Data Dash – Is Bitcoin About To Go Parabolic? | A Data-Driven Cycle Analysis (01.04.2024 Summary)

Data Dash – Is Bitcoin About To Go Parabolic? | A Data-Driven Cycle Analysis (01.04.2024 Summary)

It’s April 1st, 2024, and the ultimate question on everyone’s mind is – Is Bitcoin about to go parabolic?

Nick from DataDash dives deep to answer this burning query, and boy, does he have some juicy insights to share!

  • First up, global liquidity holds the key to Bitcoin’s ascent. As Nick says, “Money moves like water, it’s going to go where it needs to go.” And right now, that water seems to be flowing towards crypto, with Bitcoin and altcoins riding the wave since October 2023.

  • But don’t get too carried away just yet, because if global liquidity dries up, the party might be over sooner than you think.

  • Next up, the Bitcoin ETF – this game-changer has been a real crowd-puller, with institutional investors piling in week after week. As Nick puts it, “The ETF is resilient, it had its initial flush down, but since then, it’s just been generally green ladders.” However, the ETF needs to keep climbing for Bitcoin to maintain its upward trajectory.

  • Now, let’s talk altcoins. Altcoins are where the real money is at this stage of the cycle according to Nick. He believes we are currently at the same level on the altcoin season index as January 2021 – right before altcoins went into pure mania mode.

  • He points out that altcoins excluding the top 10 currently hold about 13.3% market dominance. This is not only where we were in December 2023 before this latest run, but way below the 19% seen at the peak of the previous cycle in January 2022.

  • In Nick’s view, we have a long way to go, with the potential for altcoin market dominance to even double from current levels as new narratives take shape. This is when massive, life-changing gains can be made on small-midcap altcoin plays.

    However, DataDash cautions not to simply chase stale, legacy Crypto names. The key will be finding the right emerging narratives and gems before the herd piles in. That’s why his upcoming video revealing the top altcoin narratives to focus on is so highly anticipated.