The Bull Market is Starting, $INSP does 25x at Launch & Crypto is Going Risk-On
Market Report #226
First thanks for everyone who has subscribed to my newsletter recently, and thanks to everyone who has been reading over the past few years, time goes by so quickly and this newsletter has had a huge impact on some trader’s which is always great to see, our RON position from this year is ripping, and even over the past month alone the token has climb nearly 2/3x and the on-chain activity is growing at an insane rate.
We are now positioning to go into a much stronger market, I have been saying this in these reports, but going into 2024, this is going to be a very strong year for the market, with a ETF spot BTC approval on the horizon, the halvening and likely a spot ETH ETF, it’s very hard to see 2024 being anything else than just a completely bull year.
Make sure you are following along next year, this newsletter as always is going to be the place I put down all of my positions first and share early alpha on certain projects. This bear market has been pretty brutal for most, so now transitioning into a more positive market is something that everyone who has stuck around and worked and researched over the past 2 years deserves, and bull market times are incoming.
General Market Opinion
As of writing this newsletter the date is 14th December 2023, happy holidays as we go into christmas, and approach the new year. The past 2 months have been pretty crazy for the crypto markets in general, it has seemed like non-stop buying pressure, bears are pretty much non-existent, and it was very surprising and impressive just how fast this space has just switched modes. Solana is obviously the clear runner in this market, just go back 5/6 newsletter and we was buying at $18, just last week it was around $70, insane returns for anyone who was buying, Solana for me is sort of a key indicator now for market movements, and even though I do think SOL does get some type of pullback, maybe a bit more aggressive, some point soon it is going to break $100 and take the rest of the market higher.
I posted this chart on twitter a few days back when we had a red day, but you can clearly see the amount of buyers that are just waiting to enter the market on any time of pullback large or small. I wrote on my tweet that my opinion was that the price action for both ETH and BTC, look reset, we had a nuke of over-leveraged longs but at the moment price even touches at level of support, buyers are stepping in pretty aggressively. I think we have now defined some very key levels of support for both ETH and BTC which you can see above, $2000/2100 for ETH, that likely is now a definitive point for bullish momentum and continuing to go higher.
I personally think that the majority of 2024 is going to be up-only, we might get a little pullback in Q1, maybe just before a ETF announcement in approved to flush longs, this could likely be a pretty nasty event, we have seen it before historically that before major bull news event, price quickly moves in the opposite direction to take liquidity from easy over-leveraged positions. I would happily by ETH anything around 1.9k, BTC anything in the mid 30’s and SOL likely 35 region if we can see these again, if not then likely the play now is finding the new altcoins that can run hard & follow majors.
I am going to do a newsletter next week that is my complete predictions for 2024 so I will leave that for a separate newsletter, but just to say it one more time, the sellers market has ended, now is the time for buying dips and doing heavy research on alts.
RON is a position i have been talking about on this newsletter for the majority of the year, as early as April I believe, and is still my largest altcoin position at the moment, this has been one of the strongest projects over the past few weeks, climbing from 50c and now sitting at 1.7c which is more than a 2.5x in price. I have extreme confidence in this project longterm and think that we will see something around $10 during the next cycle, the power of using their liquid staking program to just compound free RON before it runs is a non brainer and the chart is looking super heavily for higher.
As you can see from that chart above, RON/USD is looking incredibly strong, from the run over the past weeks to now seeing a small retrace into a very critical previous resistance level that has now be flipped into support. It clearly seems as though if the market stays stable and strong here that price is looking to flip $2 and aim for new all time highs, which likely sends price action surging even higher. Bullish to the max.
Another pairing that has been sending recently has been INJ/USD, this was a setup that I posted on twitter, with my buy area being in this now flipped resistance block and is seemed that price was to now push higher after having a small pullback. Today we are seeing new ATH’s for this pairing, one of the strongest altcoins right now and is showing what can happen when some of alts from the previous cycle break out.
This is going to be more and more common as we push into 2024, coins breaking out and aiming for new ATH’s, this bullmarket has already started, some coins are starting to leave the station, but I would for the coming weeks start researching which projects and which sectors you think will do well during this cycle. I would not be touching shorts, likely also now wouldn’t be selling anything that is a longterm hold, just keep adding on dips over the longterm, and just keep ahead of the market.
The Market is turning Risk-On
I want to write something now as I am seeing a big shift in the market that actually is a very prominent sign that things are changing for the positive, the same thing I saw in 2020 and also the same thing that happened even before in 2017. The past two weeks have been very interesting to watch and here is why…
Inspect, a project I think I have mentioned in this newsletter and have talked about on twitter launched their token, the 6th december they went live, with a number of exchanges and while likely in a bear market the general expectations would be a lack of liquidity, very little interest, fear and uncertainty around price action and a general lack of interest from retail traders. NO.
Inspect is easily the most successful launch of the year and has show that the market appetite for new projects with potentials to make much higher returns is getting stronger, similar to what we was seeing at the start of both the ICO and IDO phases in both the last two previous bull markets. INSP launched and has held steadily 23/25x the public sale price from their bybit public launch, volume was very impressive and price action looks so strong for a new and excited project, the interest alone shows that retail traders and ready for a much more risk-on and volatile environment.
This has kicked off a new wave of bullish momentum in the crypto space, AIT a project that is incubated on PAAL, announced and launched their public sale and it sold out in less than 30 seconds, the entire public round…. I seeing way more interest across the board for new projects which is very exciting, this is not something we see in a bear market and usually always aligns itself with the start of bullish conditions.
I would heavily advise doing a heavy amount of research into new projects that are launching over the coming few weeks, really staying up to date with telegram and twitter alpha channels and just tapping into the market looking for certain opportunities, for example, @realbasementdao gave away a few tickets for INSP before the launch and is going to contiue doing that through the bull market to try and get more public sale participants and certainly followers into exclusive deals.
Thank you for reading this Newsletter; if you did enjoy it and would like to stay up to date with any of my technical analysis moving forward, please do subscribe. I am currently trying to write something on the markets at least once a week.
Thanks for always taking the time to read, I appreciate the support and reads.