@jaygreenb and
@Solomon
I remember the over hype/euphoria around February-March of this year with all of the ETF stuff, even I was experiencing some FOMO back then. There was all this talk about there being a left translated cycle, which quickly became invalidated. We basically were WAY ahead of schedule and in need of cooling off, we've basically been consolidating for about 7 months now. You can see with each time when the FED maintained it's position with each meeting that there was sell off in the market, starting in April. You basically had all of these people betting on their being rate cuts and with each month having this postponed it made the speculators fearful.
I believe that the bottom of this mini cycle was what we saw in early August, when BTC briefly tanked below 50k and ETH below 2k. BTC dominance is continuing to climb, but I think the BTC pairs with alts have more or less bottomed out. More recently, every little pump we've been getting you can see all these youtube crypto shills talking about it being the big move lol, only for it to retrace a massive 5% back down to where it started. I think a lot of this is heavily based on the election cycle we are in right now, which naturally is tied to feelings of uncertainty in regards to macroeconomics, politics, etc. The FED is most definitely going to continue with rate cuts and quantitative easing through this and next year, basically for the foreseeable future until things become too heated again.
I think things may stay somewhat boring through the rest of the month leading up until the election and maybe start heating up as we approach the Thanksgiving and Christmas holidays. I believe we will see BTC lead the way for most of this, with alts kind of lagging a bit behind but otherwise trending in this direction. However, I think as we get into 2025 we will start to see a shift in the alts where they outperform BTC. In the grand scheme of things, we are insanely close to the next big run.
Things have been so boring for so long that the speculators, gamblers and retail noobs are mostly absent from this space. However, once things really start moving it's going to be crazy as hell. Looking back on it, I wasn't really all that prepared for 2021 and didn't know what to do, this time around I feel I have a much better plan and overall outlook. It's going to happen very quickly and many people are going to be buying in at the worst possible time, only to be dumped on their heads. I'm expecting the next bear market low to be right around where we've been ranging lately, so 50-60k or so.
nftevening.com
.
