Bullish or Bearish October 2021? (Crash Hedge?) – Last Week Crypto
The downward price pressure of bitcoin has especially been relieved as of late lets, check it out hello, im, crypto casey and welcome to another episode of last week. Crypto every sunday we reviewed the performance of the largest cryptocurrencies top gainers, as well as the latest global news stories affecting the crypto markets. This past week this week, we will discuss the overall bullish forecast for the traditional markets and how that relates to crypto potential upsides and downsides. The crypto market could experience in the short term as well as a potential hedge against market crashes right here in the crypto space. This weeks, episode is brought to you by crypto.com an exchange with over 100 different cryptocurrencies and over 20 different fiat currencies on crypto.coms mobile app. You can buy crypto with bank transfers, credit debit cards or crypto at true cost, with no markup. They also have a desktop exchange that is solely for crypto crypto trading. If you use the link below to sign up for crypto.com youll receive 25 worth of cryptocurrency for free when you use the referral code, crypto casey all while supporting the channel every wednesday, i conduct a weekly ama or ask mini thing at instagram.com forward, slash crypto casey! So use the link to my one and only official instagram account listed in the description area to follow me and ask me anything: you want every wednesday ive set up a discord community where we can chat daily about all things crypto together, so scroll down to click On the invite link below to join us, awesome lets hit last week, crypto Music, looking at the top cryptocurrencies by market cap bitcoin up 12.
4 percent up 17.4 cardano up 1.9 and finance coin up 22.4 percent. Looking at the top gainers this week, dydx up 91.9 percent axiomfinity rallying up 66 omg network up 65.9 percent and unisop recovering up 36.5. So weve got great news for the stock market, but more so potentially for humanity at large, with the development of a pill to treat covet 19. were talking about a return to maybe normal life. Doctors say the study claims that if successful, we could see a 50 reduction in hospitalizations and a potential prevention of substantial amount of covet related deaths, though a recent and largely unproven breakthrough. This news removed a lot of anxiety from the markets temporarily, as we launch into q4 and start moving into the northern hemispheres regular flu season amid the lingering covid pandemic. Another piece of news that gave the markets a sigh of relief biden signs bill to avert shutdown. The house and senate each passed the continuing resolution earlier thursday, the bill funds government operations through december 3rd and includes 28.6 billion dollars in additional disaster relief and 6.3 billion for afghan refugee resettlement, as requested by the white house nice. And we also have a huge potential stimulus package on the horizon. Pelosi sets revised october 31st target to pass infrastructure bill sweet. So the only things between now and then that could impact stock market sentiment. Are inflation numbers from september coming in mid october, which may reflect a slight decrease as well as jobs, data which will probably be weak but its nothing.
The market hasnt been seeing already for the past several months. The fact that q3 is in the past and a fresh, historically bullish, q4 lies ahead, could indicate a bullish october for the traditional stock market and what of crypto well, one analyst in particular has garnered a lot of attention from the fruition of his spot on bitcoin Price predictions over the past two months check it out analyst nails, bitcoin monthly, closed two months running his october target is 63 000. bitcoin price action exactly conforms to plan bs predictions for a second time, and if history repeats itself bitcoin to usd should be at 63. 000 by the end of the month and heres, a tweet straight from the horses mouth plan b, bitcoins price end of august 47k check september 43k check next targets. October 63k november 98k december 135 k some bold bullish, bitcoin price predictions right there by plan b, using his stock to flow model. Will his winning prediction streak continue or are there higher powers at play that could easily throw off the stock to flow track? Well, lets talk about a few things. We all need to keep in mind for potential upside, as well as a potential downside. Lets start with the positives. The crypto communitys favorite nation, el salvador has just started mining bitcoin using the energy from volcanoes bullish. Next sec chair gary ginsler reiterates support for futures based bitcoin etfs. On september 29th, the sec issued a statement that they would be extending the deadline for the approval of bitcoin etf applications by 45 days.
This was a sign that the regulatory body is finally looking into bitcoin etfs more closely, instead of brushing them off bullish. And then this week fed chair powell says he has no intention of banning crypto, with the caveat that stable coins need greater regulatory oversight, which is perfectly reasonable, considering their questionable underlying assets, among other things, weve discussed at length together over the past few months, bullish and Like i said before, weve got a fresh, historically bullish, q4 ahead and investors seem to be feeling the same on the options front. So we do see a lot of price pressure influenced by the sentiment of the majority bitcoin options holders as the last friday of each month draws nearer. And finally, as weve discussed in this video, you can check out by clicking on the link above, the price of bitcoin has and continues to be suppressed by wall street, treating this new digital asset the same way they treat traditional financial assets when this happens, an artificially Higher supply of bitcoin is circulating to meet real demand. If we were to experience a run on exchanges for bitcoin in the midst of a short squeeze, there would not be enough actual bitcoin to go around which would cause the price to surge similar to the gamestop short squeeze. Again, i break this down more extensively in that video. I posted several weeks ago. Awesome now lets look at a couple of things. We need to keep in mind that could be more indicative of a bearish october and or q4 at large one, its obvious.
Everyone has been buying the dip. Bitcoins price has been bouncing back and forth between 40 and 50k range, so there is a lot of buy pressure at the lower end of that range, as well as a lot of cell pressure towards the top. We also must keep in mind that the 50 000 price point is a major psychological resistance point that will take a lot of capital, bullish, sentiment and possibly manipulation to punch past and continue upwards and yes, manipulation will always be a part of the crypto equation. For the foreseeable future, manipulation could send us to the moon just as easily as it could send us crashing to the dirt and, assuming we do punch through that 50k mark hold strong and approach new. All time highs keep in mind all of those investors that first got into the space at all time highs. They either paper handed and sold already or have probably been frantically holding for several months now, through a very uncertain and choppy summer. There will absolutely be people that sell everything at the price they bought it at to recoup their initial investment and stay out for a while to take a breather after holding their breath. For that long, and, of course, if we punch through the 64k all time high hold strong and start a journey towards 100k, a ton of investors are going to be taking profits along the way, especially if we hit the 100k point that sort of activity could prevent Us from reaching current all time highs reaching new all time highs and make 100k not very sustainable if we make it there over the next quarter.
All the while remember crypto price movements still mirror the stock market and are largely at the mercy of wall street regulators. Governments, media and global macro events like the evergrand situation. So yes, while bitcoin, has proven and continues to prove itself as a hedge against inflation. It is by no means a hedge against a potential market crash. Bitcoin would tumble right, along with the stock market in other global markets, so as an investor in the space is there anything out there that could potentially act as a hedge against a crash? Well, i think there is and im working on a video series breaking this down for now. Lets run through the cliff notes and touch on some exciting news that occurred this week in the space, but first make sure you are transferring crypto youre planning to hold for the long term off of exchanges and onto a cold storage hardware wallet. If you havent gotten a hardware wallet, yet you can scroll down to the description area below to access the correct and official sites of my recommended hardware wallets bc. Vault is my personal favorite. Another option is the ledger: nano backup pack so scroll down to check them out or if you would rather make income from your idle digital assets. Youre planning to hold for the long term. You can safely earn interest with services provided by blockfi with a blockfy interest. Account your cryptocurrency can earn up to 8.6 apy interest accrues daily and is paid monthly.
There are no hidden fees and no minimum balances. So if youre interested in learning more about block by you can get up to a 250 bitcoin bonus when you use the link in the description area to sign up all while supporting the channel protecting your ability to generate income, so you can buy more. Crypto is another important thing to consider, so, if youd like to learn more about the advanced technical concepts of blockchain and become a developer in the space check out ivan on techs academy, if you use the link below you can access the academy at a discounted price. So scroll down to check it out sweet, so what could potentially act as a hedge in the crypto space in the midst of a global financial crisis, a sector of the nft or non fundable token, space heres? Why reverse repos near 2? Trillion reverse repos are a bit like staking us dollar, but, unlike the high yield and defy here, you get minuscule sums thats, thus raising questions as to why it is being used so much some suggest theres just too much cash floating in the system, maybe because people Are sitting on cash? We actually discuss reverse repo markets and the implications of their recent activity extensively. In my three part, video series explaining the structure of the current global financial system. So, if youre interested, you can check it out by clicking on the link. Above for the sake of brevity in this video, basically, banks are choosing to park cash with the federal reserve for an extremely small amount of interest, because they would rather hold collateral like us treasury bonds than cash, which means there is a massive global shortage of collateral And in one of my latest videos about nfts as a new digital asset class, we explore and explain this extensively so be sure to check that out by clicking on this link to help you wrap your head around that.
If youre interested long story short lets. Imagine for a moment that nfts as a new digital asset class, could become the collateral that starts to make up for the massive global shortage of collateral. The world is currently experiencing sound crazy, well its not that far fetched check it out. Crypto punk says collateral. Hal chainlink and jpegged are doing just that chain. Link price feeds would be used to power defy services on jpeg, a lending protocol that enables nft holders an opportunity to obtain credit on their assets, while still retaining ownership of them nice, so its basically the same concept as borrowing against equity. You have in a physical property in the real world super exciting, but the potential for certain nfts to act as a hedge against a crash are far more interesting. So lets imagine for a second that the stock market crashed and the crypto market crashed with it. Do you think people are going to stop going to concerts? Do you think the fashion industry will grind to a halt? Are people going to stop playing video games? Are fortnite fiends going to stop buying useless fortnite skins, basically are regular retail people like you, and i going to alter our retail spending habits, not investing habits like buying stocks, bonds, etc, but just regular old spending habits, for example, lets just say: snoop dogg is rebuilding His real life mansion in the sandbox nft maitverse yep – he did check it out.
Snoop dogg will enter the maida verse by owning his own virtual land in the sandbox, where he will set up his mansion. Snoop dogg will also launch his nft collection, including player avatars, and a limited snoop dogg private party pass that gives users a vip access to concerts events, q as and dedicated nft drops. Snoop dogg will also launch a 3d avatar collection inside the sandbox, and players will be able to create games using virtual dogfather items such as snoop doggs, personal car collection, dogs, statues, memorabilia and more, and if you arent, into snoop dogg. Maybe you appreciate gary vees nft hustle doodles used to create gary vaynerchuk and ft collection sell for 1.2 million dollars in christys auction. The v friends collection is comprised of 10 255 character, non fungible tokens available for purchase via the cryptocurrency ethereum. Each token includes a smart contract with the metadata that vaynerchuk can use to interact with its buyers. Token holders will be given exclusive access to an annual business event called vcon for three years after the nfts purchase. The first v con will take place in minneapolis. In may, garyvee and snoop arent your thing: what about fashion new digital fashion, dao rules, dolce gabbanas, 5.7 million dollar, nft, sale, fashion, brand, dolce gabbana, auctioned off fashion, nfts, generating nearly 5.7 million dollars worth of eth red dao? A new digital fashion. Dao emerged as the big player in the new space: okay casey, i still dont get it fear.
Not. I have another video trilogy series lined up that will put all of this into perspective and teach you how you can diversify your portfolio into this space as a potential hedge against crashes and bear markets at large until then heres one last thing that is pretty cool People are buying nft, avatars and separate nft jetpack devices. They can use in the midiverse check out the beta of this mobile app that just launched this week, Music, basically similar to pokemon, go people can use their phones to watch their nft characters and corresponding jet packs interact with the real world. Pretty interesting right, heres. Some food for thought there are only a maximum of 1 100 of these jet packs that exist. The lowest price to buy one right now is 1.9 eth, which is equal to about 6 700. At the time of this video. Imagine after beta, this project has a massive launch, and everyone wants a jet pack with the limited supply and high demand. What would happen to the price and in the midst of a global financial crisis? Even if the price of eth went down, the price of these jet packs would adjust. So if people are willing to pay almost seven thousand dollars now and assuming this metaverse and the app take off in the retail market, even if eath dropped to 1k per eth, the price of the jet packs would adjust to 70th from the current 1.95 yeah seems Crazy but thats some food for thought this week as we await the next informational trilogy series awesome.
Well, that was last week crypto with me cryptocasey, if you enjoyed the episode, please make sure to like this video and subscribe to my channel for more crypto content.