Sideways Market... Is this the Bitcoin Bottom?
Bitcoin is at a pivotal point. Will $19k support hold? Details revealed.
There’s a major discussion on which direction Bitcoin (and then crypto as a whole) will move next. Bitcoin is holding support at $19,000 but no positive news seems to move crypto up. Google decides to start accepting Bitcoin and good ol’ Bitcoin didn’t even flinch. Uptober and Midterms were supposed to bring positive news for the stock market and therefore bring Crypto up with it, but the stock market is moving up and crypto is sideways.
We are deadlocked at $19k-20k and I know crypto people get very bored of sideways markets.
Two things could happen. The Bears are calling for more dips so they can continue to buy, and the traders who believe that 19k support will hold and DCA’ing like smart investors. The BTC chart is looking eerily similar to Bitcoin in 2018, where BTC price sat at around $6,000 for 9 months and then made a ridiculous drop of over 50% down to 3k to the dead bottom, and it happened around this time of year and around this duration of the last “bear cycle”.
Will history repeat itself? I’m personally hoping this doesn’t happen, but the market doesn’t care about feelings.
However, professional traders like IncomeSharks on Twitter that called for #Uptober, still see major support for Bitcoin. While the overall market is looking bearish, support seems strong for Bitcoin dips are being bought up at this current price point. He’s even going in with leverage (not recommended for newbies)!
Zoomed out more, Bitcoin is at a pivotal point of breakout as well, looking to break the downtrend since June of 2022. Will it reject once more or finally breakthrough? The truth it no one knows as professional traders are making bets on both sides, but it’s clearly a time to be paying attention.
Once Bitcoin makes a big move, many other trading and investing plays will open up.
Market up or down, long term we KNOW that Bitcoin is going nowhere and smart investors are looking for longer term plays, so let’s keep it going with seed round potential unicorn investments. With that said, when Bitcoin makes its next move, I will update you right away.
In Web3 Gaming news:
GameFi is shaping up to be the next narrative driving millions of people into Web3. The gaming industry is much larger than the cryptocurrency industry, with some of the AAA games having millions of active players. The ability to tokenize in-game items into NFT’s and trade those across games will bring Web3 utility to millions of people that were not previously exposed to blockchain technology.
While the metaverse has been lacking on the Graphics and interaction, SHRAPNEL, the upcoming Web3 game I have following very closely, checks all the boxes for graphics, gameplay, excitement and Web3 interaction.
I spoke with the Creative Director of Shrapnel, Clint Bundrick, who has been in Gaming since he helped deliver the original Xbox to avid gamers decades ago, on what Shrapnel embodies upon its release. His description of the game blew my mind combined with new trailer that was just released, this game will likely be better than any Call of Duty ever made. The best part is that every single item in game is an NFT. How awesome! I highly recommend listening to his explanation of the game below and the 5 pillars of the foundation of Shrapnel.
If you haven’t seen our other videos from this week, I highly recommend watching our Venture Capital interview with RBF Fund on their approach to long term investing in Blockchain infrastructure and gaming ecosystems, and Ribbon Finance on the derivatives market and purchasing call options on BTC/ETH that will drive more institutional adoption through decentralized versions of popular traditional finance vehicles.
Other Crypto News:
Twitter says Elon Musk is being investigated by federal authorities.
Binance launches $500 million fund to support the crypto mining industry.
US launches investigation into bankrupt crypto hedge fund Three Arrows Capital (3ac).
Kanye West acquires Twitter competitor Parler.
Coinbase CEO Brian Armstrong he plans to sell about 2% of his company's holdings over the next year to fund scientific research.
Bank of Canada says 13% of Canadian citizens now own Bitcoin.
Kanye West spotted wearing a Satoshi Nakamoto hat after being de-banked by JPMorgan Bitcoin.
Ripple signs second wave of creators, bringing entertainment and media NFT projects to the XRP Ledger.
24,000 ATMs in Brazil will give people access to USDT on November 3rd.
The number of addresses holding BNB surpasses 51 million.
Texas securities regulator launches investigation into FTX US and CEO Sam Bankman-Fried.
Sam Bankman-Fried publishes a piece on regulation in the crypto space with huge backlash from crypto influencers and libertarians.
Polkadot founder Gavin Wood steps down as CEO, but remains focused on building on the DOT network.
Bitcoin volatility is now lower than the Nasdaq and S&P 500 for the first time since 2020.
Technical Analysis:
There’s not as much Technical Analysis this time since we are mainly discussing the Bitcoin price above, and everything depends on the direction in Bitcoin moves. However, The Bitcoin dominance is worth nothing below.
BTC.D:
As Bitcoin Dominance continues to rise and Bitcoin going sideways, this means liquidity is being sucked out of altcoins. Until Bitcoin starts making a big move up, altcoins are bleeding dry as people look to salvage their portfolios an cover living expenses. I expect the dominance to continue to rise up to 44 or 45% moving into November, and hopefully that’s coupled with a rise in Bitcoin price.
That’s all for this episode!
Ashton Addison
-CEO, Crypto Coin Show