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- Weekly Rundown - September 10, 2023
Another week goes into the books and Bitcoin’s price is the almost same now as it was 7 days ago.
Experts often tell you, “Bitcoin always does the opposite of what people expect.”
Which begs the question, what do people expect?
Half of analysts say Bitcoin’s price will go much lower because everybody’s bullish. Another half of analysts say Bitcoin’s price will go much higher because everybody’s bearish.
So…
What does it mean to “do the opposite” of “the herd?”
Maybe you’re too focused on whatever the social media algorithms and your chat groups are saying. Maybe that doesn’t reflect the wider market.
Fortunately, we can see how bitcoins move around the network, get a global perspective on the “macro”, and look at plenty of data that has nothing to do with bull, bear, or sentiment. I’ve discussed these in updates for a while, including the one from last week.
Death crosses, 2019 redux, metrics, macro, technicals, models, strategies . . . I look at all that (though not all at once in every update).
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Scroll down for a poll and some content you may enjoy.
Big thanks to my trusted exchange partner, BYDFi.
The market’s quiet and prices are low. If you’re not following my plan, you need to dollar cost average into Bitcoin and get a good allocation to the altcoins I’ve recommended.
And, if you’re buying, it’s important to do so with a licensed and reputable exchange. That’s why I recommend using BYDFi.
In addition to the new super airdrop, when you complete KYC and deposit any amount using your credit card, you'll be airdropped $100 for trading on perpetual contracts.
What will Bitcoin's price be at the end of 2023?Pick your best guess. |
Bottom line: somebody hacked Ethereum creator Vitalik Buterin’s wallet and tweeted a scam link. When followers clicked the link, they were duped into authorizing a fraudulent website to steal their NFTs.
My take: seems odd all around. Vitalik gets his X account hacked? Shouldn’t he know better? Supposed OGs approve the transfer of their NFTs to somebody else without their permission? That’s not something that can happen simply from connecting your wallet. Wallet providers and exchanges are working on better UI and safer practices—and whatever they come up with, it can’t come fast enough.
Why we care: so many ways to lose your crypto. Now, one more to look out for.
First they ignore you
Then they laugh at you
Then they fight you
Then they do your marketing for you
We’re here↗️
#bitcoin
— Eric Yakes (@ericyakes)
Sep 10, 2023
Bottom line: crypto has lots of legitimate uses that people in so-called “developed” (i.e., Western) economies take for granted.
My take: brilliant piece, nothing to add.
Why we care: if you’re going to try to make money with crypto, you might as well make sure you know why this technology is valuable in the first place. 90% of people in this market don’t.
New video making the rounds. Have you seen it? Another data model prediction, this one from Steve at Crypto Crew University.
I love predictions! Watch this video for Steve’s.
Data models and theories, too. They’re all valid. Dismiss them at your peril!
The problem is, they all disagree with each other.
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Relax and enjoy the ride!
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