If we look at this chart up here, we can see that the overall market is looking pretty nice. We have some coins like CRO, which I bought just yesterday, up 8.4% so very nice gains in this current bear market that everyone thinks we’re in. We also have FTM over there doing very well, with a 5% gain today. I actually bought the dip of that when everyone was panicking, so we’re up around 25% to 30% on that. Very nice stuff.
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Now if we do jump over to the Bitcoin chart, we can see that a Bitcoin is worth $37,700. They’re still clinging to that mark. I’m hoping that we do hold on to make another higher low. That’s what we want to see in order for this market to continue up. I think within the next two to three days we’re going to find out. Bitcoin looks like it’s coiling up to make a massive move. With that said, potentially sending us to around the $28,000 to $29,000 mark because that was the last low back here or potentially pumping above, what I would like to see first of all would be a pump above around $42,000 and that will hopefully send us higher now.
With that said, if we move over to the crypto Greed and Fear index at 27, we look slightly less fearful than we were yesterday, but still quite fearful. I think the market right now is just scared about what’s going to happen over here at the FOMC meeting.
Right now is a potentially massive opportunity for either way. If the market goes up or the market goes down today, we could decide that could be an amazing opportunity to buy long, sell short, that sort of stuff.
I personally think that the worst case scenario is already priced in, but we really don’t know. It could be significantly worse than we expected. It could even be significantly worse than we expected. If it’s better, I think we’re going to pump upwards. If it’s worse, we’re going to go down. If it’s exactly what people expect, I think we’re going to continue this sideways motion for quite some time. I don’t think the market has it in it right now to have any tremendous gains. We just need to sit, we need to research, and we need to realize that if we compare the last times we’ve been in situations like this, what happened after it?
If we see here, in July, there was very similar situation to what’s going on right now, a low of $28,000, and then after about three months of this, we went absolutely crazy again. That was a short-term bear trend there, and here we have a long-term bear market here. This is where the greatest number of opportunities are made. The greatest number of millionaires are made. The most gains are made here by finding projects and dollar-averaging into them when they are cheap, and just holding and being patient creates literal millionaires. Trust me on that one.
So here we have a potential opportunity. One, it’s a short-term bear trend or we’re going into a longer-term bear trend where yes, Bitcoin could fall another 50%, which is exactly what happened here. People who cost an average didn’t get bored. They stayed involved in the market. They said those involved in their research had an absolutely crazy time coming in the next two years. Right, so that’s what I’m seeing here and that’s why I’m still staying chilled. I’m still averaging out my dollar cost on Bitcoin and a few other coins. I believe we’re making short-term gains, as you’ve seen today. Hopefully, we’ll make some significant long-term gains.
Now let’s jump into some news today. Sequoia Capital Partners believes lots of VCs will pull back from crypto. This is based around the fact that they think that VCs basically jumped into the bull market and didn’t really understand the market that they were in and got scared. It’s interesting to see that people who are controlling a large amount of money are still acting like new retail investors in this space because the entire space is just so new. So when you make a mistake in crypto, don’t worry because even these huge venture capital funds do the same thing, just stick to your guns. Continue that research and learn as much as you possibly can.
We also have the Derivatives, Spot Markets, Dex Swaps slipping across the board in the last month, just signaling more and more people getting bored in this market, which isn’t necessarily a bad thing if you are willing to stay for the long term.
Like I was talking about the Fed meeting, the FOMC comments will indicate where the market’s going to go with people expecting, if they’re bad, for Bitcoin to drop to around S28k, and honestly, I don’t think that that is that bad because it did drop to 28k here last time and then absolutely pumped afterwards, but maybe I’m just forever the optimist.
Moving on to a little bit of bullish news, we have Cardano Whales bought 200 million more ADA in the last five weeks. I think this is great. I think it’s great to see that whales still believe in this project. We’ve seen projects like Solana keep crashing over and over again, and that is basically because they might have come to the market too soon before they were ready, and that’s what Cardano is trying to avoid. I think people wanted that when Cardano was around $3, but they didn’t do it, and that ended up in having loads of fear, uncertainty, and doubt. But currently, the network is slow. They’re trying to figure out all the kinks, but they are slowly progressing, and, of course, people still believe in them. I personally don’t hold ADA myself, but I do hold a bunch of coins within the ecosystem, and I’ll potentially dollar cost average back into Cardano if we do see some sweet prices come back into the market.
I want to make a point just quickly about the Nasdaq over the last six months. Down 20%. This is another huge opportunity. These are massive companies. There’s so much fear; people are scared; they’re taking their money out. The markets are crashing, which could show an absolutely massive opportunity.
On top of that, if we zoom out to the five-year chart, just look at that uptrend. Here’s the downtrend we’re in right now, and you can’t tell me that that’s not currently still a massive uptrend right now. Checking out the max chart, there is very much proof in the pudding, just a little bit of a blip on the radar, and this is the importance of dollar cost averaging.
We also saw Telegram release the use of their Toncoin within the messenger chats. Now this isn’t something or a coin that I’ve looked into too much, but interesting stuff here could bring more retail involvement into the market, which is definitely something you want to see as Telegram is one of the most used messenger apps. I was saying that I thought it would be super bullish if WhatsApp actually integrated something similar, but this is basically a step in the right direction, and we’ll have to wait to see what happens with the price. I’m not really sure what will happen because I’ve never really seen anything on this scale. Maybe the price will pump because of this news, or maybe it will dump. Who really knows, but it’s just an interesting coin that you guys should definitely go and check out, which could have some serious potential going forward now.
Finally, we have set a new daily trading record of 476 million in Ethereum. Of course, this was because of the Yuga Labs launch and a bunch of other stuff happening all at the same time, but it’s very good to see this sort of news and this sort of volume in the market even though the whole market is bored and we are in a bear market, a bear trend, a correction, whatever you want to call it, and it’s just good to see this sort of stuff now. What is your dollar cost averaging right now? Are you waiting for a dip to $28k or have you completely given up on crypto?
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/shdbXxspAys ]