VIDEO: Is Crypto Correcting or Coiling Up?

Welcome to Crypto Investing Daily. I’m your host, Alex Benfield.

Today, I wanted to bring you a quick update on what’s going on in the crypto market. You’ll find an edited transcript below the video.

As you can see, prices have come down quite a bit to start off the week. I want to fill you in on why this might be happening and why this is not a time to panic. Instead, it could be a great opportunity. There are plenty of reasons to remain confident in the crypto market throughout the summer.

Let’s dive right in.

Looking at the chart of Bitcoin (BTC), it’s clear that this recent dip is nothing out of the ordinary. If you recall, I’ve mentioned the “sell in May and go away” mentality that often influences the crypto market. Summer usually brings minimal action, although the market remains volatile compared to other assets.

Bitcoin remains within the trend channel established at the start of the year. After coming close to breaking out in late May and early June, it hasn’t managed to close above those highs.

Despite the recent correction, Bitcoin is still above its 100-day moving average, suggesting that we are in oversold territory and that a potential bounce back is on the horizon.

Ethereum (ETH) has also seen a dip, now trading at its lowest level since the news of the Ethereum ETFs in late May. However, it too is holding just above its 100-day moving average, indicating potential support.

Despite the current downtrend, the underlying developments in the market remain strong. The Ethereum ETF is still coming soon, and there is a wave of positivity regarding regulation and politics in the crypto space.

I continue to believe that a breakout is likely toward the end of the summer or the beginning of the fall. Until then, the market might remain neutral, but there are numerous opportunities, especially in altcoins.

For example, artificial intelligence (AI) tokens and some decentralized finance (DeFi) tokens are presenting significant opportunities. These are the kinds of opportunities we’ll be capitalizing on in my Crypto Trend Investor service. If you haven’t checked it out yet, I encourage you to click this link.

On a positive note, last week saw a record high for weekly inflows into crypto spot Bitcoin ETFs, bringing in about $2 billion. This indicates sustained interest and investment, even if it hasn’t yet been reflected in Bitcoin’s market price. This influx shows strong institutional confidence in Bitcoin’s future, which I believe is not fully appreciated by the market yet.

In summary, don’t be discouraged by the current price correction. The market is still in a neutral phase for the summer, but long-term trends remain upward. Keep a long-term perspective and stay patient. This is a volatile market, but it’s also one filled with opportunities. Stay vigilant, and keep up with our updates.

Thanks for watching. Have a great week, and I will see you next time.

Editor’s Note: Crypto is making ordinary investors rich, and it also serves as an inflation hedge. But you need to make your move now before the next leg-up in the crypto bull market of 2024. Every day you wait is literally costing you thousands in profits.

If you’re worried you can’t figure out crypto… don’t be. Our in-house crypto expert, Alex Benfield, will walk you through everything you need to know about crypto, step by step.

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