Bitcoin and RIOT One more Surge! BTC to $66.5k by 5/17/24 - Bullish Analysis

In this video, I provide a comprehensive analysis of Bitcoin (BTCUSD) and RIOT Games (ticker: RIOT) after hours on 5/13/2024. We're predicting Bitcoin to hit $66,500 by Friday, 5/17/2024. On the weekly timeframe, Bitcoin showed a bullish pin bar 2-3 weeks ago, and the S&P 500 had a bullish harami that contributed to our recent run-up.

The VIX has started to rise, gapping up today to above $13, which was expected at the $12-$12.50 range. While our risk is higher, the VIX might come back down to test $13 tomorrow from its elevated $13.50+ level, since it broke out of a short-term falling wedge and found resistance around the $13.75-$14 zone. Typically, a breakout of a falling wedge will have one more retracement and tap of the prior wedge resistance, now support.

I expect RIOT to be in the $12-$14 range when Bitcoin hits $66,500. This is my conservative BTCUSD rally target, but if it plays out as I anticipate, Bitcoin could see a $73,000 double top before our major correction.

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Disclaimer: For informational purposes only. Not financial advice. Trade at your own risk.

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