Crypto Moves #33 – Dazzling Positivity on the Horizon
Welcome to the 33rd edition of Crypto Moves. We are now nearly one-third of the way to our hundredth edition.
On another note, Denmark faces England in the UEFA Euro 2024 this evening. To our UK-based clients, I am reminded of Kasper Schmeichel’s famous question: “Has it ever been home?”
Today’s edition of Crypto Moves builds on this week’s Crypto Crisp, where we advocated a bullish outlook on the crypto market. I have examined all of our charts to find every reason to maintain a long position in the current crypto market. Let us dive in.
Firstly, let us revisit our liquidity forecast, which we also discussed in Monday’s Crypto Crisp. It deserves another look. From this week onwards, we anticipate a significant increase in liquidity over the next few months. This liquidity forecast model has been highly accurate in recent months.
Chart 1: Steno Research’s 2024 Liquidity Forecast
Why is liquidity increasing? It is a complex topic, so stay sharp.
We are bullish on the crypto market in the near term, given the numerous positive factors on the horizon. These include increased liquidity, declining exchange balances, the historically strong month of July, dwindling Bitcoin miners’ reserves, and the imminent post-halving period, during which Bitcoin has traditionally generated exceptional returns. That being said, there are also several bearish factors to consider.
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