Is The Crypto Bull Run Still Alive?

Hi Everyone,

Has the bull run lost its momentum and are we headed into a bear market as some would suggest? Not so fast, while we have lost some momentum, the macro level charts such as the Bitcoin stock to flow model shows we still have more bull run to go.

In fact, PlanB provided an updated chart (below) which shows hard corrections in a bull market are common and currently we are on pace with the 2013 and 2017 bull runs. Here is what he tweeted with the chart “Nothing goes up in a straight line. Bitcoin has gone up 6 months in a row, until this month. This looks like the mid-way dip that we also saw in 2013 and 2017.”

As you can see above, we experienced major corrections in the previous bull markets and there are still more runs ahead for this bull market. Will there eventually be a top to this bull market? of course, but it is not at this juncture.

In my opinion this is another dip buying opportunity especially with the Bitcoin fear index at 37. The last time we were this low (38) we went from $45,000 to a new a new all time high of $61,000 in under 2 weeks.

Most bullish news from this week

• Venmo users can now buy and sell bitcoin and other cryptocurrencies. PayPal told us back in 2020 that they would launch crypto trading on Venmo in Q2 2021 and they stuck to their promise. This opens up crypto trading to over 70 million users who are largely millennials. (source)

• Binance US hires former Bank regulator Brian Brooks as CEO. This is bullish and gives the green light to other government officials to enter into the crypto industry. Expect Brian to push for clearer crypto regulations in his new role.

• The New York Stock Exchange (NYSE) files to list shares of Valkyrie’s Bitcoin ETF. (source)

Interviews Recap

• Stefan Thomas - Stefan is one of the smartest minds in crypto and he is building some great things to improve payments. We discuss his locked Bitcoin and the hope of accessing it, his time at Ripple, XRP, SEC Ripple lawsuit, co-creating the Interledger Protocol and much more.

• Brad Garlinghouse - You don’t want to miss this interview. Brad and I discuss the SEC Ripple lawsuit, XRP and its use cases, XRP Escrow, Bitcoin, and much more!

Interviews scheduled for next week (4/26-4/30)

Commissioner Danielle Cohen Higgins (Miami- Dade County) - We’re going to discuss Miami’s pro crypto stances and initiatives to accept Bitcoin for payments and much more.

Crypto Taxes

Are you tracking your taxes for your Crypto trading? Be sure to do so, I personally use TaxBit to help me prepare my crypto taxes which I then share with my accountant. Visit TaxBit’s website to learn more.

-Tony

Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This newsletter is for educational purposes and NOT investment or financial advice.