Is Bitcoin and the crypto market laying a platform for the motherlode bull run of all bull runs… to END ALL BULL RUNS?
“On the first light of the… dunno which day yet but should be next year… look to the east (or maybe west)… for this is when the prophesised Bitcoin ETF and Halving narratives will unite as one to smite down the bears with great vengeance and furious anger… sending them to cower in caves, licking salty wounds in a multi-year hibernation/sulk.”
This is paraphrasing Gandalf, of course. Not necessarily this one …
If many a crypto true believer is indeed to be believed, then prepare to have faces ripped off as Bitcoin (and then altcoin) prices moon next year and into 2025.
B… but… “higher for longer” interest rates, more Wall Street sell-offs. Are crypto bros and bro-ettes smoking bulk hopium? Yeah, probably, but also, there are things afoot stirring the pot in this sector, and it’s largely coming from the world of tradfi, led by BlackRock CEO Larry Fink’s newfound enthusiasm for the much-maligned asset class.
This week Bitcoin has reached its highest levels so far this year, currently pushing up towards US$35k again amid increased sentiment surrounding potential approval for spot BTC ETFs in the US of Finkin’ A.
We could give you all sorts of wild predictions from the Crypto Twitter universe (and we will, as soon as we gather them), but here’s something somewhat credible for bulls to cling to…
Peter Brandt predicts BTC all-time high next year
Peter Brandt, a legendary, veteran trading wizard who first began looking at charts roughly about the Time of the Elves, after Noldor returned to Middle Earth, has posted the following predictions this week, boldly declaring: “THE $BTC BOTTOM IS IN”.
Brandt, who is known within crypto for predicting the 80% drop from the 2017/18 bull run peak, among other good calls, now thinks Bitcoin is on a path to a new all-time high of about US$70k, which he thinks could arrive in Q3 of next year.
Look, it’s not the most bullish scenario floating around for Bitcoin right now (Robert Kiyosaki thinks it’s a US$135k ‘next stop for BTC’, for instance). But nevertheless, we’ll add it to the tray of hopium – after all, he’s basing it off a “blueprint” he’s put together that he’s apparently been using for about two years.
The chart he’s jokingly posted below is not that actual blueprint, but if it is, forget everything we just said about Peter Brandt and swiftly move on like none of this ever happened…
Top 10 overview
With the overall crypto market cap at US$1.31 trillion, up a fraction since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
ALTCOIN PUMPERS
(11-100 market cap position)
• Pepe (PEPE), (market cap: US$510 million) +27%
• Rollbit Coin (RLB), (market cap: US$637 million) +16%
• GMX (GMX), (market cap: US$393 million) +10%
• The Graph (GRT), (market cap: US$932 million) +9%
• Rocket Pool (RPL), (market cap: US$500 million) +9%
ALTCOIN SLUMPERS
• Mina Protocol (MINA), (market cap: US$686 million) -10%
• Kaspa (KAS), (market cap: US$1.06 billion) -4%
• XDC Network (XDC), (market cap: US$638 million) -2%
• Filecoin (FIL), (market cap: US$1.75 billion) -3%
Around the blocks
Some pertinence and randomness that stuck with us on our daily moves through the Crypto Twitterverse.
On the edge of being “orange pilled”? Still not sure? Here, watch this latest clip from big financial media outlet CNBC…
Meanwhile, in other “flight to alternatives”-related news…