The crypto market is starting to look quite weak lately despite the bullishness we had across the board just a week ago, pretty much like all the other asset markets and the fucking world economy as a whole. There's not much to be optimistic about lately, but we're not doom and gloom yet either.
BTC is no longer a "$40k pegged boring asset", sorry about that @mindtrap, it's hardly hanging on to $38,000. It has lost that level for a few good days and my gut feeling tells me that it's going straight to the doubling curve(courtesy of @edicted). According to Edicted's chart that you can see in the screenshot above the doubling curve for BTC for the month of May is at $36,200 per one coin.
What does the doubling curve mean?
To put it simple, according to my understanding, the price of BTC should not go any lower than these monthly prices of the doubling curve(I really don't know the mechanics of it), which for years has been in a continuous uptrend. Since I first found about it from one of Edicted's post BTC has always respected it.
This indicator is more reliable than PlanB's famous stock to flow model which in my opinion has failed. Does this means that BTC is never going under $36,000? Not really, it can obviously revisit the 2017 ATH in case we have some black swan event or a freaking recession.
The shit started to hit the fan imo when we were served covid and accepted it as something serious. Since then nothing looks to be normal or positive in any way. At least that's how I see it, but that doesn't mean you can't make money in crypto anymore.
I had a post yesterday about missing on APE and the frustration I had on this thing. I found about APE right after it was launched and I witnessed it going from $10 to $25 in less than a couple of weeks. I already had flashbacks with EGLD and AVA when I saw APE flying like that.
I manage to miss huge opportunities with these two although knowing about them before the massive rallies have occured.
To my surprise, APE fell from the sky while I was sleeping and I found it this morning to be valued at $17. I know it's not $10, like I wished I would have bought into it and I could have bought it for $17 prior to the latest rally, but considering the hype this shitcoin will have, based on its ties to the crappy NFTs sold for millions and the metaverse world the BAYC is announcing to be creating, I believe it will be a $100+ token in no time.
Believe it or not, but this might be my first 10x in crypto. I got myself 66 APEs as soon as I could grab my hands on them and waiting for the APE to moon before I uncage them. I believe the crash to $17 from that $27 local ATH we had yesterday was nothing but warm up exercise. But what if we enter a bear market, sir?
It doesn't matter, or a matter of fact I will be buying even more crypto. But you know what? During the past bear market there have been all sort of shitcoins like XTZ and LINK doing great so why wouldn't APE do that? Bear markets are full of opportunities and we don't even have to experience one, but you gotta get prepared.
At the end of the day I haven't put a fortune in it, it's money I can afford risking. It's also money that can make substantially more money. What do you think, will BTC go under the doubling curve any time soon? Have you bought APE?
Thanks for attention,
Adrian