Analysis June 19, 2024:
*Context: Discussion in Frankfurt, Germany, and Brazil.*
*Technical Movements:*
- BTC tested the base of the monthly volatility band.
- Indicates a possible upward movement.
- Technical analysis suggests a return to the monthly average (68,500 USD), after a recent bottom of 64,600 USD.
- Stochastic Relative Strength Index indicates bullish trend on 6-hour chart.
*Daily Chart:*
- BTC has respected the first Bollinger and Fibonacci band support line since the exit from the crypto winter.
- Inverted "shoulder-head-shoulder" pattern points to bullish continuation.
- Expectation of a fifth bull wave that could take BTC to 100,000 USD.
- Possible accumulation between 70,000 and 66,000 USD before a new increase.
*Proliferation of Altcoins:*
- Exponential growth since 2020.
- Many new altcoins may disappear.
- Crypto wealth tends to focus on assets with a solid user base and robust technology, such as ETH, Solana, BNB, and AVAX.
*Regulation and Institutional Adoption:*
- The SEC dropped the investigation against the Ethereum Foundation.
- ETH classified as a commodity, attracting large institutional players.
- Expectations of a liquidity revolution with the tokenization of commercial real estate assets on blockchain networks.
*Criticism of the Proliferation of Altcoins:*
- Analysis criticizes the idea of altcoin proliferation as inflation similar to currency printing.
- Highlights that wealth in the crypto world quickly becomes concentrated in viable projects.
*Geopolitical and Financial Context:*
- Inflation in the United Kingdom.
- Valuation of Nvidia.
- Relationship between AI and cryptoassets.
- Tension between Russia and Ukraine.
*Recommendations for Investors:*
- Focus on altcoins with significant growth potential.
- Avoid the noise caused by the proliferation of new cryptocurrencies.
