Bitcoin is never down
3 min read

Bitcoin is never down

Cryptic ball: but Facebook, Whatsapp, and Instagram can be.

Did you enjoy the weekend? Bitcoin and ether have mostly been consolidating after Friday's pump, although some few alts managed to extend the gains: mostly Axie Infinity's AXS, on top of announcing a new staking feature; LUNA, following a network upgrade to its Terra blockchain; and, of course,  DOGE and SHIBA, after Elon tweeted another cute puppy's pic. This is a good sign of resilience, given that the Nasdaq and the S&P 500 haven't recovered so far - with such dump attributed to investors selling more risky, technology-related stocks. Why?

Note that Europe seems poised for truck driver shortages and that global oil prices have just hit a three-year high! All this will heighten inflation woes, pushing the Fed to kick the money-printing brakes harder - at risk of further crashing stocks. And, until recently, I've warned you about how closely correlated cryptoassets were with equities. Well, if BTC and alts "can keep their head when all about them are losing theirs" then this asset class can truly become an independent Market.

In other words, bitcoin can finally fulfil the narrative that it is a safe haven asset in times of instability and not just a speculative bet. That would allow the remaining cryptoassets to benefit from the profits of BTC hodlers in case the orange coin continues racing towards a new all-time high as I'm expecting it to do so later this month. And, as you can see below, I'm not the only one! What about you?

Chart art: what's your prediction?

The great Ecoinometrics channel has surveyed 300 of its readers to create this poll. Click on the image to check them out. Usually, I recommend counter-trading sentiment on Crypto Twitter, but this is different as you can't fight such a trend alone.

Three things: up your knowledge this October.

Tweet tip: remember the good forecasters.

The Great CryptoCobain tweeted this prescient prediction last January.

Meme moment: and filter out the bad ones.

Have you had such a professor?

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