A great week for crypto.
Bitcoin is close to its all time highs of 2017 licking 19.5k before consolidating to 19.2k. Looking at the macro picture, we are seeing a lot of institutions and corporate players buying and holding bitcoin and rumors of a shortage of Bitcoin in the OTC space with a declining bitcoin balance on exchanges (sign of buying). It is also noted that retail buyers are not as excited at the moment (Google search still no where close to 2017 search highs).
On the alts side, we saw a mini alt season with a number of alts seeing double digit gains. Ethereum network has received its 600k ETH deposits for ETH 2.0 launch and Ripple's XRP just mooned past $0.6 with news of the a new coin airdrop.
The crypto community is talking and the question is whether BTC will break the 2017 ATH or will it retrace and have a much anticipated 30% correction (based on 2017 bull run and 2013 bull run? Here are what some of the crypto influencers are saying:
Crypto Kirby trading (Pullback possible starting at 20k or 30k)
- 20k is gonna be a strong resistance
- waiting for sharp correction
- if no resistance at 20k, next stop is 1.68 log Fib at 30k
- Gold is facing a sell off after a parabolic run up in Q3. Will BTC follow?
- US dollar index may break up?
- ETH is going parabolic. Resistance at $675 to $800 resistance box based on 2017
- Don't get caught in a euphoric mindset, BTC will see a correction eventually. make sure you have a plan!
- BTC shot up to 19k, expected from past wedges.
- BTC could take a breather before going up.
- Alts had a mini day as BTC dominance drops below 65%
- BTC is now pumping, alts are suffering a bit. Expect BTC to cool off and alts to pump more
- Expecting BTC to rest and another alt day
- ETH 2.0 contract passes threshold
- Paypal users buying 70% of newly mined BTC
- Grayscale is holding on to 5% of all the
- Massive shortage of BTC at the moment
Crypto WendyO (Still expecting a 30% BTC pullback)
- ETH 2.0 deposit contract reached 600k ETH
- Panthera Capital reports on BTC Shortage
- 2017 is different from 2020 run.
- Square is expected to buy 40% of new crypto
- BTC community has over 100 Million users
- China CBDC is winning. USA is not launching
- XRP broke 31 cents and pumped based on news on Spark airdrop
- ETH could face resistance at $669
- BTC needs to bounce on 18.5 or 19.2 wants to bear cross on macD.
- BTC due for a pullback
- BTC resistance at 19.5k. People will want to take profit
- Could drop down to 13k
- ETH BTC bounced off 0.0261 trend line. ETH has more potential than ETH (opinion)
- Grayscale ETH Trust recently bought $300M of eth
- Visa is positioning self to be middle of payment flows made via fiat based crypto (Partner with CBDC to take down USDT or partner with USDT?)
- Retail people are starting to come back
- Celsius is pumping and could be set for a correction