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?
Three things: is it not always luck?
- The Emperor shares his "No Nonsense Trading Psychology" guide.
- Michiel Van Tilborg asks if decentralised derivatives are the future?
- Jason Choi tells you "how to get rich in crypto (without getting lucky)".