In this week's episode, analysts tell us how low BTC could go — and the levels that need to be reclaimed for further rises. Plus, an easy-to-understand look at the rest of the crypto news.
CoinMarketRecap, hosted by Connor Sephton, aims to break down the week's crypto news in a fun and accessible way.
Research continually shows that consumers find cryptocurrencies difficult to understand — and we're determined to change that.
Here's what happened on this week's show:
Is Bitcoin's Bull Run Over?
Nick Cawley, an analyst at DailyFX, told the podcast that this pullback is "certainly not something to worry about" — and argued that some long-term holders might see this as an opportunity to increase their holding.
When asked when this correction might turn into something more nefarious, he said:
"For me, the market wouldn't be broken in a bad way until we actually got below $40,000. So we still have quite a way to go on the downside."
We were also joined by Justin Bennett, the founder of Cryptocademy. He said the market is currently being ruled by a "lot of indecision" — and believes that Bitcoin's bull cycles are beginning to lengthen. He added;
"Overall there's been a lot of talk of Bitcoin going parabolic over the next few weeks and into December 2021. And a lot of times when you see that much bullish rhetoric out there, the market does the opposite. So for me, I'm kind of looking at a very sideways November, potentially a move higher in December, but not the move that everybody's expecting. I think we're going to get some consolidation here and then the true breakout happens in maybe December or January next year."
Justin added that the days of parabolic moves and going straight up are over — and while he does think Bitcoin will have a "blow off top" eventually, the analyst ultimately thinks that the cryptocurrency will see a "gradual push higher" for the next six to ten months.
News Roundup: China Woes, ConstitutionDAO, Quentin Tarantino
CoinMarketCap's Molly Jane Zuckerman also joined us to discuss the rest of this week's crypto headlines.
Next, attention turns to ConstitutionDAO — the decentralized autonomous organization that raised millions of dollars in order to participate in an auction for a rare copy of the U.S. Constitution.
Animal Charity Receives Huge ETH Donation
Edinburgh Dog and Cat Home has received what's believed to be the biggest cryptocurrency donation in Scotland's history.
We're joined by Pawthereum's Matt C-Roy, and Edinburgh Dog and Cat Home's Nicola Gunn, to discuss how the funds are going to be used.
All of this comes ahead of Crypto Giving Tuesday on Nov. 30, when digital asset owners are encouraged to make a donation to good causes.
Nicola said that crypto allowed the charity to raise money in new ways when the coronavirus pandemic ground fundraising events to a halt.