Chart of the Day - Tuesday, January 2, 2023
January 2, 2024
Today’s Chart of the Day was shared by Matt Weller (@MWellerFX). Bitcoin rose over +150% last year, making it one of the best-performing "asset classes" in 2023. However, nobody was interested in buying Bitcoin at the beginning of last year. It entered 2023 down -75%, and the FTX scandal had just disgraced the entire crypto industry. After an impressive comeback in 2023, Matt points out that Bitcoin kicked off 2024 on a bullish note. It broke out to its highest level since April 2022 today, after consolidating for the past month. Despite the continued strength, sentiment isn't nearly as frothy as it's been in past cycles. We could see much higher prices before FOMO takes over, and Tom Brady has laser eyes again.