Obviously it would be impossible to narrow down the entire market to just a few coins, and to a few indicators and drivers, but I’m going to lay out some of the ones I see for a simplified position.
Yet another ETF (Exchange Traded Fund) decision will be coming in September by the SEC (Security and Exchange Commission).
It’s going to be another “No”.
But their “No”s seem to be getting softer and an ETF is definitely coming sometime with in a year. Just not this year.
That won’t change the noise of it driving up the price of Bitcoin, and the over all market.
Shifting gears here, I see myself as a seasonal trader. (Included to show my bias)
So I believe the majority of the market is, I mean OVER ALL market, food, clothes, all of it, a seasonal market, and I think Crypto is now in a seasonal trend, too.
Bitcoin has become, or maybe always was, Entertainment.
So after last years giant surge, the tourists have laid off a bit, and instead of buying crypto this past summer they vacationed, bought alcohol, cars, whatever, instead of buying crypto. But now, with greater scrutiny on things like “Tether” (a USD trading coin) and more USD trading pairs getting into the market, confidence is breeding, and I think the market is going to spike simply because the summer is over.
So I see jumps for Ethereum Classic, for example, along with Bitcoin, with it’s constant rumours of an ETF. I see college students getting back to classes and buying crypto after nights of drinking at the bar. I see that ‘word of mouth communication’ among students pushing the price of Bitcoin, and crypto higher and higher for the next few months.
Ethereum Classic will jump because it is the cheapest coin on Coinbase, and it also has a maximum supply, with a great future. Trading way under its valuation, currently.
People will buy it because they will want a “full” coin, and because ethereum classic has so much room to grow, in reality.
On other exchanges, coins like NANO will double again very quickly once people believe it’s at the bottom. 8 to 10 thousand satoshies, or more, is realistic for this coin, ($10 for people who don’t know what that means), mainly because NANO has current realistic use, solving problems other coins haven’t.
That alone can seriously drive price action.
Ethereum will be at a bargain because the majority will be dumping into Bitcoin, for example, so be careful trading off of it. It will surge again once the SEC releases the denial.
I can easily see Ethereum Classic going to $25 USD, but both the good news and the bad news is, crypto traders have become far more savvy than last year. Which means people will be looking to sell their crypto before they get caught holding the bag. Crypto is growing up..
It’s illegal for me to give you advice, so I am only going to give you my opinion, which all of this is. Feel free to share with me the other opportunities going on, the ones I’ve missed, as well as the other news that can drive the market.
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Crypto Drivers for Sept 18 was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.