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🥜 This time is different
PLUS: Crypto expert crazy price prediction
GM. Crypto Nutshell comin’ at ya! 🫶 🥜
The crypto newsletter more dependable than a man dressed as a bat, protecting his city from crime... 🦇🌃
Today, we’ll discuss:
This is what apathy looks like 🥱
Cathie Wood remains bullish 🐂
This time will be different ⌛
And more…
MARKET WATCH ⚖️
Price data as at 8:45am ETF
Only the top 20 coins measured by market cap feature in this section
THIS IS WHAT APATHY LOOKS LIKE 🥱
Have you been feeling down about crypto recently? 😪
Yeah?
Well that’s perfectly normal at this point in the cycle.
It’s worth taking a look at the chart below. Do you see the pattern? Bitcoin’s history is repeating! We’ve seen this exact same scenario play out 2 times in the past. Going off this chart it appears that now would be the absolute worst time to sell your Bitcoin…
Popular online analyst Will Clemente, the founder of Reflexivity Research summed up this lull period perfectly.
Crypto’s trading volume is the lowest it’s been since 2020
Google search trends for Bitcoin / crypto at multi year lows
Realized volatility, implied volatility, weekly bollinger bands all near record lows
This is literally the bottom. The worst it’ll be. 😥
But there’s two major catalysts coming up (discussed in following sections) which will have enormous impacts on Bitcoins price.
Can you guess what they are?
- Crypto’s aggregated trading volume is the lowest that it’s been since 2020
- Google search trends for Bitcoin/crypto at multi year lows
- Realized volatility, implied volatility, weekly bollinger bands all near record lows
This is exactly what apathy looks like.
— Will Clemente (@WClementeIII)
12:19 PM • Sep 4, 2023
WHAT WE’RE READING 📚️
Want to get even smarter in Crypto before the bull run? Check these out.
p.s. both completely free
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CATHIE WOOD REMAINS BULLISH 💰
Cathie Wood has never before had so much belief in Bitcoin. 🐂
This week, Cathie Wood appeared on The Raz Report. She got asked about her conviction in Bitcoin & if she had a price prediction for next year.
Cathie says she has never had more conviction than at this moment.
Although she didn’t have a price prediction for 2024, Cathie’s 5-7 year forecast was $650,000 - $1,300,000. 🚀
Also revealed, was that Cathie believes the entire crypto asset class is going to go from $1 trillion to $25 trillion, with Bitcoin making up over half of that.
What will be the cause of such a meteoric rise? 🤔
Cathie laid out 3 reasons:
A spot Bitcoin ETF bringing in institutions
Regulatory clarity allowing for sophisticated investors to buy
Young people - As millennials & Gen Z accumulate more wealth, they are much more likely to invest in digital assets, as opposed to houses, bonds or stocks.
“I think from an institutional point of view, we're going to see a serious move in. What's interesting about that is the number of Bitcoin outstanding now is 19-ish million and the maximum will be 21 million. If institutions want to move in, that's going to be a lot of incremental demand for not that much more incremental supply. So the only way to then do that is to bid the price up.”
Good to see Cathie is still as excited about Bitcoin as when she first bought it back in 2015. 💪
THIS TIME WILL BE DIFFERENT 📊
Bitcoin has been leaving exchanges at a constant rate since March 2020. Can you believe that Percent Balance on Exchanges is at a 5 year low?
In the past, during bear markets we’ve always seen the number of coins on exchanges go up. But this time is looking a little different…
2015: Increase of 800,000 coins
2018: Increase of 900,000 coins
2022: DECREASE of ~1,000,000 coins since March 2020
The bear markets of 2015 and 2018 saw coins being sent to exchanges for sale, to exit positions. But this time we’ve seen the opposite. Only 11.67% of the available supply remains for sale on exchanges. 🤯
But another enormous catalyst is just around the corner…
The Bitcoin Halving is ~224 days away. The Halving is a MASSIVE event for the Bitcoin ecosystem due to the decrease in supply. 📈
BUT… there’s another HUGE catalyst poking it’s head around the corner.
The largest asset manager in the world wants in on Bitcoin. We’re talking about BlackRock’s Bitcoin ETF. The big money is coming.
The narrative has changed. This time is different. ⌛
Are you ready? 🚀
CRACKING CRYPTO 🥜
CAN YOU CRACK THIS NUT? ✍️
In June 2022, who said that cryptocurrencies are "100% based on greater fool theory"?
A) Elon Musk
B) Bill Gates
C) Warren Buffet
D) Charlie Munger
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) Bill Gates 🥳
Microsoft co-founder Bill Gates said he thinks cryptocurrencies and NFTs are “100% based on greater fool theory.”
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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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