Uptober Was About Warming Up For The Real Game: November & December
Welcome back.
At the beginning of October, I shared my plan for the 2nd run of this bull market precisely because there were too many bears on Twitter claiming that the bull market was dead. Well, Bitcoin has officially ended October with 39.93% in Monthly ROI and reached a new ATH of $66.974.77. So, for the time being, my plan has worked out and remains unchanged.
October was an important month for crypto. Bitcoin ETFs got approved, Walmart started rolling out Bitcoin ATMs, Aaron Rodgers and more athletes are agreeing to get paid in Bitcoin, Burger King began its crypto rewards program, and tech giants are continuing to figure out crypto payments. These barely cover the list of all the crypto partnerships and integration that happened. Oh, and I’ve been seeing more mom-and-pop stores put up “Accept Bitcoin” window signs.
I believe crypto is slowly crystallizing the “Mainstream Adoption” phase. It’s great for the adoption of the technology but also a crucial time to reevaluate your risk as an investor and start securing profits. If you’re curious about the specifics of my plan, check out the “Endgame Strategy” article I wrote a few weeks ago. I still think November and December will be months to remember. But don’t give in to greed, my friends. Sell as the retail FOMO begins. Now, let’s dive into the charts for Bitcoin, Ethereum and Cardano.
Bitcoin – After reaching a new ATH, it eventually corrected to my target of $57,000 and is now climbing back up. I think it will shoot up to $70,000 relatively soon and consolidate after. That’s my conservative estimate by the way. If the bull flag pattern I shared last week does play out like a textbook (so far so good), we’ll see $80,000 and higher before the end of November. If that happens, I’ll be tweaking my plan and may secure partial profits early. I’ll keep y’all posted on Twitter.
Ethereum – Ethereum is making new ATHs, and I think it will shoot up to $5,000 following the trails of Bitcoin. In fact, it’s breaking out of the ascending triangle as I write this. The goal, for now, is to get a few daily closes above $4,400 and we should be in good shape. That said, remember that Ethereum and smaller altcoins are all still at the mercy of Bitcoin, so try not to look at alts independently.
Cardano — It’s looking indecisive as it teeters around $2. I must admit that Cardano making $2 into support is not as convincing as when it was making $1 into support earlier this year. The retests are weaker and we have officially broken down out of the descending triangle. But at the same time, I think Cardano still has room to go higher and I’m just giving it time to do what it needs to do. My guess is, if Bitcoin performs accordingly, Cardano will make its move up mid-to-late November.
As I mentioned before, we’re in an aged bull market, meaning we’re much closer to its end than its inception. A precarious phase where most gains and most losses are made. Please take profits on the way up, even if it’s just a 2x or less. Profit is profit.
Next week, I’ll be writing about why the crypto bubble will pop like the dot com bubble and share my rough plan on when to reenter at the end of the next bear market. Thanks for reading and stay safe out there.