Digital Asset Space
April began with BTC at $4130 and closed at $5390. At the beginning of April a whale discovered how to trip leveraged shorts and within an hour drove the price of BTC up 20%. This broke all technicals and shifted digital assets into more bullish than bearish territory. It is possible that other operators copy this move. If so similar rallies will ensue.
BCH experienced a pump and that is just what it was, nothing more. It is impossible to capture and profit on events like this. In these volatile times, I urge you to remain focused on the long term investment. The Ethereum hard fork (upgrade) was originally postponed due to potential flaws but after additional security measures were put in place it was successfully executed.
Some bears say that new wallet creation rates and transaction activity (NVT ratio) are all to low, I am starting to think that these indicators relate more to the past than they will in the future. And going forward that existing players and whales will play a liquidity manipulation game for the ultimate goal of raising the digital asset's store of value. For those following Mike McGlone, the Bloomberg Commodity Strategist, he began the year believing that BTC would slide down below $2,000. In April he raised the bottom end of his range to $4,000.
An outlook to consider. The Fed could be caving on rate hikes and central bankers may be left with only one remaining option and that's to print. In turn, this could become a boon for certain digital assets.
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Digital Asset Investment Management is a licensed Registered Investment Adviser specializing in Bitcoin for 401k's, IRA's and Traditional Brokerage accounts. Learn more at www.daim.io