Hi everyone, welcome back to the flarnchain newsletter. Brought to you each and every week, like an atomic clock. This week we are going to talk about "altseason" which is basically a term for when altcoins (crypto that is not Bitcoin) go wild.
Altcoin season is a period of time in crypto markets after the price of Bitcoin has gone way up. See the chart below. It's kind of hard to read because I took a screenshot, but basically, the big spiking line on the far right is Bitcoin. The dipping line on the right is Altcoin prices. When the Altcoin prices go below the bottom horizontal line... the chart suggests you should sell your house - to buy altcoins.
Then when altcoin prices go up above the redline at the top of the chart, the chart suggests you should sell you altcoins to buy a (presumably) better house.
Interesting theory.
Lets talk about the markets.
Bitcoin is around $67.5k after last week's strong showing above $70k. The rest of the market is also down compared to last week. I would rate this week's market a bear market, but that makes me bullish. So we saw a bear week... but we are still in what I would define as "bullish consolidation". If the 4 year crypto cycle plays out, we may see a consolidation phase all through the summer and then outrageous prices in the fall and into the winter.
This week's market animal is a baby bear because like... a short blip in the radar of an otherwise lengthy consolidation phase around $2.5 trillion to $3 trillion market capitalization. I'm predicting that this will continue, and then when things go crazy the market will spike as high as a $10 trillion market cap. That's if the bullish scenario plays out. If the non-bullish scenario plays out, I think the market won't go below $1.5 trillion valuation.
Evidence? My feelings.
Don't buy crypto based on other people's feelings. Remember. Crypto is incredibly risky and volatile. Never invest more than you are willing to lose 100% of what you put in.
That's all for tonight. I keep saying I'm going to do a lengthy newsletter or talk about something technical, but instead I just keep getting distracted with mini projects. For example, check out this amazing animation created for the Proto Towers collection:
This gif is over 600 frames long. It last many seconds. It took the artist thousands of minutes to create. I'm completely baffled that someone wanted to create a piece of art to be included in the Proto Towers collection that took this long to create. Thank you Crypto Matcha for your contribution to the Proto Towers collection.
Alright that's it for tonight! Hope you all have a wonderful rest of your week.
Cheers!
-Flarn
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