June 26, 2024
Summer Is Just Crypto's Second Act
Dear Subscriber,
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| By Beth Canova |
Have you seen The Empire Strikes Back?
The second entrance into the Star Wars saga was met with mixed reception on its release back in 1980. Neither fans nor critics enjoyed the darker tone compared to its predecessor.
At least, at first.
Over the years — and after the release of the then-final film, Return of the Jedi — audiences were able to appreciate the movie from a new perspective. Now, it’s considered one of the greatest sequels ever created.
It may sound silly, but I think the crypto markets are in their Empire Strikes Back era.
Think about it: This bull market began with a bang, as Bitcoin (BTC, “A”) finally saw the approval and listing spot ETFs.
In response, sentiment soared, pushing Bitcoin to a historic first: establishing a new all-time high ahead of its halving event.
And then … correction.
Downside pressure struck back, pushing BTC off its new high and sending altcoins plummeting even further.
But the story isn’t over. The Bitcoin cycles’ history tells us so.
Bitcoin generally tops out in the second quarter of any given year, consolidating through the third quarter, only to break out in quarter four.
This wasn’t always the case. But it has been so since the last four-year cycle that started in early 2019.
- Back then, we saw Bitcoin top out in June and corrected for months before breaking out.
- The same thing happened in 2020. Bitcoin topped out in May and essentially went nowhere until late September.
- In 2021, BTC saw a dramatic top in April with a correction that ended in early August.
- Then, 2022 was a bear market year, and Bitcoin fell into a June low and went nowhere until October.
- Last year, Bitcoin made an April top, and it wasn’t until early September that a low was made. The breakout was in October.
All these corrections have a common pattern. With the exception of 2020, Bitcoin made a 320-day-cycle high in quarter two, and a 320-day-cycle low in quarter three.
Which brings us to 2024.
This year, we’ve seen Bitcoin top out in March. Even though we did see a strong rebound in May, the rally fell short of a new all-time high.
As things stand today, we have a 320-day-cycle high confirmed for March 13. But the low remains nowhere in sight.
There’s a chance this critical 320-day-cycle low was made on May 1, Bitcoin’s last key cycle low. But this remains in doubt and unconfirmed. That’s because Bitcoin’s ensuing recovery was neither strong nor long-lasting.
And as the sideways action continues, sentiment is spoiling.
This brings me back to where I began.
I see these naysayers the same as those fans when Empire first came out. They got carried away on the hype. And when things didn’t pan out exactly as they expected, they let their emotions get the better of them.
So many folks take crypto’s grand four-year cycle for granted. They think they have it all figured out. And they’re not a bit shy about declaring exactly when Bitcoin will break out, and how high it will go.
That’s what I call “living in a movie.” Nothing more than fantasy. In real life, markets are not so easy.
Now, let me be extremely clear: I agree that it is only a matter of time before Bitcoin hits a new all-time high in this cycle.
I just think it’s going to take a little longer to get there than most people expect.
Now, you have a choice.
You can either gripe that the market isn’t performing as you’d like … OR you can make the most out of the market we have.
That’s where the world of DeFi yield hunting can help.
In TradFi, yields are underwhelming … even before your account for inflation. But in DeFi you can target yields of up to 17% on saving funds and up to 169% on investment funds.
My colleague and DeFi expert Marija Matić just recorded a briefing walking Dr. Martin Weiss through the process of how she finds these incredible opportunities … and how he can benefit.
And now, that briefing is available for you, as well.
Just click here to learn more about DeFi yields and how you can get the most out of cryptos you may already own.
But I urge you to watch it now. We’ll be taking it offline tomorrow night.
Best,
Beth Canova
Crypto Managing Editor
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