The most asked question Datadash receives is, ‘where are we in the broader cycle?’. Earlier this week there was fear in the market and we cut down 2 to 3 days of gains. However, take look at the lower timeframes and you see a ‘W’ pattern and we broke the $500B range of 2018 where the latest altcoin cycle peaked.
Where we are right now is compared where we were early 2017, so right now we’re in the early stages with room to grow to much higher levels although there seems no fundamental reasons whatsoever – but that’s the thing in crypto. So long as people are willing to pay the price valuations will continu to rise.
We are far from the peak in the market. In maybe a month or two we could see a correction, however there is no other market looking like this.
We see with the entrance of Deutsche Bank into the market and that Morgan Stanley is considering a direct bitcoin position there will be a shortage of Bitcoin. Tesla was just the first step. “Don’t get shaken out of the market, please don’t.”
This episode premiered February 16th, 2021.