Yellow Feathers
Norm Smith Medallist
One last flush down and then take off. Or perhaps that was it. Either way, not long to go now.
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Big dump this weekend please.One last flush down and then take off. Or perhaps that was it. Either way, not long to go now.
So how many do you suggest I buy?I know this place has been dead for a while, but if anyone is interested, I've got strong belief that Q3 should be quite bullish for crypto. The ETH spot ETF will launch, liquidity conditions in the US are improving (potentially see the first rate cut) and hype around the US election will start to ramp up (where Trump has made pro-crypto part of his campaign to try get those swing states on his side).
Even just this chart highlights that alts relative to BTC are in an almost identical position to the end of October last year (RSI, price level, stablecoin flows have flattened). This doesn't look like a bearish chart to me, it looks like a chart that has consolidated at a higher low after the first leg of the cycle and is ready for the next one!
A dovish CPI print and FOMC later this week likely gives the market fuel for risk-on to return in a big way.
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That is up to youSo how many do you suggest I buy?
Is it such a sure thing that I could mortgage my house on?That is up to you
Standard dump as per the last 4 FOMC meetings, doubt this time is any different. Have a similar rally from here and 80k on the cards by end of June…Way to crash the price, BACCS
Standard dump as per the last 4 FOMC meetings, doubt this time is any different. Have a similar rally from here and 80k on the cards by end of June…
BTC, ETH and total3 all just sitting at those key supports still anyway and haven’t lost bullish structure in months.
I think we are at a similar stage to October/November 2020, where alt sentiment was at absolute rock bottom even though BTC was trading near new highs. Alts vs BTC are at range lows that have held since last July (also hit in October and wicked there briefly in May); interestingly, it is also the level where alts went truly parabolic from in 2021.Just ranging sideways. Expect one more capitulation before taking off. The first parabolic move of the last cycle happened around 6 months after the halving. It's different this time with all the ETFs enabling easier access for more money into the market but once the news cycle starts to become bullish about the price of Bitcoin, that's when you'll know institutions have loaded up their bags enough before pushing the price up to take profits.
I think we are at a similar stage to October/November 2020, where alt sentiment was at absolute rock bottom even though BTC was trading near new highs. Alts vs BTC are at range lows that have held since last July (also hit in October and wicked there briefly in May); interestingly, it is also the level where alts went truly parabolic from in 2021.
Everything macro, chart and sentiment wise is exactly where you expect it to be before it starts ripping up and leaving people behind. At worst from here I see BTC wick into 63-64k over the upcoming weekend due to lower volume and then it flies to 80k+ by early July.
Sentiment comparison:
Chart:
View attachment 2019479
I am confident though that most alts will be trading 50-100% higher than current levels before the alts go parabolic, which I still think is lining up for maybe September (if the first rate cut happens then) or October. BTC hits 100k by August if this scenario plays out.Yep, I feel the same way. Barely any mention of it in mainstream news outlets, despite the recent highs and lows.
Still a few months off from a real parabolic move, so it'll be accumulation at these levels for a little while longer.
Yeah, alts haven't really kicked off yet and usually lag behind BTC in that regard. Should be an interesting cycle to see if it plays out much differently than previous ones.I am confident though that most alts will be trading 50-100% higher than current levels before the alts go parabolic, which I still think is lining up for maybe September (if the first rate cut happens then) or October. BTC hits 100k by August if this scenario plays out.
I thought it might, but that sentiment check from late gave me a reality check, it really aint different at all. The only thing different about this cycle is BTC hitting a new ATH earlier because of the ETFs, which maybe means the cycle is playing out 6 months earlier than it normally would. I think we see a new ATH for ETH before September too, especially with the ETF going live before then.Yeah, alts haven't really kicked off yet and usually lag behind BTC in that regard. Should be an interesting cycle to see if it plays out much differently than previous ones.
That's true although I think the majority of retail will begin to FOMO in when the good news cycle hits MSM. Be interesting to see how much of an impact they have this time around.I thought it might, but that sentiment check from late gave me a reality check, it really aint different at all. The only thing different about this cycle is BTC hitting a new ATH earlier because of the ETFs, which maybe means the cycle is playing out 6 months earlier than it normally would. I think we see a new ATH for ETH before September too, especially with the ETF going live before then.