In august company
3 min read

In august company

Cryptic ball: bye, bye, July.

US stocks just had their best month since 2020. The S&P 500 and the Nasdaq 100 kept pumping all day, but crypto failed to follow - perhaps because it had led the way already during the previous night. What's next for the weekend ahead then?

  • Yesterday I explained that if crypto bulls failed to ignite a pump this Friday then we would likely have to wait for the Sunday close for some nice action to take place. If bulls wake up, BTC can easily test $28k and ETH the $2k mark.
  • However, there's another interesting thing happening this Saturday that I forgot: the monthly close. While ether is looking to be particularly impressive and bulls have an incentive to pump it an extra 15%, I'm not sure they can.
  • It's not impossible, but that would be too much action for a Saturday and bitcoin doesn't seem ready to sustain the party yet. In any case, all else should remain as explained: this bounce will continue to play out in August. Why?
  • Despite being typically associated with boring times in the trading world, for obvious reasons, summer has often been a time in which degenerate enthusiasts explore and build new realms of the cryptosphere.

Yes, inflation still needs to be controlled, but such a topic should be out of people's minds during the peak of summer. Moreover, check today's chart art for some nice hopium which anticipates inflation will fall over the next months!

Chart art: bye, bye, inflation high.

Canny how the evolution of the M2 money supply is nicely correlated with the evolution of inflation. Let's hope the decline in M2 also anticipates a fall in prices!

Three things: bye, bye, retrofitted pie.

Tweet tip: bye, bye, policy standby.

This is such a good tip you really need to read it yourself.

Meme moment: bye, bye, wise guy.

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.