Mission Control - This Is FredCat Checking In
https://twitter.com/fredcat5150
First off, follow me on twitter if your into that kind of thing, I post frequently. Second, FredCat is my internet alias if your wondering.
My apologies for the silence. I landed a Software Developer job and have been purely focused on improving my abilities. Also, the market has been kind of lame since the historical level of liquidations and borderline criminal ( and straight up criminal ) activity from funds and CeFi platforms… so not much to say. However, I do believe things may be changing. Elon Musk today announced Tesla liquidated there entire Bitcoin portfolio. They took a nice haircut on that. Also , 3AC ( one of the biggest funds in crypto ) went bankrupt. There’s a lot to unpack there but the main takeaway is for the past few weeks there has been a LOT of BTC selling. 3AC got liquidated as did many whales when Terra exploded, Tesla sold their entire port, and who knows what else. That is a ton of sell pressure. I wouldn’t be surprised if the Bitcoin bottom is in.
It would mean BTC wicked below the 2018 ATH and then quickly regained it. That is a pretty standard bottom pattern. Bitcoin often revisits the area of previous bull market all time high. One thing to keep in mind, I wouldn’t be surprised to revisit those lows.
Often times, bear markets end in a double bottom. If I remember correctly the Covid crash of March 2020 was in fact a double bottom and signified the beginning of a mega bull run. Furthermore, the Covid crash(second bottom) came months after the first bottom tap. So it is hard to say what will happen in the future. I do think the Fed will raise rates a few more times but even this is being called into question. The EU and Japan are on shaky ground due to the strength of the dollar. Who knows if the Fed will lighten their agenda to assist allied countries. There is a lot of questions in the market right now, but I feel pretty good about buying here. I am not dumping all my money in at once, but will continue to DCA( dollar cost average) a few bucks every week.
I told myself a few months ago I would to get the chance to purchase $7 dollar link. I may have missed the bottom ( or not ) on $5.50 Link, but I’m OK with that.
Eth is another interesting one. The Merge ( POS ) is scheduled for later this year. This could cause a run up in price in anticipation.
I am also bullish on a token called GMX. It is a leverage trading platform on Arbitrum. You would need to bridge some funds to Arbitrum or Avalanche to purchase some. You can use Synapse bridge. Please @ me on Twitter if you have any questions or drop a comment below. Often times, bull markets have narratives. The 2018 bull market narrative was Eth ICO’s. The previous bull market narrative was alternative L1 solutions as well as NFT’s. I try to speculate on what the narrative will be for the next bull run. I think Eth Layer 2 solutions could be a contender. If that is the case, GMX is the cream of the crop when it comes to Layer 2 dapps.
Finally, I still like Sol. It is cheap, and fast. Albeit this comes from sacrificing centralization. However, retail doesn’t care and neither do I. Furthermore, Sam Bankman-Friend ( CEO of FTX ) has the fattest pockets in the game. FTX and Solana go together like cheap wine and cigs. SBF being the top dog should only bode well for Solana.
That’s it from me for now. Back to coding. My skills are improving quickly and one way or another I will take these skills to crypto. For the time being, I will be purchasing BTC, ETH, Link, GMX, and Sol… maybe even some Ape.
I hope all is well with you. Enjoy your summer…I will be checking back in more frequently… FredCat - out.