šØ ATTENTION: Huge Bitcoin Breakout Tomorrow! Hereās Why!
Degen Plays Our Team Is Looking At!
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š° ATTENTION: Huge Bitcoin Breakout Tomorrow! Hereās Why!
š Degen Plays Our Team Is Looking At!
šø MEMEoirs of a Degen!
š¢ Biggest Announcements
š Banterās Take
GM Degens,
Big things are happening that could push prices either way. Japanās facing serious economic challenges, while Nvidiaās earnings tomorrow could send Bitcoin to new all-time highs (ATHs).
At the same time, degen mode is on, and our researchers are eyeing a few projects weāll cover today.
Letās dive in!
š Market Catch-Up
Top 100 coins Daily Performance - Banter Bubbles
Source: CoinMarketCap
š° News of the Day
ATTENTION: Huge Bitcoin Breakout Tomorrow! Hereās Why!
Record-high BTC options open interest, especially in $300,000 strike call options, are showing strong short-term bullishness, hinting at a possible gamma squeeze to drive prices higher. However, these far out-of-the-money calls, combined with hedging and a max pain point at $92,000, could mean massive volatility or a pullback if expectations arenāt met.
Will they be met?
Though the landscape looks bullish, it is somewhat overheated for Bitcoin. As you can see from Caleb Franzenās chart below, Bitcoin broke above its key EMAs on 21 April, but it hasn't even retested the easy one, the 21EMA, since.
Weāve been tracking a lot lately, and if youāve been following, you know weāre expecting a new ATH soon. One key factor is nearly $8.5 billion in Bitcoin shorts that could get liquidated if the price hits $115,000, which would push prices even higher.
But, what could drive Bitcoin to $115,000 (or beyond) soon?
š
Nvidia (NVDA) Earnings!
Nvidiaās earnings drop tomorrow, and analysts are expecting big numbers. On average, they predict quarterly revenue of $43.38 billion, up 66% from last year, and an adjusted net income of $21.29 billion, or 87 cents per share, compared to $15.24 billion, or 61 cents per share, a year ago.
Why does this matter?
Historically, Nvidia often beats expectations, so thereās a good chance theyāll do it again.
Jpegcurator on X shared that when Nvidia beats earnings, Bitcoin typically rises 2.8% before the report, 0.3% in 24 hours, 3.0% in 7 days, but stays flat after 30 days. If Nvidia meets or misses expectations, Bitcoin drops 2.7% before, 2.6% in 24 hours, 4.7% in 7 days, and 9.2% after 30 days.
Itāll be interesting to see how this plays out! If Nvidia prints strong earnings, it could push Bitcoin higher up to the short liquidation level mentioned above at around $115,000, creating a cascade of liquidations that result in Bitcoin tracking the M2 money supply, as weāve discussed recently. (Reminder: The M2 chart hints at a potential breakout between now and early June.)
Not everythingās super bullish, though. Letās look at the risks.
The Situation in Japan Is Heating Up and Itās Getting Ugly!
Japanās facing serious economic issues.
It dropped in global GDP rankings after India surpassed it, and for the first time in 34 years, Japan lost its spot as the worldās top creditor to Germany. Bond market liquidity is near 2008 Lehman crisis levels, with 40-year and 30-year bond yields hitting highs not seen since 2007 and 1999. The Bank of Japan (BOJ) now holds most of these bonds. Japan could be in stagflation, with its economy shrinking ~0.2-0.7% in Q1 2025, the first decline since Q1 2024.
The Kobeissi Letter reported soaring prices: rice costs jumped 98.4% in April year-over-year, the biggest monthly rise since 1971, up from 92.1% in March. Energy prices rose 9.3% after the government ended gas and electricity subsidies in March. Inflation, excluding fresh food, hit 3.5%, up from 3.2% in March, staying above 3% for five months.
Japanās response includes a 900 billion yen emergency relief package to counter U.S. tariffs. The Bank of Japan is printing money, and yields dropped today. Their next interest rate decision is June 16āsomething to watch.
Final Thoughts
Nvidiaās earnings tomorrow could shape Bitcoinās next move. Nvidia usually beats expectations, and if it does, Bitcoin could follow its usual pattern and pump, hitting the new ATH weāre expecting, based on the M2 chart. This would ultimately be fueled by a cascade of short liquidations along the way.
Japanās on the brink of economic trouble, raising global concerns, but in recent history, theyāve always found a way out. Still, itās a macro risk.
Nothingās guaranteed, and as always, this isnāt financial adviceādo your own research. Many might play it safe before Nvidiaās earnings, as it could go either way. Those who get it right could see big rewards.
The market is in greed-mode right now, so itās probably not the best time for those opening fresh longs with BTC above its 21EMA. Things could get extremely volatile over the next few days.
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š Degensā Den
Degen Plays Our Team Is Looking At!
Ethereum (ETH) is steady around $2,500, and the ETH/BTC chart has set another higher low on the monthly timeframe. Meanwhile, projects like Sonic (S) have seen active addresses hit a new ATH!
Thereās action in cryptoāyou just need to know where to look. This graph from zac.eth shows that even if not everythingās pumping, some projects are moving.
Hyperliquid (HYPE) is leading the pack, as you can see above.
On that note, if you missed yesterdayās show, it focused on Hyperliquid, and we had a whale with a billion-dollar position as a guest. You can watch it here. Or, for quick data, hereās the key partā¦
Hyperliquid is mostly about memes right now, with no major projects having undergone a Token Generation Event (TGE) yet. Still, our Crypto Banter researchers have flagged a few worth watching. As always, none of this is financial advice and you all need to do your own research. These are extremely risky degen tokens (mostly memes) that our team is simply analysing. Hereās the what and why:
Also, we found it interesting that Launch Coin, which we mentioned a few issues back, is integrating a flywheel. A flywheel in a blockchain project is a system where token incentives encourage user activity, boosting network value and creating a cycle that attracts more users and developers. And on that note, one of our researchers has been digging into tokens launched via Launch Coin and the Believe app. He found one that Ran will discuss on todayās show.
Donāt miss it! š
Strong Jupiter (JUP) Move Incoming?
āWith markets heating up again, Jupiter is positioned for a strong move.ā
Catch Chris Columbus as he charts Jupiter (JUP) and other altcoins in todayās issue of The Daily Candle! š
šø MEMEoirs of a Degen!
Canāt make this stuff upā¦
š¢ Biggest Announcements
Europe's First Bitcoin Treasury Firm, The Blockchain Group, to Acquire 590 BTC Post-Bond Sale
Circle Denies Acquisition Rumors with Ripple and Coinbase, Affirms "We Are Not for Sale"
Bitwise Predicts Bitcoin Capital Flows to Surge to $120B by End-2025, Reaching $300B in 2026
MicroStrategy Boosts Bitcoin Holdings with $427M Purchase, Now Owns 580,250 BTC Valued at $40.6B
š Banterās Take
I'm gonna leave you with this, something not many are talking about.
If you werenāt around for the last cycle, you might not know that Tesla announcing it held Bitcoin was a major catalyst, sparking a huge bull run.
Just a few days ago, X launched its peer-to-peer payment system in beta. Nothingās confirmed yet, and it could be a long road, as Elon Muskās post below kinda points to. But if X announced it was accepting Bitcoin, it could trigger a similar surge.
See you all tomorrow!