Disclaimer: Your capital is at risk. This is not investment advice.
The recent message from crypto has been patience. There continues to be a lack of leadership, and as a result, we wait for better times. Recently we have been singing the praises of the ByteTree Crypto Average (BCA) as a symbol of market health. It has returned to zero, which is not good news. Moreover, the summer has tended to be the weakest period historically.
Back to Zero
It means we need to be realistic as the drift could drag on.
Comparing the BCA to 2018 is enlightening, as back then, there were far fewer patches of zero that were short-lived.
Too Much Zero
That was probably because the 2017 trends were so strong that it took a long time to turn the 200-day moving averages into negative territory. This time, the trends were strong in the 2021 bull, but the energy of this recovery is severely lacking. Where are the next-gen projects? In 2019, it was new blood that caught the eye. It’ll come.