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Bitcoin Gravy Train Trend Forecast to June 2025 :: The Market Oracle ::

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Bitcoin pumps to $99k whilst Alt coins literally go nuts and not just the big markets such as Solana that has 10xd, but even once taken for dead coins such as ADA have 4xd over a few short weeks. And then we have the no brainier trade of the year Microstrategy, which back in January was trading at just $44 that durng the past week rocketed higher to $548, that's more than a 10X move! </p> <p>All of which my Patrons had OVER a YEAR to plan towards capitalising upon, so whilst the Crypto Gravy train has been rolling for over a year we have a lot further left to run as my following in-depth analysis laid the ground work for that was first made available to Patrons for just $7 bucks! 10X for just $7 bucks! This is ridiculous I am way under selling myself as those who follow me soon find out! </p> <p><strong><a href="https://www.patreon.com/Nadeem_Walayat">Just $7 bucks for immediate first access to ALL of my analysis and trend forecasts. </a></strong></p> <div align="center"> <script type="text/javascript"><!-- google_ad_client = "pub-9649035407273608"; /* Article Main Leaderboard */ google_ad_slot = "3606752271"; google_ad_width = 728; google_ad_height = 90; //--> </script> <script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </script> </div> <br> <p>Latest analysis - <span><a href="https://www.patreon.com/posts/stocks-bitcoin-116390676"><strong>Stocks, Bitcoin and Crypto Markets Get High on Donald Trump Pump</strong></a></span></p> <p><img src="http://www.marketoracle.co.uk/images/2024/Nov/breaking-bad-crypto.jpg" width="800" height="800" /></p> <p><strong>CONTENTS<br /> </strong>America's Angry Grandpa President<br /> Trump War on Immigration WAR!<br /> Trump Tariff Economic War<br /> DONALD DEBT PUMP!<br /> Trump Stock Market Road Map 2025<br /> Why Apple Stock Refuses to Drop!<br /> Nvidia Stock on a Stairway to Heaven Counting Down to Earnings<br /> AI Stocks Portfolio Current State<br /> Current Stocks Portfolio Buying Opps<br /> Crypto FOMO Mania<br /> Bitcoin Seasonal Trend<br /> BItcoin Bull Market Target<br /> Bitcoin Mind Game $98k to $104k Topping Zone<br /> Bitcoin Bull Market Targets Redux<br /> ALT COINS SEASON<br /> SOLANA Bull Market Targets<br /> Bitcoin &amp; Crypto Corrections<br /> MSTR Rocket Will Eventually Get Sucked Into the Crypto Black Hole <br /> Exit Strategy - Leaving the Crypto Casino with Your Profits<br /> The CURE for Diabetes!</p> <p>..............</p> <p><a href="https://www.patreon.com/posts/last-chance-to-91691207"><strong>Last Chance to Get on Board the Bitcoin Crypto Gravy Train - Choo Choo!</strong></a></p> <p>Bitcoin BREAKS above $32k resistance courtesy of the dark pools of capital such as Black Rock that are on a mission to seed their imminent Bitcoin ETF's with millions of bitcoins as are all of the other 8 or so Bitcoin ETF issuers that could be announced within weeks. Spot ETF's require BITCOINS! Note they do not care what price they pay for the bitcoins because the name of their game is to CHARGE management fees hence the breakout in the bitcoin price and why I am releasing my Bitcoin chapter ahead of the full HGR2 as requested by Patrons. </p> <p><img src="http://www.marketoracle.co.uk/images/2023/Oct/BTC-26.JPG" alt="" width="800" height="491" /></p> <p>Excerpt from HGR2:</p> <p><strong>My Bitcoin Gift to Get You Started Towards Getting RICH!</strong></p> <p>If you have been following my analysis over the past year since my article of November 2022 ( <a href="https://www.patreon.com/posts/stocks-analysis-75218863">https://www.patreon.com/posts/stocks-analysis-75218863</a>) then you would already know that my crypto objective was to accumulate crypto's to a limited extent during the bear market in advance of the next Bitcoin halving event bull market of around March 2024 when the number of block rewards is halved as my earlier analysis as of April 2021 (<a href="https://www.patreon.com/posts/bitcoin-bear-and-52534125">https://www.patreon.com/posts/bitcoin-bear-and-52534125</a>) illustrated the time-line to capitalise upon that is now just 6 months away!</p> <p><img src="http://www.marketoracle.co.uk/images/2021/Apr/bitcoins-mings-rewards-price-trend-forecast.jpg" alt="" width="800" height="300" /></p> <p>So we have already had nearly a year to accumulate into the crypto verse that with great irony that my article of November 2022 was posted at the Bitcoin BOTTOM thus allowed one ample scope to pick up at least some exposure to Bitcoin at just $16k per coin! </p> <p><img src="http://www.marketoracle.co.uk/images/2023/Oct/BTC-10.jpg" alt="" width="700" height="421" /></p> <p>That was getting lucky on the back of the FTX collapse triggering my buy the panic radar because whenever there is PANIC I tend to BUY the PANIC as I did to limited extent at the time, Some bitcoin, and a few other alt-coins such as Solana which had collapsed due to FTX dumping their holdings though which was at serious risk of going to zero, nevertheless catching falling knives is what I am well used to as a month earlier I and many patrons were busy getting slashed during the Tech Stocks blood bath that saw Meta trade to $90, at the time the likes of Clown Cramer were stating that the FAANG's were dead and Meta was finished!</p> <p><img src="http://www.marketoracle.co.uk/images/catching-the-stock-market-falling-knives.jpg" alt="" width="800" height="800" /></p> <p>So here's my Bitcoin gift (trend forecast) that on the current price of $27k, Bitcoin will at least near X4 to $98k and likely a lot more than that, given that there will soon be a flood of Bitcoin ETF's hovering up limited supply of the NSA's, I mean Satoshi Nakamoto's crypto baby. Come on guys do the math, this smells like the NSA else a journo would have tracked down old Satoshi by now given the sums involved. Remember if you work for an intelligence agencies then you are sworn to secrecy for LIFE! We will only know who Satoshi really is AFTER his has died (and not that Japanese dude) when a video surfaces of either an NSA or GCHQ code breaker, just do the math, Bitcoin is built upon the impossible to break encryption SHA-256 algorithm as invented by the NSA! </p> <p>The great irony is that the flag carrier for personal freedom could be the child of an intelligence agency!</p> <p><img src="http://www.marketoracle.co.uk/images/2023/Oct/Bitcoiin-Trend-Forecast-June-2025-Nadeem-Walayat.jpg" alt="" width="1200" height="857" /></p> <p>Large Image - http://www.marketoracle.co.uk/images/2023/Oct/Bitcoiin-Trend-Forecast-June-2025-Nadeem-Walayat.jpg</p> <p><strong>How High Could Bitcoin Go?</strong></p> <p>Well my view has remained consistent for over a year that the next bull market will target a range of $98k to $130k that would be a X6 to X8 from the then price of $16k as I wrote at the time, and given where we now near a year down the road I would now widen my target to $98k to $138k, why $98k? Because sitting here 6 months ahead of the halving event there is a chance that Bitcoin tops out just before reaching $100k as most will be pinning their hopes on 100k being a done deal, thus to pull the proverbial rug under ones feet.</p> <p>Though that is not my base case as I do expect Bitcoin to break above $100k that will result in RAMPANT FOMO mania fever gripping the world that will take Bitcoin to over $125k, so why $138k? Well just as was the case with $100k many at $138k will take BTC $150k as being a done deal, as by then the MANIA will expect BTC to FOMO to over $200k+, as many will have started to pile in on the break above $100k eyeing a doubling to $200k along which there will be much fantasy numbers of Bitcoin $500k+ Thus I see it is highly probable that Bitcoin will top out BEFORE it gets to anywhere near $150k, likely before $140k. At the time it is going to be VERY hard to resist the FOMO as everyone will be convinced that $200k is just around the corner! Personally I will begin scaling out of bitcoin from around $98k all the way to $136k for most of that which I hold, leaving maybe say 25% of my holding to ride out whatever follows, given that my average price paid to date is under $25k. Many including I are going to try and ride the volatile price swings, i.e. try and sell at say $50k to buy back at $38k, when in reality all we need to do is accumulate and HOLD for $100k+ which is easier said then done, it's going to be a wild roller coaster ride, we could easily see Bitcoin draw downs of as much as 50%! That is the nature of the crypto beast! So where crypto's are concerned it's a case of accumulating for the FOMO spikes and not get side tracked by volatility. </p> <p>The easiest way to gain exposure is to to dollar cost average, buy a bit every other day as I do, and you never know another big exchange blowing up may deliver another golden buying opportunity as it did last November when FTX EXPLODED in spectacular style crashing the crypto markets which saw the likes of Solana fall to a low of about $8, where I did buy some at $9 for no other reason than it had collapsed from $40 to $9 in just a few days.</p> <p><img src="http://www.marketoracle.co.uk/images/2023/Oct/HGR-Alt-coins.jpg" alt="" width="700" height="421" /></p> <p>You have to learn to take risks, lots of small risks, because you don't know which will pay off i.e. I can fantasise about Solana X10ing but I am aware it could go to zero, so my exposure is limited to what I am prepared to lose for the potential of x10, against which I have my far safer BTC position that should at least X3, which will more than cover all of the alt-coin risks even if NONE of them pay off.</p> <p>So as is the case with every investment, every business activity, there is always THE RISK FACTOR because one does not get a potential X return without the associated risk of loss, just that the risk rewards for BTC at $26k looks pretty good, i.e. what's the worst that can happen from here? a 50% loss? Vs reward of X5. And know this I put my money where my mouth is so if things don't turn out the way I expect them to then I will LOSE some money, if I sell at a loss, collectively about 1.5% of my stocks portfolio is actual cash invested in crypto as of writing, that I aim to increase to about 2.5% over the coming weeks and months, largely through accumulating Bitcoin via both dollar cost averaging and via limit orders to capitalise on any potential drop to $20k, though given how many are taking that as granted it is looking increasingly unlikely to materialise. Either way I am gradually increasing my exposure to Bitcoin as well as a number of alt coins such as Chainlink and Solana, where the risk is far higher for greater potential return. Patrons can see the current state of my crypto holdings at the bottom of the AI stocks portfolio spreadsheet.</p> <p>Crypto's also illustrate that one needs to understand what one is investing in else one will either not invest or is a weak hand ready to sell for a pittance, once one understands what one is investing in then whatever the market does will be like water off a ducks back, There is Bitcoin, the crypto OG, and then there is the rest. It's safe to say no matter what happens to Bitcoin i.e. even a 90% CRASH (not a forecast), it's tokenomics are such that it WILL RISE AGAIN to a NEW ALL TIME HIGH! That is the nature of the beast, the same cannot be said for other crypto's, they can and do go BUST! PERMANENTLY! So understand the difference between Bitcoin and the rest of the crypto currencies, Bitcoin draw downs are TEMPORARY, the risk with the rest is that the draw down could be PERMANENT! This is a lesson I have had to learn the hard \way, I can imagine when the FOMO is strong a flood of Nadeem look at this alt-coin or look at that alt-coin requests, NO, been there done that, they are ALL turd coins! Yeah they get a pump and then they get the dump and then they are probably DEAD! So everyone should understand the difference between Bitcoin and the Rest, Bitcoin is a relatively low risk X3 to x4 over next couple of years, whilst the alt-coins could X10 or X20 or X100,but the risk is they DON't, Instead they go to and stay at ZERO!</p> <p>Bitcoin could even save what's left of mankind from extinction when the AI takes over as the whole of the world's energy output is consumed by competing machine intelligence in an ever higher hash rate war resulting in the mother of all power outages and thus humanity gets a second chance, though by then our modern world will be long gone. failing that there is always the risk of a Carrington Event X10 that fries the chips, unless AI by then has made the leap into becoming a biological artificial intelligence or spread it's spores across the solar system.</p> <p><img src="http://www.marketoracle.co.uk/images/2023/Oct/HGR-bitcoin-planet.jpg" alt="" width="720" height="475" /></p> <p>And no I am not going to recommend any crypto platform to use given that they do tend to go bust taking depositor assets with them, it's a risk we all take. so you are going to have to choose your own. Also a final word of caution to spread your crypto assets because approx 20% of Bitcoins have already been lost forever, so I can imagine waking up one day to find that one of these soon to be announced Bitcoin ETF's will have lost some or even most of their Bitcoins forever! There is no financial compensation scheme for crypto's!</p> <p> For <strong>immediate first access to ALL of my analysis and trend forecasts </strong>then do consider <a href="https://www.patreon.com/Nadeem_Walayat" target="_blank">becoming a Patron by supporting my work</a> for just $7 per month, lock it in now at $7 before next rises to $10 per month for new sign-ups. <a href="https://www.patreon.com/Nadeem_Walayat" target="_blank">https://www.patreon.com/Nadeem_Walayat</a>.</p> <p>Most Recent Analysis -<strong> </strong><span><a href="https://www.patreon.com/posts/stocks-bitcoin-116390676">Stocks, Bitcoin and Crypto Markets Get High on Donald Trump Pump </a></span></p> <p><strong>CONTENTS</strong><br /> America's Angry Grandpa President<br /> Trump War on Immigration WAR!<br /> Trump Tariff Economic War<br /> DONALD DEBT PUMP!<br /> Trump Stock Market Road Map 2025<br /> Why Apple Stock Refuses to Drop!<br /> Nvidia Stock on a Stairway to Heaven Counting Down to Earnings<br /> AI Stocks Portfolio Current State<br /> Current Stocks Portfolio Buying Opps<br /> Crypto FOMO Mania<br /> Bitcoin Seasonal Trend<br /> BItcoin Bull Market Target<br /> Bitcoin Mind Game $98k to $104k Topping Zone<br /> Bitcoin Bull Market Targets Redux<br /> ALT COINS SEASON<br /> SOLANA Bull Market Targets<br /> Bitcoin &amp; Crypto Corrections<br /> MSTR Rocket Will Eventually Get Sucked Into the Crypto Black Hole <br /> Exit Strategy - Leaving the Crypto Casino with Your Profits<br /> The CURE for Diabetes!</p> <p>Recent analysis includes -</p> <p><a href="https://www.patreon.com/posts/bitcoin-break-to-114953538"> <strong>Bitcoin Break Out, MSTR Rocket to the Moon! AI Tech Stocks Earnings Season</strong></a></p> <p><span><a href="https://www.patreon.com/posts/stocks-bitcoin-114561165"><strong>Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump!</strong></a></span></p> <p><span><a href="https://www.patreon.com/posts/stock-market-us-113621055"><strong>Stock Market October Correction Window Into Post US Election Rip the Face Off the Bears Rally</strong></a></span></p> <p>Also access to my comprehensive 3 part How to Get Rich series - </p> <p><a href="https://www.patreon.com/posts/change-way-you-85619085">Change the Way You THINK! How to Really Get RICH Guide</a></p> <p><a href="https://www.patreon.com/posts/change-way-you-85619085" target="_blank"><img src="https://www.marketoracle.co.uk/images/2023/Aug/How-to-get-Rich-Promo.jpg" alt="" width="700" height="698" /></a></p> <p> <a href="https://www.patreon.com/posts/learn-to-use-how-93204342"> <strong>Learn to Use the FORCE! How to Really Get Rich Part 2 of 3</strong></a></p> <p><a href="https://www.patreon.com/posts/learn-to-use-how-93204342" target="_blank"><img src="http://www.marketoracle.co.uk/images/2023/Nov/HGR2-MAIN-Index.jpg" alt="" width="901" height="612" /></a></p> <p><a href="https://www.patreon.com/posts/investing-assets-94450481"><strong>The Investing Assets Spectrum - How to Really Get RICH </strong></a></p> <p><a href="https://www.patreon.com/posts/learn-to-use-how-93204342" target="_blank"><img src="http://www.marketoracle.co.uk/images/2023/Nov/HGR2-MAIN-3.jpg" alt="" width="900" height="596" /></a></p> <p>It's simple, you pay $7 and you get FULL access to ALL of my content - </p> <p><strong>&#8251;&nbsp;Patrons Get FIRST access to all of my In-depth analysis and high probability Trend Forecasts</strong>, <strong>usually 2 full months before the rest of the world. </strong>Notified by Patreon by email as well as posted on my patreon page and I also send a short message in case the time extensive email does not make it to your inbox. <br /> <br /> <strong>&#8251;</strong>Access to my carefully constructed and maintained AI Tech Stocks Portfolio that is updated on an ongoing basis, that includes on going commentary and a comprehensive spreadsheet that features unique innovations such as the remarkably useful EGF's.</p> <p><strong>&#8251;</strong>A concise to the point Investing Guide that explains my key strategies and rules for successful investing.</p> <p><strong>&#8251;</strong>&nbsp;Regular content on <strong>How to Trade &amp; Invest&nbsp; </strong>incorporated into most articles so as to keep patrons eyes on the big picture and not get too sucked into the noise of price swings.</p> <p><strong>&#8251;</strong>&nbsp;Access to my comprehensive <strong>How to Really Get Rich </strong>series of articles and 3 part guide, clear concise steps that I may eventually form a Patrons only ebook.</p> <p><strong><strong>&#8251; </strong></strong>Access to conclusions from my ongoing market studies from a total of over 200 conducted studies over the decades. updated whenever the market poses a question to be answered. Also enjoy the fruits of R&amp;D into machine learning such as the CI18 Crash indicator that correctly called both the pandemic crash (Feb 2020) and the 2022 bear market (Dec 2021) well before the fact.</p> <p><strong><strong>&#8251;</strong></strong>Join our community where I reply to comments and engage with patrons in discussions on a daily basis<strong>.<br /> <br /> &#8251;</strong>&nbsp;I will also keep my Patrons informed of what I am currently working on each month.<br /> <br /> <strong>&#8251;</strong>&nbsp;Influence over my analysis schedule.<br /> <br /> My objective is to provide on average <strong>2 pieces of in-depth analysis per month</strong> and regular interim pieces of analysis as market briefs. So over a 12 month period expect to receive 24 pieces of in-depth analysis. Though my focus is on providing quality over quantity as you can see from the extent and depth of each analysis which I deem necessary so as to arrive at that which is the most probable market outcome.</p> <p>So for immediate access to all my analysis and trend forecasts do consider <a href="https://www.patreon.com/Nadeem_Walayat" target="_blank">becoming a Patron by supporting my work</a> for just $7 per month. <a href="https://www.patreon.com/Nadeem_Walayat" target="_blank">https://www.patreon.com/Nadeem_Walayat</a> lock it in before it next rises to $10 per month for new signup's.</p> <p>And ensure you are subscribed to my <a href="http://www.marketoracle.info/?p=subscribe&id=1" target="_blank">ALWAYS FREE newsletter</a> for my next in-depth analysis. </p> <p>Your buying the dips selling the rips analyst.</p> <p>By Nadeem Walayat </p> <p><a href="http://www.marketoracle.co.uk">http://www.marketoracle.co.uk</a></p> <p><strong>Copyright </strong>&copy; <strong>2005-2024 </strong><a href="http://www.marketoracle.co.uk"> Marketoracle.co.uk</a> (Market Oracle Ltd). All rights reserved.</p> <p>Nadeem Walayat has over 35 years experience of <a href="http://www.walayatstreet.com" target="_blank">trading derivatives,</a> portfolio management and analysing the financial markets, including one of few who both anticipated and <a href="http://www.marketoracle.co.uk/Article37116.html"><strong>Beat the 1987 Crash</strong></a>. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the <strong>The Inf</strong><strong>lation Mega-Trend</strong> and <strong>Stocks Stealth Bull Market</strong> series that can be <a href="http://www.marketoracle.info/?p=subscribe&id=1">downloaded for Free</a>. </p> <p><a href="http://www.marketoracle.info/?p=subscribe&id=1"><img alt="Housing Markets Forecast 2014-2018" src="http://www.marketoracle.co.uk/images/housing-market-forecast-ebook-140.jpg" width="140" height="151" /><img alt="The Stocks Stealth Bull Market 2013 and Beyond Ebook" src="http://www.marketoracle.co.uk/images/stocks-stealth-bullmarket-2013-140.gif" width="140" height="151" /></a><a href="http://www.marketoracle.info/?p=subscribe&id=1" target="_blank"><img alt="The Stocks Stealth Bull Market Update 2011 Ebook" src="http://www.marketoracle.co.uk/images/stocks-stealth-bullmarket-ebook-140.gif" width="140" height="151" /></a><a href="http://www.marketoracle.info/?p=subscribe&id=1" target="_blank"><img alt="The Interest Rate Mega-Trend Ebook" src="http://www.marketoracle.co.uk/images/interest-rate-ebook-140.gif" width="140" height="151" /></a><a href="http://www.marketoracle.info/?p=subscribe&id=1" target="_blank"><img alt="The Inflation Mega-trend Ebook" src="http://www.marketoracle.co.uk/images/inflation-mega-trend-140.jpg" width="140" height="151" /></a></p> <p><a href="http://www.youtube.com/subscription_center?add_user=MarketOracleTV" target="_blank"><img src="http://www.marketoracle.co.uk/mo-tv-youtube-videos.gif" alt="" width="326" height="91" align="right" /></a>Nadeem is the Editor of The Market Oracle, a <strong>FREE</strong> <strong>Daily</strong> Financial Markets Analysis &amp; Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. <a href="http://www.marketoracle.co.uk"><u>http://www.marketoracle.co.uk</u></a></p> <p><strong>Disclaimer: </strong>The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.</p> <table cellspacing="0" cellpadding="0" width="70%" align="center" border="0"> <tbody> <tr> <td><div align="center">Nadeem Walayat <a href="http://www.marketoracle.co.uk/UserInfo-Nadeem_Walayat.html">Archive</a></div></td> </tr> </tbody> </table> <br /> <p>&copy; 2005-2022 <a href="http://www.marketoracle.co.uk" target="_blank">http://www.MarketOracle.co.uk</a> - The Market Oracle is a <SPAN class="style9">FREE</SPAN> <STRONG class="style15">Daily </STRONG>Financial Markets Analysis &amp; Forecasting online publication.</p> </p> <div align="center"> <script type="text/javascript"><!-- google_ad_client = "pub-9649035407273608"; google_alternate_color = "FFFFFF"; google_ad_width = 728; google_ad_height = 90; google_ad_format = "728x90_as"; google_ad_type = "text"; //2007-08-28: marketoracle-articles google_ad_channel = "8347839559"; google_color_border = "FFFFFF"; google_color_bg = "FFFFFF"; google_color_link = "0000FF"; google_color_text = "000000"; google_color_url = "940F04"; //--> </script> <script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </script> </div> <p align="center"><script async src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script> <!-- Matched Content --> <ins class="adsbygoogle" style="display:inline-block;width:728px;height:90px" data-ad-client="ca-pub-9649035407273608" data-ad-slot="5432820639"></ins> <script> (adsbygoogle = window.adsbygoogle || []).push({}); </script> </p> <p class="subdued"><br /> <span style="float:right;"></span> </p> <!-- END: Default Theme Article --><div style="text-align:center"> </div> <a id="comments"></a> <div> <p><a href="http://www.marketoracle.co.uk/user.html"><img src="http://www.marketoracle.co.uk/images/post-comments.gif" alt="Post Comment" width="269" height="49" /></a></p>Only logged in users are allowed to post comments. <a href="http://www.marketoracle.co.uk/user.html">Register/ Log in</a> <br /> <br /> <!-- end all main content --> <div id="footer"> <strong class="style6">The Market Oracle is a <span class="style9">FREE</span> Financial Markets Forecasting &amp; Analysis web-site.</strong><br> <span class="style6"><strong>(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd)</strong> - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. <strong>Any and all information provided within the web-site, is for general information purposes only </strong>and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. 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