Crypto analyst Sam discusses how many bears have now turned bullish in the market and the big updates and announcements made by cryptocurrencies and companies. He also delves into trading on margin or leverage in the current market, advising caution. Sam references Willy Wu’s opinion that the market is in the disbelief phase, and Plan B’s bullish suggestion of a starting point for the next bull run in 15 months. He also touches on the trends seen in previous cycles, the continued innovation and building happening behind the scenes, and the macro factors affecting both crypto and the wider market.
Crypto Market: From Bears to Bulls
How’s it going everyone? It’s Sam, and today, we are looking at what’s happening in the crypto market. A lot of bears have now flipped bullish, so we want to look at that. Additionally, there are some big updates that some cryptocurrencies and companies made, so we’ll look at all of that. We’ll keep it short though; if you want to see future videos just like this, make sure to hit subscribe.
Trading on Margin and Leverage
A lot of people have been asking me about trading on margin or leverage in this market. Just be careful if you’re doing that. Nevertheless, there are links to bitget and marjex underneath the video. A lot of people like those platforms, and I think they are pretty easy to use and pretty user-friendly.
Willy Wu’s Opinion on the Current Market
Willy Wu is saying that we are in the disbelief phase of the cycle. You can see disbelief is the beginning of hope, optimism, belief, thrill, euphoria, and from there, we drop down to complacency, anxiety, denial, panic, and anger. So basically, he is saying that we are out of the weeds now, and a lot of people just don’t believe that this is the actual rally. A lot of people have been calling this a bull trap up, which means that bulls are now getting trapped, and then we’re going to fall back down. He is not the only person that thinks this either. Plan B says his opinion currently on the Bitcoin pump is not a bull trap, but it’s the early start of the next bull run.
Bitcoin Bull Run Predictions
Plan B says that he thinks bitcoin will be over $32,000 by the 2024 having, so 15 months away. He thinks we’ll go up 50% from here or more, and then he thinks we’re going to about 3x into the next bull market. This is pretty bullish. Whenever you see bears turning to bulls, you know that the market is about to recover. We could be stuck here a little bit longer; we could chop sideways. Maybe the bottom here is where we hit 15-16,000, and then just this first run-up is where we’re at now. Then, a little bit of chop, and then we move back up because we still have about 15 months until the next bull market or until the till the next having.
Companies are Still Innovating
Behind the scenes, companies are still innovating, still burning, still building. Finance just announced their 22nd quarterly burn burning about 600 million dollars worth of BMB or 2.06 million BNB. Whenever something is continuously being burned, it is undoubtedly positive for price action. Matic also has some positive news; they completed their hard fork and might try to reduce gas fee spikes by smoothing them out.
FED’s Health and Impact on the Crypto Market
We still have some important levels that we have to watch for. The S P 500 is at this trend line that we have been rejected by four times already, so we’ll have to see if we can break through that. We’re also waiting for FED to make some crucial decisions during their next meeting happening in two weeks. The annual mortgage cost as a percentage of household income has grown exponentially going from about 20 percent back in 2019 or 2020 now up to 45 so the FED obviously is breaking the market is breaking the housing market and we’re starting to see housing prices fall down, and we’re also starting to see layoffs.
The Future of Crypto
The crypto market has been resilient despite the worst macro environment ever since its inception. Yet, it has held up better this run than in any other run. Maybe it is a little bit more resilient than we all thought. Nevertheless, if the overall market turns around, it’s going to be really positive. I don’t think we’re going to continue moving in the opposite direction if crypto moves up and keeps on moving up, and the stocks continue to fall. I don’t think that that will help crypto; I think that will hinder it because some people will take profits and move it over to less risky areas.