The crypto market is always a rollercoaster, isn't it? Right now, Bitcoin is hovering around $112-113k, and a lot of people are getting a bit nervous, wondering if the bull cycle is over. There's this "lower high" situation, which technically isn't a great sign, but if we zoom out and look at the bigger picture, many of the bears are likely to get "rekt" (a crypto term for losing a lot of money) in the coming months, especially as we head into October.
Historically, October and November (Q4) tend to be explosive for Bitcoin, and this kind of weakness and lower high isn't uncommon before a big breakout. So, the strategy remains: stick to the plan that Q4 will bring higher prices and the four-year cycle will continue. A 10% dump from the highs of $124k isn't a reason to abandon the strategy, even if some are predicting a drop to $90k.
Beyond Bitcoin, there's some interesting stuff happening with altcoins. Aster (AST) is seeing a lot of action, with CZ (Binance's former CEO) reportedly "all in" on promoting it. He's even talking about focusing on decentralized projects now that he's stepping back from centralized exchanges. Aster is apparently giving Hyperliquid a run for its money, even surpassing it in trading volume recently. This just goes to show how quickly things can change in crypto, so it's important to adapt as an investor.
Avalanche (AVAX) is another one to watch. It's showing bullish signals on the "money line" indicator, and major players like Scaramucci are now shilling it. Apparently, companies are looking at Avalanche for tokenization because of its subnet capabilities, which allow for customization. While the underlying tech is always a factor, it seems the media narrative and chart mechanics are playing a big role in its current pump. We might see it teleport to $39 and then potentially $45, maybe even towards its all-time high of $150 later in the cycle. It's still early in its pump on the weekly chart.
A word of caution, though: don't marry your bags, especially with altcoins. The market moves fast, and what's hot today could be not so hot tomorrow. Always be ready to adapt!
On a more critical note, the founder of PulseChain (PLS) seems to be in a bit of a controversial situation, with the community facing issues like a non-functioning bridge for over two weeks. It's a tough spot for those who invested their Ethereum into it.
Finally, there's been some buzz about a major announcement regarding Bitcoin that was supposed to happen today (Tuesday). Dennis Porter has been hyping it up, suggesting it could reorder the political conversation around Bitcoin. We'll have to see if it lives up to the hype, as sometimes these big announcements can lead to market disappointment.