Has Bitcoin Finally Become "Digital Gold?"

Crypto Corner #350 | April 26 - May 2, 2025

Bitcoin Price (in USD): $96,873.23
Weekly Change: +1.57%

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Bitcoin Price Action

Bitcoin’s breakout continued this week with the big orange crypto cracking through last week’s high at $95,976.34 and not setting resistance until $97,546.99 on Thursday. Additionally, the bullish action continued in pullbacks with Bitcoin making a much higher weekly low at $92,829.44 on Monday, indicating that the buyers are coming in to snatch up every dip.

Has Bitcoin finally become “digital gold” like all the Bitcoiners have been promising for more than a decade now? It actually could be as the correlation between Bitcoin and tech/growth stocks seems to have broken, at least for the moment.

The Bullish Case

Bulls maintain the narrative that Bitcoin has become its own “safe haven” asset similar to digital gold or even cash. Inflows into Bitcoin - both spot and the ETFs - continue to increase at a global scale which have prompted many Bulls to claim a new all-time high is in sight with some predicting it could happen as soon as by the end of May.

The Bearish Case

Bears continue to lick their wounds as Bitcoin outperforms week after week. While there are still the permabears screaming that Bitcoin is worthless and is headed to zero, the more level-headed Bears have conceded that the Bitcoin breakout seems legitimate.

The more even-keeled Bears warn that macroeconomic uncertainty and a marketwide crash due to the next breakdown of the Japanese Yen-Carry Trade would likely take Bitcoin down with the markets, it’s hard to deny that the Bulls have the momentum in crypto right now.

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: 7.367% (-13.00% since Last Update)
Current Per-Coin Price: $88,416.76 (-0.77% since Last Update)
Current Profit/Loss Status: +2.51% (+2.51% since Last Update)

As promised in last week’s update, I continued to trim my position this week as Bitcoin meandered around the $93K-$95K zone. I made a total of 33 sales leaving me with an average sell price of $93,951.78 (after fees). The sales lowered my cost -0.77% from $89,098.73 to $88,416.76 and lowered my allocation -13.00% from 8.467% to 7.367%.

While this large amount of selling can seem extreme, it’s part of the risk management priority set I have for trading Bitcoin. Even after “all of this selling” my allocation is still +30.00% larger than where I started the trade back on December 15, 2024. So, as I said last week, I am perfectly comfortable if Bitcoin finds a bottom before my next buy and rockets to new all-time highs.

That being said, I now have four new separate buy orders before we get down to the cycle low at $74,420.69 (where I will buy again in size) just in case Bitcoin finds support higher and the bottom actually is in for this cycle.

Let’s see where we go from here, friends! 😀👍

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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.