Bitcoin’s price continues to wiggle sideways. Altcoins, too—some up, some down. According to Twitter and YouTube, everybody’s waiting for an explosion to the upside or downside.
From my perspective, the data, history, and price action most closely resembles what we see during consolidation periods within larger bull markets—those 5-7 month periods when everything moves sideways or down (or both) before momentum carries the market to its next leg up.
Until that changes, I can’t get too excited or concerned about this market, though the “no worries zone” triangle from my July 12, 2021 update gets smaller with every passing day.
Check out some interesting news and notes below.
Please note, I’ll take a little time off after I publish next week’s Sunday rundown, though I will still post CIE content during that time. The last time I took time off, bitcoin’s price hit a new all-time high. Maybe this time, too?
You can always try to set up a call with me on Superpeer or Remotehour.
Square to Build a New Open Developer Platform Focusing on Bitcoin
Bottom line: Square created a non-custodial, permissionless developer platform to build financial services around bitcoin under the direction of the developer who brought bitcoin into Cash app. The platform’s name is “TBD.”
My take: I’m surprised more people aren’t talking about this. Square is a big deal and integrated with lots of merchants and people who need payment services. I would assume it will take a while to build TBD and I’m not sure how it would work—bitcoin doesn’t do DeFi yet (though Sovryn may change that). That is, if TBD is not some inside joke we’re not in on.
Why we care: if this is a legit project and it succeeds, it will bring commercial-grade, useful financial applications to millions of Square merchants and Cash app users, many of whom have bad credit (as of 2020). Need I say more?
I got a few questions about whether a drop in bitcoin’s price below $29,000 forces me to change my plan, since it’s such a key price level from my analysis. Watch this video for my thoughts on that.
Altcoin Daily is one of the most permabullish YouTube channels around. It recently posted a video titled CRYPTO CAPITULATION IS COMING - WHY I'M NOT SELLING! (Bitcoin, Ethereum, Cardano).
That title is misleading but that’s standard for YouTube, it’s just what you have to do to help the algorithm pick up your videos. Everybody does it.
In truth, this video shares two common, realistic market projections and then covers some news.
I share it here because it’s a reminder that good things happen whether the price goes up or down. People forget about the bad things when the price goes up—all those risks I probably over-emphasize. Let’s not forget about good things on the way down.
Nothing fundamentally changes when the price does, the price is simply a matter of who’s buying and selling at any time. Meanwhile, regardless of whether the price goes up or down, this industry continues to grow, expand, develop, and persist.
That said, enjoy some hopium from this video, just don’t think we have to have a capitulation event—or any other outcome.
Relax and enjoy the ride!
Sunday Rundown - July 18, 2021