Is there an image more terrifying than being held hostage in your own home by a pack of bloodthirsty seagulls? Perhaps coming back from surgery to find they removed the wrong body part is slightly more horrifying. In other strange news, rumours are circulating that the Church of England might invest in the cannabis industry…
What a weekend. Bitcoin not only blasted through $10k last Friday night, but it also touched $11.2k both on Saturday and Sunday — where a lot of profit-taking activity occurred. Still, the original cryptoasset’s parabolic run continues and even if we see some sideways activity over the next few days — as there’s lot of space for that — the current sentiment indicates further upside. Long live the bulls!
Meanwhile, what’s interesting about the past few days was that ether managed to practically maintain its correlation to BTC, and is just 3.5% down againstbitcoin over the past seven days. Still, note that only 11 tokens managed to not lose against the leading coin, so always think critically when you hear calls for an alt season. As Panda of Binance argues, the only true alt season only happened due to the Ethereum-fuelled ICO party and now BTC dominance could evenreach 80%.
Back in 2017, when this newsletter first started, bitcoin took just 19 days to double in value once it hit $10k. Is the current FOMO level that high? Or will it take some time for us to see $20k again? Impossible to tell. But the month is closing next Sunday and there are still many bets against BTC to trap and many alts to wreck. However, Google searches for BTC are still at a low level.
What does this mean? That maybe this run isn’t being driven by FOMO-pron retail investors. Instead, as TSS argues, it seems the latest wave of capital flight from China might be the culprit. So, there might not be enough demand to go upwards like in 2017. Lastly, if you need more reasons to stay calm, we recommend Philip Swift’s analysis on how his latest indicator anticipates a pullback.
▪ If you want to understand how difficult it is to create a privacy-focused cryptocurrency, Mohamed ElSeidy explains just that in a new analysis of Monero.
▪ If you miss Daniel Jeffries’ great posts, the Laughing Monkey is back to talk about “Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring”.
▪ If you still haven’t understood what Facebook’s cryptocurrency vision is all about, we recommend Eric Wall’s perspective: “The Libra Master plan”.
▪ If you still don’t follow Nathaniel Whittemore’s weekly thread, take its first anniversary to do it! And grasp how sentiment changed over the past year.
▪ If you still don’t look at BitMEX’s funding rate to understand where the market might move next, check Skew Market’s analysis of such strong relationship!
“Bitcoin increased 250% between the December lows and now. Another 250% increase would take price to $38.5K.
(Past performance not indicative of future results)”
