Cryptic ball: $60k is the next boss.
This was a slow weekend, indeed. Bitcoin remained stuck between $54k and $56k, only escaping the range on the first hours of Monday, UTC time. The original cryptoasset has pumped 5% and looks poised to have a great week ahead. Meanwhile, as expected, alts remained rather muted. FTM and SHIBA were among the few to escape today's carnage, which led the likes of LUNA, SOL, and AVAX to new lows. This implies a change of strategy for the rest of the month.
While before it seemed like we were seeing that it was possible for major cap alternative cryptoassets to pump in tandem with BTC, it's now clear the strength of the orange coin will soon be felt, further pushing most of alts down in relative terms - just like what happened in 2017. In other words, I'm expecting bitcoin to test its previous all-time high (ATH) of $65k around the end of October, which would curiously bode well with October 31st's whitepaper publication!
Then, if the 2017 replica meme comes true, we'll pump in November whereas alts will finally spring again in December. Prediction-wise, I agree with Ryan Selkis, who has nailed more forecasts than any other person in this industry, who is now predicting a top around $125k to $150k bitcoin. If you haven't positioned yourself for this outcome, check Cred's take, a popular crypto trader, who shared a few scenarios to trade the breakout. Keep an eye on funding rates too!
Chart art: institutions are buying.
Three things: bitcoin mitigates energy waste.
- Bloomberg just shared good advice from five different traders.
- Coinshares just shared a great report on institutional crypto adoption.
- US Senator Ted Cruz just showed an excellent understanding of BTC's energy consumption.