I haven’t posted here in a while, let’s just say had to deal with some health issues, but feeling better now.
First off, let’s talk about Cardano (ADA). I’ve mentioned a few times how much I prefer Cardano out of all the alt coins. In fact, the only crypto holdings I personally have are Bitcoin and Cardano. Bitcoin for the most part I prefer to trade. Cardano on the other hand is the only crypto I’ve been holding without selling since 2017. It’s nice to finally see it making major moves and new highs.
Now with all that being said, I will likely sell 75% of my ADA as we break into new highs. The only reason is because I still believe we will have a major market correction sometime this year. When corrections occur, everything goes down. Also, my remaining 25% is staked, so I’m not worried about doing anything with it for a while.
I wish ADA would disconnect from the entire crypto market trend. This is the one thing I don’t like about crypto right now, everything is driven by BTC. If BTC goes down, everything else will follow. But I truly believe that sometime in the future, ADA will carve its own path.
In my last issue #cryptobrew 0006, I did a breakdown around an article from CoinDesk where I included some fuzzy math around when I think the crypto market should pick up again. In that issue, my rough target was mid-August:
The only caveat I would add here, is that there is so much more institutional buying this time around, I would shorten the timeline even more and guesstimate more of a mid-August timeframe for things to pick back up
I was only off by about 2 weeks, as BTC started gaining steam around end of July…not bad. Due to how close my prediction was, I decided to do this again for fun and I looked at that same chart for the Bull pattern. I’m not going to go through the entire breakdown like I did last time. But to summarize, my math works out to having a correction which will end the Bull market sometime between end of September and October.
I’ve always said I still believe we will see a $25K Bitcoin. Whenever this Bull market finally ends is when we will see it happen. One thing I’ve learned through the years in my self-taught world is that whenever there is lots of euphoria in the markets is when you want to get the heck out.
As always, this is not financial advice. I use this as a way to journal my thoughts and share with anyone else interested enough to want to read this, as well as for educational purposes only.