BTC TOP 3
NOT QUITE THERE YET, BUT GETTING CLOSE
12% AWAY FROM ALL-TIME HIGH!
Bitcoin’s going to do what it’s going to do. Now trading at 57k, Bitcoin looks unstoppable on hitting all-time high soon.
According to industry insiders, this massive run-up of Bitcoin was supposed to end by September, hence the September market top prediction. But now the date has been pushed back to December, and even up to early 2022.
As Bitcoin continues to make higher lows and higher highs on all time-frames, all arguments on bearish market structure are now deemed invalid. People’s sentiments are now going back to the other side of the scale.
If you are following the current global trend, you’ll know that there’s a lot going on and right now, they aren’t that great. But lo and behold, BTC has been performing very well amid that. Exactly why it’s called a hedge, the perfect hedge, in fact.
Next major resistance would be in the $58k to $60k range. So, a pullback is expected by many. If you aren’t still in the market, when it retests support at around $50k-$52k, it’s the perfect opportunity for you. Be bullish with us!
still bearish? read this.
One factor that could be the catalyst on BTC’s unstoppable rise is the hype around having an ETF to be approved soon.
Now, why are many people bullish on this?
If we take a trip back down memory lane, it was October 31, 2017 when Bitcoin CME Futures was approved. Right after that news along with the launch date, Bitcoin has rallied 224%. This led to a new market high for Bitcoin on the same day of Futures launch date, December 18.
Historically speaking, when big news like this happen, BTC skyrockets to the moon! But we have to point out though, right after that massive rally up to a new all-time high was also the peak for that cycle. Buy the rumor, sell the news will most likely happen, so if you’re trading short-term, it’s best to watch out for this. However, long-term, this is extremely bullish all the way.
ALTCOIN FEATURE: LUNA
LUNA has been on an absolute rampage, almost 600% in just over 2 months. Just slightly under Doge’s market cap, LUNA is on it’s way to the top 10. What is happening and how could LUNA be so bullish?
First, we need to understand LUNA is the token backing up Terra’s stable of stablecoins (e.g. UST, EUT, CAT, and JPY). Now, Terra works differently with Tether (USDT).
Tether is what’s called an off-chain collateralized stablecoin, which means it should be backed by non-cryptocurrency bank deposits. Meanwhile, Terra’s stablecoins are called algorithmic stablecoins and are backed by the LUNA token.
Here’s how it works: whenever the price of UST rises above $1, the algorithm will use LUNA to mint more UST to reduce the price back to $1. If the price fell under a dollar, it would swap UST for LUNA to limit the supply and push the price back up. Interesting, isn’t it? This make the tokenomics behind the Terra ecosystem incredible, phenomenal, amazing and more.
Even with it’s recent all-time high, there’s still so much growth opportunity for this ecosystem.
One of its main protocol, Anchor, a stable yield platform that allows you to lock up your UST and earn a stable 19-20% APY. Also, with Terra’s interoperability to other blockchains, which will also cause a lot of demand in the near-future, will allow you access to other assets, real-world assets like Google, Tesla, Apple, etc., through it’s other protocol, Mirror.
Then with it’s recent Columbus-5 Upgrade, a ton of new protocols are being launched and would further drive the increasing demand to UST, pushing LUNA token’s price much much higher.
Are you bullish on LUNA? If so, what is your price prediction for LUNA? If one would say a $1000-LUNA is already in the making, would you HODL?
DISCLAIMER: This is not a financial advice. A do-your-own-research (DYOR) is a must if you want to succeed in the crypto space.
ABOUT THE AUTHOR
Elisa is our Head of Market Analysis at Rocket Crypto X
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