Why BITCOIN NEW ALL TIME HIGH Changes EVERYTHING!
Currencies / Bitcoin Nov 22, 2021 - 04:02 PM GMTBy: Nadeem_Walayat
Crypto Portfolio Current State
So far the crypto markets have managed to dodge the black swan bullets and so I hold ZERO of the two largest market cap crypto's, Bitcoin and Ethereum. Instead what had fallen to deep discounts have been the Alt coins, though again not to the extent where I would have piled in head first hoovering up huge amounts of crypto's as the current state of my crypto portfolio illustrates where even the crypto I have been banging on about all year Ravencoin is just scratching the surface at about 12% of my target holding, the table lists crypto's in order of my target $ position size.
Overall just over 10% of my target funds have been invested when by now I would have expected to be about 50% invested as I basically let the limit orders do their work accumulating on the few and far between price spikes lower, gradually raising the limits over time.
The primary purpose of the bear market was to accumulate into where the greater the deviation from the high then the greater the buying opportunity presented. So since I bought diddly squat of BTC and ETH does that now mean I have missed the next crypto bull market boat? HELL NO!
In fact I am content that I don't hold any bitcoin. Why? Because I see it as basically dead money. In the midst of the bear market the most I could imagine BTC reaching during the next mania was doubling to a high of about $130k, and even then I would probably have planned to have exited at around $100k, which is why I sought a repeat of past bear markets so BTC could then deliver a target X5 return in exchange for the risk of falling to under $10k. However crypto's that did fall harder and further than either BTC and ETH were the ALT coins that saw huge deviations form their highs and thus truly allowed one to fantasise about achieving X10 returns.
Now with Bitcoin having traded to a NEW all time amounts to a switch being flipped on the crypto markets, effectively acting as a wake up call, a slap on the back of my head to switch strategy as the bear accumulation phase is OVER. It's time to bite the bullet and start buying at the market especially in those select few alt cons still trading at a significant discount to their highs as indicated in my table above.
The crypto bear market i.e. deviations form the previous bull market highs form the outset was to accumulate into so as to sell into the next mania peak at many multiples of the previous highs. So if one buys significantly BELOW the previous highs then that's job done! Sit back and let the next mania do it's work.
The BITCOIN NEW ALL TIME HIGH Changes EVERYTHING!
1. bitcoin leads the alt coins that will follow in no more than a couple of months or likely several weeks later, i.e. retail money first flows into BITCOIN sending it's price soaring as is taking place today with very few alt coins joining Bitcoin in the rush to new all time highs.
2. The longer the bitcoin rush to highs goes on the more retail investor funds start seeping into the alt coins and thus they begin their their bull runs to many times their previous highs, given the weight of capital seeking home in relatively small market cap markets.
3. Then Bitcoin peaks and trades along it's highs as the Alt coins start to soar into the stratosphere as money LEAVES bitcoin and goes into the alt coins, which then start to soar to well beyond their previous highs as Alt coin mania takes hold.
That is what happened last time! And that's what I expect to happen during the next great crypto bull market.
For instance this is what Bitcoin did when it last broke to a new all time high. With the ALT coins typically starting to embark on their parabolic runs some 1 to 2 months later!
So understand this I / we have missed NOTHING! For we are at the very beginning\s of the next crypto bull market that 'should' see the Alt's trade at many multiples of their previous bull market highs. There is huge upside to the $2 trillion crypto market, for instance APPLE has a greater market cap than the whole of the crypto universe which illustrates the potential for where the crypto's could be trading upto in 5 to 6 months time.
This article is an excerpt from my recent extensive analysis of the crypto markets - Bitcoin NEW All time High is TRIGGER for Future Alt Coins Price Explosion
Contents:
- Bitcoin & Ethereum 2021 Trend
- Crypto Portfolio Current State
- The BITCOIN NEW ALL TIME HIGH Changes EVERYTHING!
- Ravencoin to the MOON!
- What am I doing?
- How to Invest in Crypto's
- Bitcoin 2022 Price Target
- Ethereum 2022 Price Target
- Ravencoin 2022 Price Target
- Cardano (ADA) 2022 Price Target
- Chainlink 2022 Price Target
- Pokadot 2022 Price Target
- Solano 2022 Price Target
- Litecoin 2022 Price Target
- Arweave 2022 Price Target
- Stellar Lumens - XLM 2022 Price Target
- Eth Classic 2022 Price Target
- Vechain 2022 Price Target
- EOS 2022 Price Target
- Earnings Noise Delivers INTEL And IBM Buy Opps
- Facebook and Google Could CRASH 10% Post Earnings Day
- High Risk Stocks Swings and Roundabouts
The whole of which that maps out what I expect to happen during the next big crypto bull market that is yet to start for most crypto's was first been made available to Patrons who support my work. So for immediate first access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $4 per month. https://www.patreon.com/Nadeem_Walayat.
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Protect Your Wealth From PERMANENT Transitory Inflation
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- Worst Real Terms Asset Price Growth Countries for the Next 10 Years
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- AI Stocks Portfolio Investing Strategy
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- AI Stocks Portfolio Current State
- October Investing Plan
- HIGH RISK STOCKS INVEST AND FORGET PORTFOLIO
- Why China Could Crash Bitcoin / Crypto's!
- My Next Analysis
Also my recent latest extensive analysis on the prospects for the stock market into Mid 2021 see - Stock Market FOMO Hits September Brick Wall - Dow Trend Forecast Sept 2021 to May 2022
Contents:
- Stock Market Forecast 2021 Review
- Stock Market AI mega-trend Big Picture
- US Economy and Stock Market Addicted to Deficit Spending
- US Economy Has Been in an Economic Depression Since 2008
- Inflation and the Crazy Crypto Markets
- Inflation Consequences for the Stock Market
- FED Balance Sheet
- Weakening Stock Market Breadth
- Why Most Stocks May Go Nowhere for the Next 10 Years!
- FANG Stocks
- Margin Debt
- Dow Short-term Trend Analysis
- Dow Annual Percent Change
- Dow Long-term Trend Analysis
- ELLIOTT WAVES Analysis
- Stocks and 10 Year Bond Yields
- SEASONAL ANALYSIS
- Short-term Seasonal Trend
- US Presidential Cycle
- Best Time of Year to Invest in Stocks
- 2021 - 2022 Seasonal Investing Pattern
- Formulating a Stock Market Trend Forecast
- Dow Stock Market Trend Forecast Sept 2021 to May 2022 Conclusion
- Investing fundamentals
- IBM Continuing to Revolutionise Computing
- AI Stocks Portfolio Current State
- My Late October Stocks Buying Plan
- HIGH RISK STOCKS - Invest and Forget!
- Afghanistan The Next Chinese Province, Australia Living on Borrowed Time
- CHINA! CHINA! CHINA!
- Evergrande China's Lehman's Moment
- Aukus Ruckus
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Nadeem Walayat
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Nadeem Walayat has over 35 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.
Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk
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