Chart of the Day - Wednesday, February 28, 2024

🏆 Today’s Chart of the Day was shared by Caleb Franzen (@CalebFranzen).

• Bitcoin surged more than +9.5% today, closing within single digits of an all-time high for the first time since its peak in November 2021.

• It’s completing a two-year base within a very strong uptrend. It peaked in November 2021, and lost three-quarters of its value over the next year, before bottoming shortly after the FTX scandal in December 2022.

• The party started over a year ago, but things could start to get loud now that hodlrs are whole again. As Caleb points out, Bitcoin has a habit of accelerating higher after emerging from these bases.

The takeaway: The strongest uptrend in the world is trying to resume. Bitcoin is completing a two-year base after a -75% drawdown. Breaking out of this base would open the door to $100,000 and beyond.