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🥜 Mark down these dates...
PLUS: Bitcoin Technical Indicator
GM to all 28,065 of you. Crypto Nutshell #177 moonwalkin’ in. 🌜 🥜
We’re the crypto newsletter that's more adventurous than a journey to find a lost city of gold... 🗺️🏴☠️
What we’ve cooked up for you today…
🔮 JPMorgan crypto prediction
📅 Mark these dates…
🤓 Bitcoin’s most popular technical indicator
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:30am ET
Only the top 20 coins measured by market cap feature in this section
BREAKING: JP Morgan: Ethereum to outperform Bitcoin in 2024
JP Morgan is a confusing one.
One day they’re against crypto and the next they’re singing its praises.
Now they’ve released a report explaining why they believe Ethereum will outperform Bitcoin in 2024.
We touched on it yesterday, where we broke down Bitwise’s predictions.
The main reason JP Morgan analysts believe Ethereum will outperform Bitcoin is due to an upcoming upgrade known as “EIP-4844”.
"The main catalyst is the EIP-4844 upgrade or Protodanksharding, which is expected to take place during the first half of 2024. We believe that this upgrade will likely prove a bigger step towards improving Ethereum network activity, thus helping Ethereum to outperform."
The biggest change that EIP-4844 will bring to Ethereum is drastically reduced transaction fees.
This is absolutely massive in ensuring Ethereum remains competitive. (anyone remember what gas fees were like during peak NFT market?)
Interesting to see multiple institutions back Ethereum over Bitcoin to outperform in 2024… 🧐
For a deeper dive into what EIP-4844 will bring to Ethereum, checkout this article.
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Facebook 9.02x
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MARK THESE DATES 📅
James Seyffart is a Bloomberg ETF analyst.
He’s one of 2 analysts who’ve been covering & breaking down all the Bitcoin ETF developments.
In his latest interview, he highlighted a new 3-day window in which he believes the ETFs will be approved.
First off, Seyffart reconfirmed his 90% odds of approval by January 10th.
“We've been pretty confident, in that we've seen more and more things that aren't necessarily changing our odds, but just confirming our prior convictions and prior views.”
The dates he’s targeting for approval?
“Now the window is probably January 8th to January 10th where we could see it happen. It's a three-day window where we could see these approvals.”
Seyffart also commented on the odds of a spot Ethereum ETF.
Although he doesn’t yet have official odds of approval, he does have it at higher than 50%.
But the odds are not at the 90% level either.
“I do think it's a 100% positive sign if we get these BTC ETFs approved. That is a very positive indication that we will likely see the ETH spot ETFs approved. But we're not at that 90% level. That's for sure.”
As for a date?
“We have ARK & 21Shares alongside VanEck whose deadlines for the ETH ETF is going to be May 23rd, May 24th. So I think we could see approvals then.”
January 8th, January 9th and January 10th for Bitcoin.
May 23rd & May 24th for Ethereum.
Mark these dates down in your calendar as they are undoubtedly going to be explosive. 🧨
BITCOIN’S MOST POPULAR TECHNICAL INDICATOR 🤓
It’s been awhile but today we’ll be taking a look at a technical indicator.
The 200-Day moving average carry’s immense weight and is perhaps the most popular technical indicator.
This makes the 200DMA a useful reference point for overbought and oversold conditions.
Going one step further, the Mayer Multiple simply describes the ratio between price and the 200DMA. A Mayer Multiple of 1.5 would mean that Bitcoin’s current price is 1.5 times the 200 day moving average.
🔴 Overbought conditions: Mayer Multiple greater than 2.4 🐂
🟢 Oversold conditions: Mayer Multiple less than 0.8 🐻
🟠 200 Day Moving Average: Mayer Multiple of 1
Taking a look at the chart above, currently the Mayer Multiple indicator is at 1.47.
Historically, breaking through the 1.5 level has indicated a run up to a new all-time high.
A Mayer Multiple of 1.5 has also marked a level of resistance, indicated by the red crosses on the chart above.
Also, it’s been 33.5 months since this level was last breached, the longest period since the 2013-16 bear.
So what does this metric tell us? 🤷♂️
Well, with Bitcoin currently hanging out around the 1.5 level, it’s definitely one to keep an eye on.
If we break past 1.5 convincingly, we’ll likely witness a price rally to a new all-time high. 😎
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? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What percentage of the Bitcoin supply hasn't moved in over a year?(We broke this down in yesterdays newsletter) |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 70.33% 🥳
What a crazy stat! Checkout the full breakdown here.
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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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