Lark discusses the current crypto market, acknowledging that while charts look "wrecked," there's a growing sense of optimism. He notes that small percentage gains excite enthusiasts but warns that a full recovery is still distant.
Despite the market's fear, Lark remains positive, urging viewers to ignore bearish sentiment and focus on potential upside. He believes the market is "doing okay" and sees promising developments ahead.
Lark emphasizes the importance of Bitcoin reclaiming the 200-day moving average, viewing it as a key milestone. While a "big fat nasty wall of resistance" remains, he's optimistic about Bitcoin's ability to overcome it.
He points to several bullish factors for Bitcoin:
-
Approval of Bitcoin ETFs by major institutions like Wells Fargo and UBS.
-
The return of FTX creditor funds.
-
The potential impact of the upcoming U.S. election.
Lark suggests these factors could drive a positive trend in the market, especially moving into the fourth quarter. Overall, he advises focusing on the long-term potential of cryptocurrencies, particularly Bitcoin, despite current challenges.
