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- 🥜 Crypto Expert: Bitcoin will hit $900,000 next cycle
🥜 Crypto Expert: Bitcoin will hit $900,000 next cycle
PLUS: Bitcoin Breaks Milestone
GM to all 21,683 of you. Crypto Nutshell #157 prowlin’ by. 🦁 🥜
We’re the crypto newsletter that's almost as charming as a chef rat taking over a prestigious restaurant in Paris... 🐭🍽️
What we’ve cooked up for you today…
🤬 Kraken founder speaks out
🦅 Bitcoin To $900,000 next cycle
🥳 Bitcoin network milestone
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:51am ET
Only the top 20 coins measured by market cap feature in this section
KRAKEN FOUNDER SPEAKS OUT 🤬
Breaking: Kraken’s co-founder criticises SEC’s ‘convenience-based’ enforcement actions in crypto industry
Jesse Powell, co-founder of Kraken, believes the enforcement action against Binance was a net positive for the industry.
In a series of tweets, Powell argued that the SEC has prioritised cases based on convenience. Examples given included the SEC’s cases against Coinbase, Ripple and Kraken.
SEC is clearly bringing cases in order of convenience. @krakenfx @coinbase @Ripple are all easy targets, sitting right in their back yard. Going after the most egregious offenders offshore would require effort. It's not about protecting people.
The SEC’s approach to regulation has already resulted in some companies opting to leave the US behind. Large corporations such as Ripple, Gemini and Coinbase have also began to expand their operations overseas.
In response to the recent regulatory actions against Binance, Powell believes the industry “feels a bit more fair”.
The SEC recently sued Kraken for operating as an unregistered securities exchange. Despite this, Powell emphasised Kraken’s compliance-first approach.
The easiest thing you can do is use and refer people to the services which are engaged in these fights, which are playing the long game, and are being good examples for the industry. They may not offer 0-KYC accounts and the most exotic products but you will be contributing to the longevity of the industry rather than yet another avoidable, collective black eye.
It will be interesting to see where the SEC goes from here with their approach. If they continue their totalitarian approach to crypto regulation, they may end up pushing the entire crypto industry (and all it’s innovation) offshore… 🌎
That’s one of the best things about crypto - it’s a global asset. Meaning it’s not beholden to regulation by any one centralised government.
TOGETHER WITH THE GOLD INVESTMENT LETTER 🏆
Before Bitcoin, there was a little something called gold.
As much as we love to live in the future, commodities will always play a role in our lives.
How much will it cost to fill up my tank of gas? Are gold & silver prices rising or falling? 🤔
That’s where The Gold Investment Letter steps in.
Makes keeping up with the latest commodity & investing news dead simple and entertaining ✅
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BITCOIN TO $900,000 NEXT CYCLE 🦅
In 2018, one expert trader accurately predicted Bitcoin’s entire move from $3,700 to $69,000.
This week, he revealed his prediction for the next bull-run.
The expert trader is Bob Loukas. He’s a veteran trader who’s been in the game for 25+ years.
Loukas covers, gold, silver, oil, equities, Bitcoin and crypto.
But his expertise?
Market cycles.
Loukas’s main focus these days is on Bitcoin.
Why?
Bitcoin is the perfect asset class for cycle analysis.
So what does Loukas predict for 2024 & 2025?
From his latest analysis, Loukas predicts the next cycle is going to mirror the 2017 & 2021 cycles.
Bob Loukas’s cycle prediction
“What is ahead, in theory, is a 4 year cycle that is mirroring the prior cycles.”
This would put Bitcoin’s price at a next cycle peak between $200,000 - $900,000.
“Those two cycles, if they were to play out, point to a $200,000 to $900,000 or so Bitcoin price in the next cycle.”
Each cycle, Bitcoin’s returns go down, which makes sense.
As Bitcoin’s market cap increases, more money is needed to see the same returns.
But Loukas argues we won’t see diminishing returns next cycle for 2 reasons:
A spot Bitcoin ETF is going to bring demand like we've never seen before
For the first time ever, leading into a halving, Bitcoin’s available supply is decreasing
Let’s hope Loukas’s prediction for the next cycle is as accurate as his last. 😉
BITCOIN NETWORK MILESTONE 🎉
Today we’ll be taking a look at the total number of Bitcoin addresses.
It’s a simple one but the total number of addresses gives us a general idea of the overall Bitcoin user base.
Here’s how to interpret it:
Increasing amount of addresses: more users are joining the Bitcoin network
Decreasing amount of addresses: more users are deciding to leave the Bitcoin network
However it’s important to remember, one wallet does not necessarily equal one user. Due to the way Bitcoin works one user can have multiple wallets.
The chart below shows us the amount of wallets with less than 0.01 Bitcoin. These wallets are referred to as ‘Plankton’ wallets.
The amount of plankton wallets has been exploding. In fact it’s just reached an all time high of 37.5 million wallets.
The last 30 days has seen this address cohort increase by over 1.6 million, one of the largest 30 day changes ever.
That’s insane.
Going further, the number of addresses with a non-zero balance has just crossed the 50 million mark. 🥳
(That’s an all-time high by the way)
Clearly the Bitcoin network is undergoing significant growth.
This is great to see. New users joining the network will always be a simple bullish indicator.
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? ✍️
When was the Ethereum Merge?
A) October 2015
B) September 2022
C) May 2023
D) April 2022
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: B) September 2022 🥳
The Merge was executed on September 15, 2022. This completed Ethereum's transition to proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.
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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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