Bitcoin isn't "Digital Gold" yet... and that's not a BAD thing!

Crypto Corner #351 | May 3-9, 2025

Bitcoin Price (in USD): $103,012.87
Weekly Change: +6.34%

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Bitcoin Price Action

The theory some analysts had about Bitcoin breaking correlation with growth, tech, and software stocks to become its own “Digital Gold” was put back to bed this week when Bitcoin rallied directly with the tech sector. The idea of Bitcoin being a safe haven asset remains unproven as overwhelming evidence shows that it both rallies and sells off in tandem with risk-on assets.

This isn’t a bad thing.

Just because Bitcoin remains a risk-on asset doesn’t mean it can’t make investors money and it proved just that this week. Bitcoin’s breakout that it started last week positively exploded this week! First, the pullback was bullish, too, making a higher weekly low at $93,363.28 on Tuesday before the rocket ship took off.

Bitcoin blew threw last week’s $97,546.99 high and followed through by demolishing potential resistance deep above $100K on Thursday, not stopping before it made a new high at $104,352.60 on Friday, an incredible run!

The Bullish Case

Bulls cheered Bitcoin’s upward momentum as more proof to support the narrative that the low point for this cycle may be truly be in. With Bitcoin firmly in an upward price trajectory, some of the more shy permabulls have come out of the woodwork to once again claim new all-time highs may becoming for Bitcoin in the next few weeks.

The Bearish Case

Bears’ arguments that macroeconomic uncertainty and Trump’s tariffs would cause Bitcoin to break through its cycle low at $74,420.69 lose more and more water with each passing day and week. Some permabears still contend that Bitcoin’s rally could just be a Bear Market rally, arguing that Bitcoin needs to make a new all-time high above $109,358.01 before they will be convinced this is a new Bull Market.

Key Selloff Targets

These key selloffs are derived from past pullbacks from all-time highs as well as various Crypto Winters:

• -26.31% = $80,342.16

• -30.27% = $76,024.68

• -31.24% = $74,967.12

• Current Low: $74,420.69 (-31.95% from All-Time High)

• -33.49% = $72,731.35

• -37.63% = $68,204.09

• -39.53% = $65,928.76

• -40.24% = $65,154.67

• -53.06% = $51,330.77

• -62.91% = $40,438.20

• -77.46% = $24,648.39

• -84.36% = $17,102.97

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Bitcoin Trade Update

Current Allocation: 6.533% (-11.32% since Last Update)
Current Per-Coin Price: $87,429.98 (-1.12% since Last Update)
Current Profit/Loss Status: +17.82% (+15.31% since Last Update)

With Bitcoin breaking out to new highs, it was time for me to continue trimming my position to capitalize on these gains. I made a total of XX sales throughout the week for an average selling price of $xx,xxx.xx (after fees) which lowered my per-coin cost -1.12% from $88,416.76 to $87,429.98 and decreased my allocation -11.32% from 7.367% down to 6.533%.

I started this trade with a 5.500% allocation and a per-coin cost basis of $100,000.00 on December 15, 2024. Through buying and selling in stages, I have lowered the cost basis -12.57% to $87,429.98 and increased my allocation +18.79% to 6.533% over just the past five months with a +17.82% gain on the trade... not too shabby, particularly given the volatility we’ve seen over those months!

Regular subscribers may notice that I have started increasing my buying quantities substantially in my next 30 buy targets (for premium members below). This is a result of my freeing up so much of the allocation at these higher prices and reducing my per-coin price.

Will Bitcoin roll over and test the lows of its cycle or even break below $90K again? I have no idea, but I want to be prepared to add in size if we get another chance to buy sub-$90K and especially sub-$80K! 😀👍

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My Next 30 Bitcoin Buy Targets

Premium subscribers to Get Irked get access to my next thirty (30) … yes, 30 … buys in Bitcoin including price levels and quantities. Additionally, premium members get exclusive access to Microsoft Excel and Google Sheets version of my Bitcoin Trading Calculator.

I also include a tutorial video on how I execute my Trade2HODL strategy that I developed to accommodate crypto’s incredibly volatility after the 2018 crash which has never had a losing trade in more than 150+ trades since I started using it.