Posted 7 months ago | by Catoshi Nakamoto
It’s all eyes on Bitcoin right now after a super bullish couple of weeks. Yep, Rocktober is more than living up to the hype; I’m talking ETF mania, the highest weekly close in market history, and who knows, by the time this video airs, BTC could easily have smashed resistance to make an all time high. There’s no denying that Bitcoin is King right now. Dominance is climbing the Stairway to Heaven while the alts are Biting the Dust on the Highway to Hell. But don’t worry. You’ve got to remember the market cycles. We’re in phase 1 right now. Meaning if Bitcoin is king then Ethereum is Queen, biding her time before a face melting solo in Phase 2: the beginning of a kind of call-and-response with the rest of the large cap alts. It’s only October and Mercury is in retrograde (00.33, stick Eth logo on his head?). So while your altcoin portfolios might be looking a bit static right now, you might be feeling Under Pressure to go all in on Bitcoin. But you’ve just gotta be patient, hold on, and buckle up: this party’s only just getting started.
Let’s get it!
Welcome to BitBoy Crypto, the largest and greatest crypto community in all the interwebs. My name is Ben. Every day on this Channel I show you how to make money in Crypto. If you like money and crypto, be sure to hit that subscribe button. In this video we break down the latest on the Ethereum Blockchain and I update my 2021 price prediction for Ethereum.
My Ethereum Price Prediction for 2021 (Money Making Crypto Flipping Bitcoin)
Ethereum is evaporating into the ether right now, and I’m not just referring to the 2 billion dollars worth that’s been scorched since EIP1559. No, I’m talking about a massive drop in Ethereum exchange reserves that can only mean one thing: an incoming supply shock. Why? Because people aren’t selling. In fact, they’re taking their precious Ether off the exchanges and saving it for a rainy day. And that’s in spite of the fact that over 97% of all Ethereum holders are in profit right now. Meanwhile, the whales are hungry. Just check out this data from Coinbase showing a huge spike in outflows last week to the tune 400,000 ETH tokens, or 1.5 billion dollars. That’s not just a whale, that’s MONSTRO levels of institutional activity we’re seeing right now. And on-chain data shows serious amounts of ETH being moved around, and most likely being split up into multiple wallets***. So when the big boys are scooping up billions of dollars worth of Eth and putting it in cold storage, while almost every single token holder is clearly in the green… well you don’t have to be a genius economist to figure out what happens next.
Speaking of great minds, someone who is selling their Ethereum right now is TV host and leading candidate as a potential lizard person, Jim Kramer. He recently announced that he’d be selling off a portion of his Eth as “the upcoming launch of a bitcoin futures ETF in the U.S. could mark a near-term top for crypto markets”. Look, I’m all for taking profits, but then this is the guy who sold almost all his bitcoin in June. June! When we were telling you to hodl. And who begged his viewers to sell their crypto in light of the Evergrande FUD just last month. I mean he’s got such paper hands I’m amazed he even button his shirt. However, he’s not the only crypto pundit weighing in on Ether this week, as Dallas Mavericks owner Mark Cuban said he believed that of all the crypto assets, it was Ethereum that clearly had the most upside potential. And that’s because, as he put it, ‘Vitalik will figure it out’. I mean, it’s hard not to agree with Cuban on this one. After all, the human supercomputer and Ethereum founder recently made Time Magazine’s 100 most influential people of the year for his innovation… to the rap genre (00’38 – 47). ETH 2.0, yo.
But let’s get serious for a second. It’s hard – if not impossible – not to be bullish as ever on Ethereum given that ETH 2.0 yo could be coming sooner than expected. According to Tim Beiko, the code might be complete by February next year, with the merge to proof of stake on the beacon chain likely to follow four months later. Which is why the nerds at Ethereum have voted to delay the difficulty bomb until June 2022 – a proposal that’ll effectively make mining unviable at that time. This all comes only a week or so before the Altair upgrade is due to take effect later this month, the first mainnet upgrade to the Beacon Chain which, according to a recent official blogpost, offers a kind of “warm-up” in advance of the merge.? So what’s that upgrade going to mean from a user perspective? Well, as outlined in a recent article from Coindesk not only will ETH 2.0 make Ethereum way more energy efficient, it will also mark a transition away from economies of scale. What does that mean? Well it’ll allow users with smaller investments to become validators on the network, which in turn should reduce centralisation and improve security as they become more widespread. And while the move to proof-of-stake won’t necessarily have an immediate impact on gas fees or speed, it ‘will lay the groundwork for sharding’ , which will ultimately see the network load shared across 64 separate chains, massively increasing throughput and speed. Speeds that could reach as high as 100,000 transactions per second. In short, ‘The Merge’ is gonna be scary stuff for the so-called ETH killers.
Yep, it’s hard to believe that this guy created a coin that’s going to at least 8,000 dollars this cycle and at the time of recording is sitting just shy of 4k. But there’s no doubt about it: in spite of the many delays, confidence in 2.0 remains high as ever, with the deposit contract now showing approximately $28 Billion in ETH being staked. And zooming out into the wider DeFi space, Ethereum is capturing a huge 69% of total value locked across all the different chains – totalling no less than 130 billion dollars. This is all super bullish. And you can be sure that as soon we enter Phase 2 of the market cycle and money starts pouring into Ethereum, well, it’s gonna break Break Free in a serious way: and yes, it’s still totally possible we’ll see the marketcap Flippening at some point this cycle.
A possible catalyst could be rumours of an upcoming Ethereum ETF. I know, I know literally only been a few days since a Bitcoin futures ETF was approved, but already people are getting excited about the prospect of the SEC allowing an ‘ETH-TF’. After all, they’ve already said Ethereum isn’t a security. And while I’m not sure it’ll happen that quickly, it’s clearly the next in line. So much so that applications with the SEC are currently pending: including one from Krypton and Gemini Trust Company, who’ve offered to serve as custodians and hold the trust’s Ethereum. Yep, this isn’t even futures ETF we’re talking about here, it’s a spot ETF, which means that given Dirty Garry Gensler is in charge of the show, I wouldn’t at all be surprised to see it rejected. But here’s something to think about. Forget outcomes: the hype alone around a possible Ethereum ETF could easily send ETH into the stratosphere in the coming months. I’m talking north of ten thousand, possibly as high 12, 14, 15 thousand dollars. And what if an eventual rejection from the SEC is the killer blow that sends it crashing back down – a clear-cut case of ‘buy the rumour and sell the news’, which is exactly what happened to Bitcoin back in 2018. Who knows, but I can totally see it happening and definitely something we’ll be keeping an eye on in the next couple months.
In the meantime, I’ll say just this: don’t be like Jim Kramer. And definitely do not sell your Ethereum when it still off it’s all time high. When this thing pops… it’s going to be like getting full sized candy bars on Halloween.
That’s all I got. Be Blessed. Bitboy Out.