Massive Candle Alert

Last spring, there was a buzz online about some wealthy Islamic nations possibly shifting their gold and US dollar reserves into bitcoin. Then, in June 2024, Saudi Arabia decided not to renew the deals from 1974 that established the 'petrodollar system', which meant they had to sell oil only in US dollars. I think we just witnessed the beginning of that move with the Dubai stock market opening just 40 minutes ago. I heard someone mention that when they finally do convert, they want to create a 'God Candle' on the charts so that everyone knows who bought the coin. It’s a cool nod to Allah. Oh, and there was another little spike when Tadawul and European markets opened an hour later. About 37 minutes into the session, the price surged for around 10 minutes before profit takers brought it down again. Once those profit takers sell off their coins, the price should start climbing again. A lot of folks don’t seem to get that selling at $119,200 means they might never get the chance to buy back in at that price.

Yes, there has been a lot of talk about it, but not only because of what you say about Saudi Arabia, but also for other reasons such as increasing institutional adoption, Saylor causing an artificial halving, the possible purchase of bitcoin by the US, etc. It hasn't happened yet, but I wouldn't be surprised if it did in the second half of the year, which would be in line with the pattern of previous cycles.

Yes, you can only point to Saudi Arabia alone, here different countries, different companies, and treasury companies have played the most role. But here we have to mention MicroStrategy Chairman Saylor, and many other individuals and companies have expressed interest in accepting Bitcoin. If those who have expressed interest in accepting Bitcoin start accepting Bitcoin, the price of Bitcoin will improve even more. You can enter this link and see the messages of buying Bitcoin: Everything you wanted to know about Bitcoin Strategic Reserve

You're right, there once exist a number of countries that made this decision, even as we talk today, we have Saudi Arabia as one of the top crypto friendly country in which are also fast growing in the adoption of cryptocurrency. Many countries including Saudi Arabia now are waking up to realized what they have been missing over the years and now work thoroughly on how they could explore their mineral resources themselves without full dependence on USD or US, we have so many similar occurrence like what is happening in Burkina Faso and many other African countries.

The time is not much different from what happened in the previous cycle, the recurrent cycle (the movement was almost similar) even though we could mention moving with the deferent structure. But I really believe in what will happen with Bitcoin in this cycle, the new ATH with a number of more than $ 120k can be confirmed, I prefer to call it Q4, in that time it will definitely happen, at this time it is still in the consolidation stage, and all plans are still in the consideration stage, the countries begin to optimistic again with Bitcoin, what if Saudi Arabia opens its oil with bitcoin? It will be a very historic story in this cycle.

I didn't see a God candle. When did this happen? I'm not sure if there was but it would have been good to know when they bought. It becomes evident at least to see its them who did such particular candle. So far the ones that we read from article sites are the Finance companies buying in bulk. For the Saudi government, I would actually understand if they will just build mining farms, they have lots of energy to burn for this.