Despite retail traders’ loss of conviction in the market, three indications imply that the biggest Crypto bull run will begin in October.
Predictions for Bitcoin
Bitcoin is doing well, with the price hovering at $42,207 at the time of the stream, despite the US and traditional market downturns. According to Ran, the market is placid and recovering nicely, with the China and Evergrande FUD and market crash put behind us.
Bitcoin has also held current support levels rather effectively, and a similar scenario occurred before a parabolic run in September last year and January this year. If this pattern repeats, Ran believes Bitcoin has bottomed and is poised to rise further.
In August, the monthly closing of $47,000 for Bitcoin was exactly what author Plan B’s Stock-to-Flow model predicted in June. If the stock-to-flow model publisher is correct again, Bitcoin is expected to close at $43,000 for the month of September.
Money is flowing into DeFi
Despite the recent market fall associated with China FUD, several DeFi assets have seen network expansion and address activity jump; many have argued that the increase is due to those in China seeking alternate ways to invest.
Decentralized Exchange dYdX, which now accounts for more than all other DEX trading combined, is one of the major beneficiaries of investment diversification.
According to Coinmarketcap, more than $9 billion has been traded on the trading platform in just 24 hours. With $1.28 billion, Uniswap’s V3 comes the closest.
Wormhole bridge between Terra and Solana
Wormhole is a bridge that connects several ecosystems and allows them to engage with each other’s smart contracts. Wormhole between Solana and Terra will be enabled with Columbus-5.
For UST going to Solana, this will greatly reduce friction. Terra and Solana’s tremendous stable swap initiatives will be able to integrate and collaborate even more effectively as a result of this. The update will strengthen the bond between the Terra and Solana ecosystems.
This episode premiered on September 29th, 2021.
