Market On Open, Tuesday 26 August
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Is It All Over For Crypto?
by Alex King, CEO, Cestrian Capital Research, Inc
Bitcoin made an all-time high just two weeks ago, since when there has been nothing but gloom for the Wen Lambo crowd it seems. Down some 13% with a particularly brutal drop on Sunday when large holders were observed to be selling BTC to rotate into Ether.
I suspect this is simply another shakeout however; the narrative of “everyone is moving to Ether because GENIUS Act and yield and utility etc” has some force to it, as our coverage of Ether and the Ether Treasury Companies have shown, but I think Bitcoin as a pure risk asset has some life in it yet. We have a price target of $146k for this current bull phase.
Look for some more pain before any such run for ATHs; at some point we are likely to see a pullback in equities and if BTC rallies with gusto whilst the Nasdaq sells down it would be about the first time that has happened.
Oh, did I mention we cover crypto now? You can get our crypto work - where we use Big Money methods to understand where the major coins and stocks may head next - in two places.
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Now let’s get to work. Here’s our daily subscriber-only take on the US equity indices, volatility, bonds, oil, crypto, and key sector moves.