Cryptic ball: when there's a will, there's an April.
It seems Easter kept bulls and the bears busy alike. Bitcoin and ether traded in a volatile sideways range and are now back where they were Friday - which for ETH means hovering around its all-time high (ATH). What next for the week ahead, then? Well, the cryptomarket bubble remains healthy: on the one hand, we have 1) a strong interest from Asia as indicated in the chart art section, which tends to happen early in this market's hype cycle, and 2) a potential Bitcoin ETF (finally) in the cards as also shown in today's visual block and aided by Grayscale's announcement that they plan to convert their GBTC fund into an ETF.
On the other hand, we have everything else we've been talking about: Visa and PayPal news, rumours of major companies stacking sats, stablecoins, DeFi and the NFT booms drawing attention to blockchain-based "innovation", the Coinbase IPO happening on April 14, all the big banks announcing some product in the space, Ethereum scaling plans and all its new blockchain competitors. In other words, the crypto show must go on - at least for some time. Overall, we're very bullish for the rest of 2021, but carefully looking for any warning signs to let you know when the bubble might pop again. In the meanwhile, sit back and enjoy the ride.
Chart art: 그것을 펌핑
Market musings: be confident, but also prepared.
What can you follow to more closely monitor the crypto show's overall path as described above? Well, as long as bitcoin and ether continue consolidating, the more likely we are to either see a breakout of those market leaders, or to see alternative cryptoassets pumping while BTC and ETH remain stable. However, we could be heading towards a double top later in the month, meaning the crypto market would loose some steam and likely dip to around $40k before doing another leg up ahead of summer holidays. Plan ahead and place your stops!
Visual block: the ETF meme is real.
Three things: happy birthday, Satoshi!
- Did you know CoinDesk just released their Q1 cryptoasset review?
- Did you know Satoshi was, at least symbolically, born today?
- Did you know "India's millennials embrace digital gold"?