Tapping those roots
3 min read

Tapping those roots

Cryptic ball: is it not always not priced in?

Not much has changed in the crypto market since yesterday's newsletter went out, apart from a normal 3% pullback across the board. And few tokens escaped the profit-taking mode - among the top 10, only SOL managed to rise; and among the top 50, Axie Infinity's AXS is the most noteworthy highlight. Enjin's ENJ is also an interesting mover, as it is in the green following the announcement of a new $100 million fund to support its NFT-focused blockchain community.

But, overall, this is just consolidation before the next big move. Why? Zoom out to the weekly chart and you clearly see how bitcoin has been trying to truly conquer $65k for the past month without any significant retrace. While a test of $51k is possible, to flush out some leverage out of meme coins and Ethereum killers, this is a clear sign of accumulation. What will unleash the orange bulls? Bitcoin's Taproot upgrade, which will activate around November 15th, give or take.

I first wrote about Taproot here in May and the last highlight was in September. This is Bitcoin's most significant development since July 2017, when the block wars escalated and propelled BTC from $2k to $20k in just six months. While some believe this network enhancement - which will improve privacy and add smart contract functionality to the original cryptoasset - is priced in, I believe most are unware of it. In other words, this is just the narrative we needed to initiate our journey to the moon. WAGMI: we are all gonna make it!

Chart art: is it not always accumulation?

Some traditional Wyckoff theorists would call this textbook distribution following an upthrust (the latest all-time high). That may be true for the weekend ahead. But trust me, the end of the cycle will only begin when a new parabola breaks in a blow-off top.

Three things: is it not always luck?

Tweet tip: is it not always a funny tip?

Kudos to one of our dear readers who suggested this funny tip.

Meme moment: is it not always disruption?

LMAO! Better watch out for those Ethereum killers.

FV Bank: B21's sister company.

FV Bank can now issue crypto-linked Visa cards to businesses and individuals and allow users to transact in fiat and cryptocurrencies worldwide.

Get started: download the B21 Crypto app!

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Legal Notice
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 guidance in the report will lead to any particular outcome or result.