Cryptic ball: just an epic month.
This has been a fairly smooth weekend and monthly close, with bitcoin, ether, and most alts consolidating nicely near their all-time highs. Naturally, some of the wild memes that have been pumping had a volatile ride, with SQUID, a hyped project around the popular Netflix show, being rug pulled and crashing 99.99%. But that's normal if you're playing such games. Now, what's next for Moonvember?
To begin, it's not only price consolidation near the top, but also whales clearly accumulating bitcoin and alts, as you can see below. The pattern is very similar to what happened last November, as you can see below, so it's increasingly looking like we'll have ammo for at least some more bullish months once the engines are ignited. I also agree with Ryan Selis, who reinforces that the cycle won't run out of steam until the leading blockchain falls after a typical blow-off top.
If you also look at the massive number of quality announcements that took place this Uptober it's also clear the next months will be wild, even if these indeed resemble late-stage announcements, ready to capitalise on the low prices of an eventual crypto winter in the years ahead. Lastly, while you know I'm spooked with the potential of a global financial crisis happening sooner rather than later, I also believe markets can stay irrational longer than our fears can remain valid. And Raoul Paul recently reminded me that all these bubbles in our economy have also been caused by a whole new generation entering the market - especially in the US.
These changed the rules of the game. And while they are not immune from learning from 80% drawdowns - which typically happen in crypto - it's likely these new investors will continue fuelling the exponential or logistic growth associated with new digital economies. Now, let's go and bid $60k because we're going up.
Visual block: just accumulation.
Three things: just 13 years.
- The NYT reports "Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly)" That's why FV Bank was created!
- Shaan Purie believes "everyone is wrong about the metaverse". That's why we are sharing his view about when the metaverse will really start.
- Laura Shin collated "13 Bitcoin Facts on the 13th Birthday of the Bitcoin White Paper". Number 6 is why it is historical.