As I have indicated in recent reports and updates, a bullish consolidation is soon to give way to a new rally…

n the last report, I presented the argument for a correction in stocks. In previous updates, I have noted that Bitcoin was nearing the end of a period of consolidation near the all-time highs. My take is that both stocks and Bitcoin are ready for a big move in the near future that could start this week.

While most analysts seem to think that Bitcoin and stocks are tightly correlated as “risk assets”, in my opinion that’s old-school thinking. There really isn’t always a high degree of positive correlation between them and the concept of “risk assets” is no longer a real thing in the full-blown age of Debt Monetarism…

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In recent coverage on Bitcoin I noted that a drop back to support in the 60K area was likely and we hit that target today. On review of the charts, I would still say this is a good buying opportunity for either a trade or a long term add to an investment position. There is an argument for more downside, but if the 60K area can hold for a few days, then the chances of a renewed bull run to new all time highs is strong.