Has Crypto Hit the Bottom Yet? Here's What MMCrypto Thinks!
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Has Crypto Hit the Bottom Yet? Here's What MMCrypto Thinks!

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6 months ago

Missed the CMC Live episode with MMCrypto? Here is a recap!

Has Crypto Hit the Bottom Yet? Here's What MMCrypto Thinks!

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Crypto is down badly. But have we bottomed or will it get even worse?
With widespread speculation, this topic couldn't be ignored in the latest episode of CMC Live, our weekly podcast explaining the cryptocurrency revolution.
And our guest speaker wasn't just anybody. MMCrypto, a prominent figure in the crypto sphere, delved into:
  • His background and journey to becoming a crypto influencer.
  • On-chain data analysis for Bitcoin.
  • Trading tips and mindset.
  • Macroeconomic trends.
  • The role of crypto for social media.
  • The outlook for the market.

Did you miss the episode?

Good thing we had someone taking notes…

MMCrypto’s Road To Becoming a Crypto Influencer

MMCrypto, also known as Chris, developed an interest in Bitcoin during the years 2016-2017.

That’s when he started a YouTube channel creating crypto content in German. He soon began collaborating with another early Bitcoiner called DaVinci, who bought Bitcoin at $1.

After gaining traction, Chris decided to switch his content to English in order to reach a broader, global audience. He set a goal of becoming the biggest crypto YouTuber in the English-speaking world. Over the years, he grew his YouTube following to over 550,000 subscribers and also built a large Twitter audience.

His journey shows how he transitioned from working in the legacy financial system to becoming a full-time crypto influencer and Bitcoin advocate. Starting with a niche audience and consistent content output were keys to growing his audience over 5+ years.

What On-Chain Data Says About the Bitcoin Price

MMCrypto proceeded to highlight the invaluable insights that on-chain data offers, allowing analysis of price movements, transaction sizes, and the distinction between profitable and unprofitable coin moves. These indicators provide a unique glimpse into investor sentiment and behavior—features that traditional markets lack.

On-chain data helps you to determine when Bitcoin is overbought or oversold. Some services make onchain data more accessible through charts and models.

He also mentioned that Bitcoin exhibited remarkably low volatility throughout the summer, hinting at a phase of consolidation and the possibility of accumulation.

Trading Tips and Mindset

MMCrypto stressed that trading should not be the sole focus for crypto investors. Investors need to understand Bitcoin's value as a long-term savings technology.

But if you are interested in trading, he advised only risking a small percentage of your portfolio so any losses don't wipe out your core holdings. MMCrypto prefers swing trading and long-term position trading over day trading, as high-frequency trading requires extensive skills developed over thousands of hours.

Still, success in advanced trading methods is unrealistic for most people, and a patient, long-term mindset focused on Bitcoin accumulation rather than reckless overtrading is the way to go. Losing Bitcoin to failed trades can be exponentially more costly than any temporary trading gains. Mastering trading requires extraordinary skill and should not be seen as a get-rich-quick scheme.

Macro Trends Driving Bitcoin Adoption

MMCrypto also discussed how inflation across all fiat currencies will continue rising over time. While some currencies like the US Dollar are declining slower than others, they are all "falling knives" that will eventually hit the ground.

As national currencies continue losing purchasing power, MMCrypto sees the adoption of hard assets like Bitcoin accelerating, especially in countries already experiencing high inflation. This trend has played out in places like Turkey and Argentina.

Another driver will be increased institutional investments into crypto, like Bitcoin ETFs and involvement from payment apps like PayPal.

Overall, macro conditions point to increasing utility and value of decentralized digital assets over the long run compared to failing government currencies.

Crypto for Social Media

MMCrypto discussed the role of crypto in social media, and how it could be integrated. While the fundamental use case makes sense, the regulatory environment today still limits the integration of crypto for social and commercial purposes.

MMCrypto thinks adoption is happening slower than many expected, but argued that it's inevitable in the long run due to Bitcoin's continuing network effects and inflation eroding faith in fiat currencies. Regulatory resistance may slow things down, but the macro trends will force adoption anyway over the coming years in his view.

The Market Outlook

MMCrypto believes we are currently in an accumulation phase after hitting the bottom earlier this year at around $15K-$17K.
He expects continued consolidation and range-bound price action for the remainder of the year, but he doesn't anticipate a full-blown bull market until the 2024 halving approaches.

MMCrypto sees breaking the $32K resistance decisively as the trigger for Bitcoin's next major price leg up. He believes that would likely induce FOMO and double-digit weekly gains, but patience will be needed to let adoption and demand grow over the coming months.

Want More?

If you liked that, there’s a lot more where this came from. Tune into our next episode of CMC Live here:

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