Eth and BTC ride on a four year cycle with BTC halving and the market responding.
Note in April 2020 the bottom at the height of the lock downs and market crashes. The April 2020 bottom is an anomaly.
ETH first it is now getting past its first two cycles. BTC is getting past its first three cycles. BTC is older. BTC cycles prior to 2017 I am not going to try to discuss there was less of a mania.
The bottom is around January not April 2020 for the sake of this discussion.
The tops were in January as well. But the last top in both ETH and BTC was in October as traders know the pattern.
I had been expecting this October to be preemptive of a bull market in January 2024 as we can all see the pattern.
Mapping the cycles…
The current rise beginning in both…The 200 is crossing the 50 in all regards. This is not the same as the 50 crossing the 200 to note a downward move.
Note the 200 MA is rising. It has been for months.
This period of reporting on cryptos is again the worst by the mainstream press.
Because the public is set against cryptos the press feeds the general mood and ideas.
The general mood and ideas have no bearing on reality. That is very common with groups of human beings.
This snippet is to be disregarded because the markets for ETH and BTC know this stuff and have totally shrugged it off for months now. If you have never owned BTC or ETH you have never had any influence on them. Just carping does not change anything.
snippet
Why Bankman-Fried is on trial: Last November, FTX and Alameda Research, a sister hedge fund, imploded, stranding more than $8 billion in customer deposits and forcing the crypto exchange into bankruptcy. Their 31-year-old founder faces seven counts, including wire and securities fraud, as well as money laundering. He has pleaded not guilty. If convicted, he could receive what’s basically a life sentence.
The trial will cast a harsh glare on the wider crypto sector, whose culture of wild hype and speculation allowed FTX to flourish: “It wouldn’t have been possible in any other context,” Lee Reiners, a crypto expert at Duke Law School, told The Times.