I still think this has to explode upwards...
It's funny to realize that cycles never repeat themselves as expected...even if we think that they " rhyme " in a certain way, the current bullish cycle is very strange.
For instance, we have never had such a shortage of BITCOINS offered in the exchanges...
Just for this reason, it should be enough to have a bullish feeling about it but, if you look at the volume of BITCOIN traded in the exchanges it is almost at historical lows, usually this happens at times when the market bottoms out.
(Source)
This leads me to think that the "retail" is not interested in entering yet. The trading volume seems simply generated by the famous ETFs, which are buying and selling without any criteria that can be clearly identified by us...
It is really difficult to make an accurate bet in the short term, understanding the short term as a time window of 3 months... in my opinion, we still have to finish the worst month of the year and, I think that from mid-October, we should see more clearly what ceiling we are going to with BITCOIN.
With ALTCOINS I think I have it clearer, there does not seem to be any "valid narrative" that can encourage their takeoff more than the typical historical rotation BTC-Major Altcoins-Small Altcoins although I also have to say that on the street it does not seem that crypto is talked about unless it is related to BTC.
In any case, I remain very bullish on BITCOIN, for me it would be very frustrating this time not to exceed 100K but, nobody has a crystal ball to predict what will happen.
What do you think?
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Retail is always late. We might actually be right now in the rally everyone expects for October. The market very often does the exact opposite of what the masses think.
Meme is a big narrative within Altcoins but since there are so many the capital jumps from one to the other. Only a few like PEPE have seen a more sustained upwards momentum.
Meme are not going to last so much IMO, in any case MEMES are already accounted in the market
Yeah mainly pump and dump
Yep, retail is not here yet.
It certainly feels like we are bottoming out and getting ready to take off, at least bitcoin, and probably some wildcards. We will see about the rest, how they perform in the first phase, while bitcoin will still be pushing up strongly.