Another tense week in the crypto space as Bitcoin bounces right under the 20k mark. Fundamentals are showing a shortage of Bitcoins in the open market but technicals are still a toss up with a bearish divergence and no definitive support for the bulls. Here is a summary of what some of the crypto YouTubers are saying:
Datadash (Fundamental reasons for BTC to go up)
- Supply and demand is bullish
- Greyscale GBTC bought up another 7188 BTC (From 360k June to 550k today)
- Buyside pressure outpacing miner sell pressure
- 600k btc has moved off exchanges since peak in Feb 2020 (sign of buy and hold)
- Sept 23, 2021 is the "expected peak" for next run up
- We are in a similar phase as Jan 2017
- BTC may be hitting all time highs again before end of the year
- Expecting to see sideways action before pumping late December.
- Sideway movement = alt coins will rise
- Bitcoy plans to go into defi coins today to enjoy the altcoin gains before switching back to BTC when it starts taking off late December.
- US StableACT bill being debated in DC- Crypto creators and issuers must have bank level licensing and KYC team.
- May slow down crypto innovation. Bill will not prevent frauds.
- BTC bouncing 19.4 & 18.3 point. "No trade zone"
- barely any volume. Could go to 19.9k but will drop
- if 20k broken, look at 22-25k as next resistance
- BTC on longer timeframe - wont be breaking previous ATH for some time.
- Not ruling out 13k BTC until we find support above 20k
- Hash Ribbon is flashing buy signals (good for long term BTC price gains)
- Expecting massive pumps in alt coins at the end of the BTC bull run cycle. Will try to identify blow off top.
- BTC dominance is above 65%. If it drops to 35% at the end of the cycle like in 2018, alt coins will be seeing massive gains (10-20X gains)
- Strategy is to increase BTC stack by riding alt coins up and selling alts at the top back to BTC
- Build alt coins positions at each major dip, scale down into BTC/Stablecoins at signs of tops.
- Major risk for alts = New regulations on Alt coins (bans?)
Disclaimer:
This is just a collection of notes taken from watching above YouTubers. YouTubers of opposing views are rounded up for a more comprehensive picture of what's happening in the crypto space. This should not be treated as investing advice. Crypto is volatile and has significant risks. Invest at your own risk and do your own research. Consult an investment adviser for professional advice.