November 3, 2024
Bitcoin Above $70,000! Here's What's Next …
Dear Subscriber,
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| By Beth Canova |
Cycles expert Juan Villaverde told you last week that Bitcoin (BTC, “A”) crossing above its previous 80-day-cycle high was A Buying Opportunity too Good to Pass Up.
And he was right.
That’s because Bitcoin’s strength didn’t fizzle out … it solidified as the No. 1 crypto by market cap that crossed the key $70,000 level earlier this week!
It is currently within spitting distance of its all-time high established back in March.
Now, Juan is warning you to Brace for Election Day Volatility as Bitcoin Soars.
See, Bitcoin wasn’t expected to take off just yet. This latest rally is being fueled by Election Day excitement. According to his analysis, the crypto markets will increasingly be dialed into the U.S. presidential election outcome.
And with his Crypto Timing Model still showing a key low for Nov. 5, the waters may be choppy in the days ahead.
But don’t panic. With Bitcoin’s current strength, Juan says corrections are still buying opportunities.
When it comes to the altcoins — any crypto other than Bitcoin — it looks like we may have to wait longer for their rally.
Most top-performing altcoins are still hovering below key levels. And, according to Marija Matić, they are unlikely to make their way higher before Bitcoin breaks above its current all-time high.
Once it does, Marija encourages you to Look to Bitcoin’s Dominance Reversal to Reveal When Altseason Will Start.
When Bitcoin’s dominance is high — i.e., it makes up more than half of the total crypto market cap — altcoins are unlikely to rally. But when that reverses, Marija says you should get ready to hop into your favorite altcoins.
But this isn’t the only indicator to watch!
Dr. Bruce Ng has broken down the three metrics he watches to see when the rally will start. In his latest issue, he recommends you Gather Ye Indicators to Follow the Bull Run.
To do that, you can follow along as he walks you through the exact steps you can take to track one — Bitcoin’s spot CVD — on your own!
But take note: Not all altcoins are immediate “buys” once altcoin season gets underway. And not all have the same potential for impressive returns.
That’s why you’ll need to dive deep and research your favorite projects to see if they are still solid opportunities … or if you’re better off looking elsewhere.
There are plenty of free tools on our website — including our Weiss crypto ratings — to help you get started.
And one area you shouldn’t ignore is leadership. The team behind a project, and how governance is organized, can greatly impact a project’s ability to overcome obstacles and continue to grow.
Take Uniswap (UNI, “C+”) for example. Last week, our tech expert Jurica Dujmovic clarified the drama that has broken out in this leading decentralized exchange’s DAO.
That’s “decentralized autonomous organization” in crypto speak. It’s the governing body of Uniswap made up of UNI token holders. Each holder who has enough coins can vote on how they believe Uniswap should develop.
And it’s currently navigating a power struggle as big VC firms are using their reach to consolidate power within the otherwise democratic DAO.
This week, Jurica gives his opinion on What to Do About Uniswap’s DAO Drama. He has an interesting solution that could benefit not just Uniswap, but DAOs across the crypto market.
But that’s all for this week.
Keep your eyes on your inbox tomorrow for our next Weiss Crypto Daily update.
Best,
Beth Canova
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