is this one of those things where people are resetting their expectations saying maybe it goes
from 20 000 over the next four or five years to 40 000 is it still a half a million dollars a million
dollars a coin on on bitcoin i mean and then how do you look at that versus what you think of as
a potential downside risk welcome back everybody to altcoin daily you subscribe for daily videos on
everything going on in the crypto markets news opinion perspective let's talk realistically
what happens next for bitcoin what price will the ultimate bottom for bitcoin be in this bear cycle
and realistically how long how much time until we see bitcoin break above all-time highs and
then i want to update you on cardano if you like cardano you're going to want to stick around for
this before we talk about the ultimate bottom price for bitcoin however before we talk about
when bitcoin breaks all-time highs again it's very important to me to be realistic on this channel
with you we would all like bitcoin to hit its ultimate bottom tomorrow we would all like bitcoin
to break above its all-time highs next week but realistically what's most likely to happen next
what do you think comment below see i really like how bitcoin expert mel d of coin shares answers
this question she's a star in the cryptocurrency space the chief strategy officer at coin shares
and they ask her what happens next with bitcoin can we break out of this cryptocurrency winter
soon and i think her answer is spot on i know we're living through somewhat of a crypto winter
in summer and i think everyone's asking is it going to reverse in winter meaning when
we actually get to our own winter do we have some kind of reversal here what do you think
for us at coin shares the view is we're going to stay where we are for a while there are no
near-term upside catalysts we have yet to see bitcoin in a recession arguably are we in a
recession we don't know but with what's going on in the eurozone around the world and here
in the united states with the fed hiking rates and cutting back on their open market activities
certainly expect more pain ahead for tech stocks growth and also crypto i think the big question is
what are traders doing what's happening in markets we obviously had a lot of liquidations a lot of
insolvencies that had a massive impact on the market think archaegos are bigger we're talking
about 10 20 30 billion dollars of capital that has been basically sort of evaporated overnight
liquidity that's gone out of the system and we haven't yet seen the full impact of that because
most of the companies in this industry are not publicly listed so we don't get that transparency
we normally see she says bitcoin will continue ranging in the short to mid term because there's
really no major catalysts in the short to mid term plus the recession plus the general macro backdrop
i tend to agree with this but i do think there's opportunity
being in bitcoin being in crypto at this time particularly investing your time
learning and really understanding the space the big question however is what's your
best guess on bitcoin's eventual bottom has it happened already what is the lowest it could go
and when will bitcoin break above its all-time highs again that's the big question listen to
mel d and then we'll discuss and then we'll talk about cardano what do you think the downside is
at this point for those who are looking at let's actually think about it like this before it was
just it felt like for a lot of people a runaway train people wanted to get on that train before
before it ran away uh it ran away briefly and then came back to earth what do you see over let's just
say the next call at 24 months i don't know if you should even look at five years is this one
of those things where people are resetting their expectations saying maybe it goes from twenty
thousand over the next four or five years to forty thousand is it still a half a million dollars
a million dollars a coin on on bitcoin i mean and then how do you look at that versus what you
think of as the potential downside risk yeah that that's a great question i think that's absolutely
the right framing for long-term investors which is what we're focused on look bitcoin is and has
always been a secular trade it's a very cyclical asset it goes through these cycles of ups and
downs highs and lows historically drawdown from peak to trough has been 80 to 90 in bitcoin we're
currently sitting at about 65 from our all-time highs in november of last year so there is still
room for some downward correction we at coin shares don't see bitcoin going below that 14k
threshold and we've seen strong support around 20k but again we're looking at this i think in the
next 24 months we will see new all-time highs in bitcoin now there is a long tail of other crypto
assets you made the point earlier now let's get that solana ticker up there they're obviously
merging crypto assets like ether and solana that have differentiated and no longer have a beta of
one to bitcoin and then there's a very long long tail crypto assets that i think will go to zero
that don't really have any long-term prospect as we've seen with so many tech stocks as well
so there we go guys she says 14k has a lot of strong support she also says 20k has a lot of
strong support and she says realistically it will definitely happen in her opinion in two years
bitcoin breaks above all-time highs let me know what you think about this in the comments below
there is a chance that bitcoin has already bottomed the bottoms in we won't know that
until time passes and there's a chance that the bottom is lower than 14k we won't know
that until time passes however in my opinion the more time that passes the better it will
be because the genies out of the bottle bitcoin has a network crypto as an industry is only
getting stronger and people are starting to realize this let's talk about cardano
first of all my question to you is how much cardano is in your portfolio some people will
say zero some people will say closer to over 50 to a hundred ultimately that's up to you to decide
we'll get into the thirty percent let's start right here cardano sharks circle ahead of
potential bullish breakout so on chain data shows that buying pressure from mid size shark holders
is increasing which could trigger a bullish breakout now obviously if you're an og in crypto
like many people on this channel you know that cardano's price will largely depend on bitcoin
and ethereum's price if bitcoin and ethereum are strong i think cardano can be strong but if
bitcoin and ethereum price are weak historically speaking that does not bode well anyways the key
takeaways are as follows cardano is currently consolidating between 43 cents support and 50
cents resistance meanwhile mid-sized shark holders have added over 79 million ada to their positions
mid-sized shark holders have added 79 million aida to their positions at this price range overcoming
resistance at 50 cents could trigger a 52 percent breakout to me that says cardano will challenge a
dollar once again and this is that data that we were just talking about as cardano's price
performance has stayed particularly underwhelming in 2022 addresses holding 10k to 100k ada are now
accumulating they've added 79.1 million ada to their collective bags in 30 days meanwhile
100k to 10 million whale cardano holders have ceased their dumping interesting thing to note so
i really like cardano i actually like cardano more during this bear market than even last bear market
that being said cardano at this moment in time is about five percent of my cryptocurrency portfolio
i do plan to increase it when i know bitcoin's price action is more solid to the upside and
ethereums but i'm a more conservative investor right if you take more risk you could
have the potential to get a greater reward now there are certain entities that are taking
this big risk and have increased their cardano percentage to 30 percent let's talk about this
cardano solana polkadot and four more altcoins are top smart contract platform holdings
for grayscale crypto asset manager giant grayscale has updated its smart contract platform holdings
as the digital asset markets consolidate well below their all-time highs in a new report
grayscale says its fund has allocated funds towards cardano solana polkadot and several
other ethereum competitors the weightings are as follows cardano takes the number one spot at 31
solana 25 polka dot 13 avalanche 10 polygon 8 cosmos five algorand four so cardano number
one spot for each competitors then solana and polka dot then avalanche then matic
which is an ethereum layer two grayscale notes that as a result of the rebalancing
payment focused altcoin stellar was removed from the fund and also interesting to note about their
defy holdings uniswap now takes their number one spot in their rebalanced d5
fund unit swap at 56 percent maker dow at 13 ave 12 curve 7 amp 5 compound 4 so uniswap is
their most weighted in their d5 fund and cardano is their most weighted in their ethereum
competitor fund like i said i'm hugely bullish on cardano the next bull cycle for me there's no rush
to get into altcoins over the next few months they can still really grind down or bleed as bitcoin
and ethereum consolidates chop solidates but some people you know are taking bigger risk and they
have the opportunity for bigger rewards let me know what you're doing in the comments below
let me know how you think of cardano's potential today and how you think of cardano's potential in
the next bull run let me know my name is aaron at altcoin daily see you tomorrow my friends