Correction
With my warning last week, did I bring doom and gloom to the crypto markets by warning of a possible correction, or is it a coincidence that a correction started shortly afterward and is still ongoing? It seems very unlikely to me that I could have that much power over the crypto market. So it has to be something else. Is it related to US inflation being higher than expected? Is it related to the fact that the US labor market is said to have imploded? Or is this a correction that has occurred in every cycle BEFORE the halving?
By looking back at the history of Bitcoin halvings you can discover an interesting pattern. The fact is that for each halving a correction of 38% has taken place. This happened during the 1st, 2nd, and 3rd halving. So if Bitcoin continues to hold on to this pattern, we're in for a big dip and some pain in our portfolios. That could mean that Bitcoin could fall to around $45,500. If you take the current all-time high of $73,500 as an indicator.
Now, this cycle may seem different from previous cycles, because Bitcoin has never broken its all-time high before the halving, but this is not so strange. Because if you look at history again, you will see that Bitcoin's first major movement until the halving seems to be getting bigger and bigger. In that respect, breaking the all-time high before the halving seems to fit this bill perfectly.
If this has been well observed, we still have a lot to look forward to, so don't worry too much yet, stay calm, and hodl on!
Ethereum Spot ETFs?
Of course, crypto is not always just about Bitcoin, although Bitcoin is the undisputed king of crypto and therefore the easiest to transfer. But number 2 Ethereum is also making itself heard. If only because there are currently 8 applications for ETH Spot ETFs ready. Awaiting Approval. And that could have a big impact on the crypto market. Although the chance of approval is not very high. The various parties differ quite a bit in their opinions, and while one says that the chance of approval is around 70%, the other says that this chance is currently only 30% to 35%. Anyway, the tension is building, will the green light be given to ETH Spot ETFs in May or will Gary Gensler be a spoilsport again? In any case, Grayscale and Blackrock hope for approval of their application.
Dencun Upgrade
In the meantime, due to the Dencun upgrade of Ethereum, we see that the transaction costs on the second layer have fallen considerably, and that can only be good news. I dare not say whether this also affects the Ethereum network itself. I know very little about the gas fees on the ETH network, except that they are too high for me. And that's one reason I never actually do anything on the ETH network. There is undoubtedly much more to say about the Dencun upgrade, but this time I will leave that finding out to those interested. I haven't had much time to delve into this myself and since I don't have much to do with ETH and certainly not with the ETH Network, I don't feel like really immersing myself in it yet. deepen. Maybe later when I'm a millionaire. LOL.
Doge again?
To conclude today, it could be that the Dogecoin price will soon rise sharply again. Elon Musk appears to be back in action with some cryptic references to his interest in Doge. At least that's how people interpret his cryptic statements on his X account. And he appears to have said that Tesla may start accepting Dogecoins as payment for a Tesla. Now I'm always a bit skeptical about that, because well, Elon, he talks more and also likes to make some cryptic statements that can be interpreted differently by everyone. In short, I don't think much of Elon, but if you have any money left at this point and are interested in taking a chance... you could bet on Doge.