8th April 2024 > > Price Action.

tl;dr

Today is all about the price.

Market Snap

Market Wrap

Net inflows to the ETFs totalled half a billion dollars or so last week, approximately 7,500 coins setting us up with a strong start to the week pricewise. The recent ATH was just shy of $74k. With the hype of the halving that is predicted to happen on the 20th April, a push past $80k looks feasible shortly as a staging post to three figures. Ripple CEO Brad Garlinghouse agrees with me:

“The overall market cap of the crypto industry ... is easily predicted to double by the end of this year ... [as it’s] impacted by all of these macro factors (ETFs and the halving).”

Marshall Beard, COO of Gemini, has a very similar outlook:

“You’re going to see violent moves up and down until that new all-time high, which I think will be $150,000. It probably happens this year. I think it moves so fast ... and I think that momentum, the supply shock, it moves crazy quickly.”

Of course, neither Brad nor Marshall could be described as being entirely impartial on this topic.

Occasional Series – Russian sanctions

Murderer Putin and his henchmen derive much of their power from the cabal of oligarchs whose gold-leaf encrusted steak habits were enabled by the world’s most vicious dictator. Following the invasion of Ukraine, the UK government slapped sanctions on Russia, aimed particularly at the oligarchs’ expense. No more would they be able to buy luxury cars, amongst other items, presumably in the hope that they might bring some pressure to bear on their heinous leader.

As Ed Conway pointed out in the Sunday Times, prior to 2022, the UK exported £400mm of cars every year to Russia. That official trade has now stopped, and rightly so.

Prior to 2022, the UK exported virtually no cars, if any at all, to places like Azerbaijan, Kazakhstan, Kyrgyzstan, and Armenia. Probably for obvious reasons I do not have to explain.

We now export close to £400mm of cars every year – almost entirely comprising the luxury options – to those four countries to whom we did not previously export cars. This is despite the levels of poverty and deprivation in those places remaining as they always were.

Which is a bit odd.

Though perhaps less so when one considers that to deliver the Bentleys and the other supercars to the end “customer”, the trucks delivering these cars mostly pass through Moscow.

Oh well.

I guess sanctions might be effective at some indeterminate date in the future, at a time when the Foreign Office works for the UK, rather than against our interests. “Yes, Minister” was not a farce, but a blueprint for how the technocratic elite behaves today. There is of course a solution to these problems, and it is called the blockchain.

Curious Cryptos’ Commentary – More price predictions

The price action since Friday morning feels rather robust, so let’s look at another price prediction, this time from the techie perspective:

So, that’s another price point of $140k by July.

A word of warning. In my humble opinion technical analysis is only of value in helping us understand what other investors who believe in it might be thinking.