitical issues (like the Ukraine war, for sure). Many of the proposed economic initiatives will have some big question marks for a bit. We will see.
But back to the top line…..BITCOIN BITCOIN BITCOIN. The biggest beneficiary of the new presidency appears to be bitcoin (crypto in general). At long last, regulatory relief is here. Additionally, Trump is very interested in creating a sovereign wealth fund that would invest in bitcoin. Just in, Trump’s “Truth Social” stock (DJT) is in talks to acquire BAKKT…..a fully registered crypto platform. Not sure about that, but at first ‘blush’, it’s really good. With regulatory clarity and the president firmly behind crypto, more and more companies are following Michael Saylor’s MicrcoStrategy plan and investing in bitcoin (see the Al & Ivy podcast on this topic and listen up. Wow!)
Now, with all the new economic proposals floating around, it’s way too early to guess how inflation will behave or where interest rates will go. Guessing isn’t factual. There may be a lot longer waiting period to see how things evolve. Could be quiet for a while.
Oh, it’s kind of a really big deal. Someone (or group), and certainly NOT Biden or Harris though they’re the front people, have given Ukraine the green light to shoot long range missiles into Russia. That doesn’t sound really good to me. What will Putin do? He has one hand holding the phone to Washington and the other hand on a red button with nuclear missiles. Hmmmm! Oh well, here we are.
Ideas/Thoughts:
BITCOIN. I have had a $95K price target on BTC for quite some time. It’s here, BUT with Trump in and potential plans for lessening regulations, I gotta go up. It looks like a $100K print is imminent and if it goes through, $125K-$130K is next. Long term? Just UP. Super bullish.
ETH. Its lagging the momentum of BTC, but it will ride along. Bullish but love BTC better. Should see $4K and even $4,500.
GOLD. Took a big dip after the election (beats me) but with all the stuff out in the “real” world, it makes sense to own some. I don’t think it will beat ETH again, but $4K looks plausible. Semi bullish.
S&P 500. I am staying neutral. I know the index has been going up, but it is no longer a 500 stock index. Maybe 10 at best and not truly a macro look at the economy. I see a big downside (unexpected), so I’ll pass on being in the S&P. Neutral
IN THE BACK OF MY MIND I HAVE A REALLY FUNNY FEELING THAT SOMETHING BIG WILL HAPPEN BEFORE TRUMP IS SWORN IN. NOT A GOOD THING EITHER. KEEP IT IN MIND.
2024 TARGETS:
- BITCOIN 2024……..$95K………..$125K-$130K
- ETH 2024…………$4,500
- GOLD 2024……….$4,000
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- LONG ETH
- LONG GOLD
- NEUTRAL 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. 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.
