EllioTrades discusses what he thinks is the future for Bitcoin, how long the current bull cycle will last and talks about the NFT hype.
The entire market is looking poised for more upside as Bitcoin recovers from the recent pull backs. Bitcoin’s price action is following the historical stock-to-flow model and it shows there is significant months of bullish trend to continue. The model predicts a Bitcoin top between $300-500k, which would mean exponential growth from the current price and once that settles down, altcoins are expected to go parabolic (0:42).
The NFT Mania
The NFT mania has seen insane growth since the hype started. With a tonne of the world’s most influential artists, creators, brands and celebrities looking to get into NFTs as a medium to reach out to their fans and monetize. Ellio says he invested early in Ethernity Chain(ERN) and made it public because of their approach in the types of personnel they are bringing on the blockchain. He thinks Ethernity Chain is going to make an interesting splash which differentiates them from other NFT platforms. Ethernity Chain has done a 24x going on a parabolic run from 3$ to 73$ (5:21).
ECOMI(OMI) is a Singapore-based technology company in the digitible collectibles marketplace, for users to buy and share their collectibles across the social network service. Ellio says the now second biggest NFT project with a market cap of $1.8B has partnerships with brands like Pokemon, Batman, Street Fighter etc. These partnerships are important and makes Ecomi one of the crucial players in the NFT space (7:24)
Other discussed NFT projects include WHALE, the first social token backed by the best NFT collection around (9:14). Gaming dominating NFTs with gaming blockchains like Enjin, Decentraland, Sand box, RedFox all making NFTs top 10 ranking (10:25). He believes gaming is going to be the biggest opportunity in the NFT ecosystem.