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- TSP #10 The state of the market
Marco Johanning
Hello everyone!
Welcome to the tenth edition of my newsletter! Every Saturday I’ll be sending out a quick newsletter on how to master crypto. I write about mindset, trends and analysis.
Today, I focus on the state of the market.
Aaaaand this week, I started a YouTube channel! Follow me on YouTube for more analyses and a lot of information if you like.
Moonboys
It's almost like a law that as soon as Bitcoin shows strength, the moonboys start blowing their scenarios into the world and making the most wonderful bull market claims.
Shortly after, the altseason callers follow.
This #Bitcoin Breakout will melt faces...
— Crypto Rover (@rovercrc)
12:17 PM • Jul 3, 2023
Of course, Bitcoin made a yearly high and is currently showing strength, but one must consider that the stock market is also experiencing a rally and Bitcoin is somewhat lagging behind.
The news of the past weeks has finally provided enough momentum to break out of the trendline. However, we have not yet managed to make the leap into a new range.
For the near future, I expect ranging within the three marked ranges.
BTC/USD weekly chart
Personally, I anticipate a bull run after the halving, as it has been the case in Bitcoin's history. However, it should be noted that this history is still relatively short and not very indicative.
In the short term, I consider around 40k to be entirely possible, but I believe that it will then drop significantly again. I find a revisit to around 20k to be very likely - ranging in the three ranges like I said.
This is mainly due to the fact that the economic situation and the situation in the stock market are likely to become much more severe once again. I strongly recommend everyone to read the tweets listed below.
Furthermore, we should not forget that the bullish news of BlackRock and others applying for a Bitcoin spot ETF can also be rejected by the SEC, as it has been the case so far.
Nobody knows how the price will behave in the coming months. But for the time after the halving, within less than a year, I am very bullish.
After the disaster with NFTs this week, one thing is clear: the next year holds more in store for the crypto scene than this one!
Twitter Reads to this topic
The bull and bear cases for 2023 - JPM
— Wifey (@WifeyAlpha)
5:10 PM • Jul 3, 2023
Very comprehensive:
Bear Market Rally Faces Its First Big Test
The 2023 bull market hasn’t really been tested yet even after a banking crisis erupted in the midst of it. Expect that to change in the second half of the year. Three issues will put this rally to the test: a burgeoning earnings… twitter.com/i/web/status/1…
— Wifey (@WifeyAlpha)
6:19 AM • Jul 3, 2023
~ 𝑻𝑶𝑻𝑨𝑳 2 𝒎𝒂𝒄𝒓𝒐 𝒑𝒆𝒓𝒔𝒑𝒆𝒄𝒕𝒊𝒗𝒆 ~
Calm down, you don't need to flip-flop your capital at each movement.
This macro perspective helps you to visualize the situation in a better manner.
• The average bear market lasts approximately 750 days (less or more),… twitter.com/i/web/status/1…
— ZERO IKA 🗡️ (@IamZeroIka)
6:10 PM • Jun 30, 2023
The current state of the market gives me strange vibes.
Do you remember when back in the 2022/23 drawdown people were constantly calling the bottom all the way down?
What I'm seeing across CT is the same situation but reverted.
People are now constantly calling a local top at… twitter.com/i/web/status/1…
— ZERO IKA 🗡️ (@IamZeroIka)
8:54 AM • Jul 6, 2023
My to buy list for alts this cycle is very small and this is for a few reasons:
90% of alts will not see their ATH vs $BTC or $ETH
Most winners of the next cycle haven't been born yet
But there are a couple that I believe will be big winners of the next cycle
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1)
12:57 PM • Jul 5, 2023
People dont understand market cycles, they think there is only a bull or bear market
What if I tell you that we are neither in a bull or a bear market ?
We are at accumulation phase and will continue to move sidewards without new ATH or new lows till next halving in one year
— Doctor Profit 🇨🇭 (@DrProfitCrypto)
8:08 PM • Jul 4, 2023
Sometimes I'm thinking like:
Are many of us missing the obvious because we got so accustomed to the bear market?
Prices have earlier declined into maximum opportunity area.
• 70-80% discounts like earlier bear markets.
• 1-2 years of bear market.
• Economy recovering
•… twitter.com/i/web/status/1…— Crypto Nova (@CryptoGirlNova)
1:58 PM • Jul 4, 2023
$BTC - looks heavy to me. I think we take out the lows marked.
If it holds below May high and confirms deviation, then I’d expect a pullback to ‘mid range’. Hence why I chose INJ and few other alts to short. They look over extended
— TraderSZ (@trader1sz)
7:28 AM • Jul 7, 2023
Other Twitter Reads
~ 𝑻𝙞𝒑 𝒇𝙧𝒐𝙢 𝙢𝒚 𝒆𝙭𝒑𝙚𝒓𝙞𝒆𝙣𝒄𝙚 ~
During my early days in crypto, I was constantly chasing big accounts takes.
“Damn, he tweeted that we will go down, what should I do?”
“No please, it can be true”
I was 𝙨𝒄𝙖𝒓𝙚𝒅 of opening Twitter.
I was flip-flopping my… twitter.com/i/web/status/1…
— ZERO IKA 🗡️ (@IamZeroIka)
8:34 PM • Jul 3, 2023
A Cheatsheet to avoid getting Scammed.
KEEP YOUR BS METER ON HIGH ‼️
— Emperor👑 (@EmperorBTC)
1:28 PM • Jun 13, 2023
With my best regards and wishes, I hope you have a wonderful weekend.
Marco
/imagine: 1000 (Thank you for 1000 followers!)
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