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In the June monthly issue, What Will Save Crypto, I drew some squiggles showing Bitcoin’s price going back above $70,000 in October.

You may think that’s a prediction. It’s not!

Those were just squiggles to sketch out one typical type of price pattern that we commonly see after large upswings, to visualize a concept: It makes sense for the market to go sideways and down, but this is not necessarily “bad,” “bear market,” “REKT,” etc. Sometimes, it can result in a bullish setup.

Since I drew it on a weekly trading chart, we were looking at a timeframe of months, not days.

While October seems reasonable for another run at $70k, I’ll let other people tell you about prices and timing. We take the market as it comes.

For analysis and commentary about what's going on now, plus some more squiggles and how I’m approaching altcoins, get my update from July 3, 2024.

I’ll have a new altcoin report or two later this summer, another poll within the next few weeks, and more goodies in the coming months.

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Chart of the Week

Polkadot’s $245M treasury not limited to 2-year runway, despite community concerns

Bottom line: Polkadot’s community is mad about a report that says the project has only two years’ worth of funding left. Insiders say the report’s incorrect because the treasury collects a portion of the fees, revenue, and new tokens, enough to cover the team’s spending for much longer.

My take: Most altcoins have “dilutive” protocols that put more tokens into circulation over time through treasury distributions, staking rewards, mining rewards, bug bounties, team unlocks, and other means. For Polkadot specifically, it’s not my place to comment on the team’s spending. If the team isn’t spending how you like, you can sell your tokens and take your money elsewhere.

Why you should care: Your purchase of altcoins indirectly subsidizes the team and/or protocol (similar to your purchase of stocks in legacy markets). Know what you’re paying for.

Are we in bitcoin mining’s ‘new normal’?

If you’re interested in mining companies and their shares, read the Blockworks Daily review of new revenue sources and narratives for publicly traded miners.

In the past few years, public and private miners have seen a big shift in how they make money. Blockworks looks at the key pivots in this brief article.

Relax and enjoy the ride!