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- 🥜 2024 Bitcoin Prediction: Choppy Seas ahead? 🌊
🥜 2024 Bitcoin Prediction: Choppy Seas ahead? 🌊
PLUS: Binance claps back
GM to all 10,907 of you. Crypto Nutshell checkin’ in. 🥜🫡
We’re the crypto newsletter that's as epic as a quest to destroy a powerful ring and save Middle-earth... 💍🌋
Today, we’ll be going over:
🤣 Binance just rolled the SEC
🔥 2024 prediction: choppy seas ahead
📈 RHODL ratio crazy insight
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:45am ET
Only the top 20 coins measured by market cap feature in this section
BINANCE CLAPS BACK 😱
JUST IN: Crypto Exchange Binance, CEO CZ Ask’s Court to Dismiss SEC Suit
Binance & it’s CEO, CZ have requested the dismissal of the SEC’s lawsuit against them. Binance claims that the SEC has clearly overstepped its authority in the lawsuit against them.
Back once again with Binance vs the SEC. 🥊
Binance has come out swinging, dropping a 60 page report on where the SEC has gone wrong. Checkout this snippet from the report:
One of the main arguments from Binance is that the SEC never imposed any clear guidelines for the crypto sector in the past. Therefore they cannot retroactively impose their regulatory authority over them. That’s a pretty good point in our view.
"It is clear that the SEC’s lawsuit has no foundation in the currently enacted securities laws."
It’ll be interesting to see where this goes. If this lawsuit does get dismissed, it would be the biggest L possible for the SEC. How many can they take? 🤭
Stay tuned, we’ll keep you updated.
TOGETHER WITH REKT RADAR 💣
Crypto is like the final frontier of investing. 🪐
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As much as we love Bitcoin & Ethereum, unfortunately they’re most likely not going to pull a 100x next bull run. They’ve gotten too big.
The next 100x gem is probably going to come from a coin you’ve never heard of before.
The problem? There are literally thousands upon thousands of coins.
That’s why we read Rekt Radar.
Think of it like the Crypto Nutshell, but for DeFi: They share the best kept secrets on the latest DeFi & smaller crypto gems.
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Future you will thank you. 🎉
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2024 PREDICTION: CHOPPY SEAS AHEAD 🌊
On-chain analyst Willy Woo has emerged and given his Bitcoin prediction for 2024.
If you’re unfamiliar with Willy Woo, he’s:
The O.G on-chain Bitcoin analyst
Amassed over 1+ million followers
From New Zealand 🐑
Willy Woo pioneered many of the on-chain analytics we use today.
He disappeared from the Bitcoin scene for over a year but has now re-emerged with his outlook on Bitcoin.
Here’s his 2024 Bitcoin Prediction:
Choppy. Both up and down and limbo land, good chance of blood on the street also. 2024 setting up for a recession to sink in and lots of risk off trades. 2025 may be a much better year.
— Willy Woo (@woonomic)
4:07 PM • Sep 20, 2023
Additionally, Woo gave his outlook at the ‘What Bitcoin Did’ live show in Sydney.
The number one thing he thinks Bitcoin needs?
Time. ⏰
“It just takes time. It's a patience game… Every time we've had a fiat currency it has failed. Without question. So this current system we're in, is a short-term game for a lot of people to make a lot of money.”
Bottom Line: Willy has a unique take in that he’s not super bullish on 2024 but is instead looking towards 2025.
Historically, he’s right. The year of the Bitcoin halving isn't explosive, but the year after.
We disagree and think 2024 will be a positive year for Bitcoin, due to the combination of the spot ETF & halving. But it’s always good to hear opposing views 🫡
IT’S ALL LINING UP 📈
The Realized HODL Ratio (RHODL) is a super useful and reliable on-chain metric. It simply tracks the balance of wealth held within recently moved coins (<1 week) and HODLers (1-2 years).
High values: a large portion of the supply is held in recently moved coins (market tops)
Low values: a large portion of the supply is held by long term holders (HODLers / market bottoms)
The reason this metric is so reliable for picking out market tops is due to the fact that long term holders begin to sell their coins (to short term holders) as the price approaches all time highs.
Then, short term holders begin to sell their coins back to long term holders as the price begins to drop. From the chart below you can see how the peaks in RHODL line up nicely with the peaks in price.
From the chart above, 2023 is looking very similar to 2019.
Right now the market is dominated by HODLers as we continue through this period of uncertainty.
Previous cycles have shown us that the increase in new investors always starts VERY slow and then begins to go parabolic into the tops (chart is on log scale)
Takeaway: So far 2023 has seen a relatively small inflow of new investors.
An increasing amount of short term holders is seen as a bullish signal by many but the momentum isn’t quite there yet… no need to worry though. This is all part of the plan (look at 2015 and 2019). 👀
CRACKING CRYPTO 🥜
WHAT WE’RE READING? ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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CAN YOU CRACK THIS NUT? ✍️
The blockchain holds _________ transactions.
A) Unconfirmed
B) Random
C) Pending
D) Confirmed
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) Confirmed 🥳
The blockchain holds “archived” or confirmed transactions (packaged in “blocks”).
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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