By Bill Taylor, CEO / Digital Wealth News and AI & Finance
DISCLAIMER: The opinions expressed below are solely those of Bill Taylor & do not represent those of DWN or any affiliates. Any financial advice included here is for entertainment purposes only.
Bullish for week of 12/17/24
BTC | ETH
Neutral for the week of 12/17/24
S&P 500 | GOLD
Bearish for week of 12/17/24
12/17/24 Closing Prices :
BTC: $106,514.96 | +10.6% | (Tue-Tue)
ETH: $3,939.65 | +8.1% | (Tue-Tue)
Gold: $2,613 | -1.8% | (Tue-Tue)
S&P 500: 6,050.61| +0.03% | (Tue-Tue)
Ready for the holidays? Not much time left. The big question (probably the last of 2024) is will the Fed cut interest rates after their meeting tomorrow? Betting says Santa Powell (Fed Chair) will gift us with a 25bpt rate cut. Hope you all have been nice and not naughty.
It seems the whole financial community is pumped up on the “Trump initiatives” and optimism. Just remember not every program will be implemented and what the economic ramifications will be. One thing for certain, after this week the markets will be dead….in a comma…..dull….and non-eventful.
So, what about these year end markets? Have the equity markets peaked? Has gold seen its best days? The best (very best) asset has been, and still is, bitcoin. Yeah yeah yeah, I know. it’s going to zero……again. Ya have to hand it to the never bitcoiners, they never quit. Stubborn comes to mind. Anyway, bitcoin has the wind (hurricane like) behind it. It’s the one place where momentum is building to the upside.
The current thinking is the first of the new year will be a big burst up (January effect) and after the presidential inauguration, a sell off. Equities and gold get hit. Meanwhile, as I have said before, bitcoin is on a tear. A U.S. Sovereign wealth fund? More corporations adding a percentage of cash holdings to bitcoin? Central banks buying? All very possible and demand will exceed the current supply. Bitcoin will again be the story…..of 2025 this time.
If you are an investor, take some of these great gains off the table. Don’t “bank” on the final burst. If you are a trader (and very nimble) play for the potential January effect. If you are in bitcoin (ETH)…..HODL. See my best “guess” on price targets below. Happy Holidays.
2024 TARGETS:
- BITCOIN 2024……..$95K………..$125K-$130K
- ETH 2024…………$4,500
- GOLD 2024……….$4,000………now $3,000
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- LONG ETH
- NEUTRAL 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.
