Cryptic ball: please bear in mind.
The weekend was fairly smooth and we got a historically great weekly close, but the whales missed the opportunity to pump on the Taproot news. To be fair, this change is akin to a halving - it takes time to be felt - and bitcoin just had an all-time high last week, right? Moreover, it's good that this upgrade wasn't a "sell the news" moment. But this Monday is feeling a bit dumpy - after BTC failed to conquer the important $66k level I wrote about last Friday. This means the next days may be scary, but remember this also shows the market is not that hot.
Meanwhile, flushes aside, are we going lower or not? Well, tomorrow we'll have a new BTC futures ETF listed, powered by VanEck. And the latest crypto ecosystem updates continue originating great headlines. Just to name a few: AMC Cinemas is now accepting crypto; popular VC Kevin O'Leary admits 10% of his portfolio is crypto; and Paradigm, an investment firm led by Coinbase's co-founder, has just announced a $2.5 billion crypto fund. Yes, this reminds me of when Telegram announced the world's largest ICO in 2017, which raised funds at the beginning of 2018, right at the beginning of crypto winter. But the analogy isn't perfect.
After all, Andressen Horowitz also launched their $2.2 billion fund earlier this year. And things don't look euphoric now. So I'll continue betting that the top will only happen when greed reaches unsustainable levels and high prices make it very attractive for both individuals and organisations to cash out their investments or even their treasuries. Also, this has been a year when prices rise whenever Crypto Twitter feels bearish, which is happening as you can see in today's Tweet tip. Now, it would be good to liquidate those bears in time to fulfil PlanB's prophecy (which is a powerful meme) that BTC will hit $98k by November and $135k in December!
Chart art: please use $btc.
Three things: please separate the hype.
- Owen Fernau explains how "top metaverse investors are separating opportunity from hype".
- Laura Shin explains why "why investment experts say a spot Bitcoin ETF would be superior to bitcoin futures ETFs".
- Lars Doucet explains why Axie Infinity's players are seeing declining daily earning. See also their financial model of AXS's price, it's bearish!