Seems my assessment last week of Bitcoin trading sideways just under $12K played out, however, there was a little stronger dip in there than I expected. No worries on this healthy correction.
With alt-coin / token projects hopefully, but speculatively, running more on large investor entries than fan hype and holder shills; attention is elsewhere besides cryptocurrency's gold standard. Currently, these projects' run-ups seem strained as investors consider whether they want to go all in on an ecosystem that is far from maturity and see what happens like its the end of the world or not.
What will happen when sediment considers a $19.99 oracle service just too expensive, or their experience with DeFi teaches them about terrible exchange rates, bugs galore and fees everywhere: fees on the network, fees at the exchanges, fees in the wallet apps, gas fees, swap service fees, fees for one project covering their arses from other low caps start-ups? What will happen when a hacker finds the first major exploit in that mouth-watering DeFi money? What goes up must come down. I seek for someone to demonstrate their experience with using a $19 oracle in the real world, but have yet to illicit a response.
Therefore, I expect Bitcoin to continue to struggle overtaking its $12K upper resistance, but be quickly bought up closer to $11.2K--if Ethereum can break $500 and Chainlink can break $20. If these great projects cannot quite reach above those physiological barriers this round, however, I expect money to flow back into Bitcoin, creating a rise to near $13,500 levels and than a hard correction before resurgence towards all time high levels as retail investors and app sponsors are better positioned for long entries.
Totes!
With alt-coin / token projects hopefully, but speculatively, running more on large investor entries than fan hype and holder shills; attention is elsewhere besides cryptocurrency's gold standard. Currently, these projects' run-ups seem strained as investors consider whether they want to go all in on an ecosystem that is far from maturity and see what happens like its the end of the world or not.
What will happen when sediment considers a $19.99 oracle service just too expensive, or their experience with DeFi teaches them about terrible exchange rates, bugs galore and fees everywhere: fees on the network, fees at the exchanges, fees in the wallet apps, gas fees, swap service fees, fees for one project covering their arses from other low caps start-ups? What will happen when a hacker finds the first major exploit in that mouth-watering DeFi money? What goes up must come down. I seek for someone to demonstrate their experience with using a $19 oracle in the real world, but have yet to illicit a response.
Therefore, I expect Bitcoin to continue to struggle overtaking its $12K upper resistance, but be quickly bought up closer to $11.2K--if Ethereum can break $500 and Chainlink can break $20. If these great projects cannot quite reach above those physiological barriers this round, however, I expect money to flow back into Bitcoin, creating a rise to near $13,500 levels and than a hard correction before resurgence towards all time high levels as retail investors and app sponsors are better positioned for long entries.
Totes!
