Bitcoin and blockchain, say what? I’m not a crypto bull or bear. I’m a crypto agnostic. As a Bitcoin investor dating back to 2012 I love to see the price exploding into the stratosphere, but what does up must come down, right? A market has yet to exist that can defy gravity forever.
These days if you asked a diehard crypto bull about a price correction, they’d stick their fingers in their ears. Crypto bulls will have nothing to do with hearing a bearish argument about valuations. A classic sign that a top may be near.
For sure, searching Google yields tons of permabull content, but few bearish views. This makes a logical assessment of the crypto and NFT markets difficult. However, good old fashioned research and hard work make this sector appealing to me.
By the same token (pardon the pun), the Web3 technology stack build out appears utopian, but can it really succeed? I’m not sure, but its mission sure makes me feel warm and fuzzy inside. On the other hand, Stephen Diehl points out the short comings of Web3 in his article cleverly titled article “Web3 is Bullshit.” I like the article because it’s one of few that take the other side of the argument. After all, bitcoin and blockchain need a devil’s advocate.
Indeed, I’m not a Web3 expert. Never claimed to be one. However, I do know how to size up a market. At the moment, Bitcoin is stuck in a wide trading range. Expect price to whipsaw between the ironic $69,000 top and a $42,000 low. Volatility should be epic in the months ahead.
Bitcoin Technical Analysis
To recap from a technical analysis perspective, key support the bulls need to watch sits around $42,000. At the moment, $51,000 is proving to be formidable resistance to the upside.
Conclusion
In the end, crypto bulls will have to ride some epic bouts of volatility in the coming months. No market in my lifetime has ever gone straight up forever. This time things could be different, right? Not a chance.
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