- THE TRIPLE SCOOP
- Posts
- Bitcoin could hit ATH sooner than you think
Bitcoin could hit ATH sooner than you think
The Triple Scoop
February 27, 2024
SCOOPāS TL;DR
š MARKET SENTIMENT
Woosh, Bitcoin has left the station. I donāt think anyone including us expected that one. We have broken past $57K. I mean it feels really weird saying this, but there is a very strong chance that Bitcoin exceeds its all-time high before the halving. This has never happened before, but things that have never happened before ādo happen all the timeā.
šļø BARBELLāS WEEKLY PICK
$ANDR - ANDROMEDA
šļø TOP STORIES
Whales Ape
MicroStrategy Bets Again & Hack
Ethereum Record Breakers
š WEEKLY WINNER
Avail
š” REKT SECTION
Bitforex
š PREMIUM SCOOP
AI / DEPIN & GAMING Are the hottest narratives of the cycle. This low-cap gem ticks all the above. Donāt fade.
Crypto Total Market Cap $2.2T - 24/hour change 4%+
Crypto 24-hour Total Volume $115B - 58%+
Majors - 24/Hour change
BTC - $56,995 - 6.7%+
ETH - $3200 - 2.4%+
Woosh, Bitcoin has left the station. I donāt think anyone including us expected that one. We have broken past $57K.
I mean it feels really weird saying this, but there is a very strong chance that Bitcoin exceeds its all-time high before the halving. This has never happened before, but things that have never happened before ādo happen all the timeā.
The Institutional flood gates have fully opened, Michael Saylor is aping harder than King Kong and Yesterday Bitcoin ETFs accumulated more than 10x the daily supply issuance of the bitcoin network. The price is pushing above $57,000 as the market begins to internalize how scarce bitcoin is.
This gives us 2 options:
Option 1 - Left translated cycle - We see the continuation of this super accelerated version of the cycle, which blasts the 4-year theorists out of the water. We have a roaring March through to September finishing with a blow-off top, $BTC ($100-150K)
Option 2 - SuperCycle - We continue the pace of growth we are seeing now, but instead of finishing up this year, we continue into mid-2025, and $BTC tops out around $170-$200k.
What we are preparing forā¦
A supercycle would be amazing, but we are personally gearing up our bags to finish this year around September time. You must have an exit plan in crypto, and better to prepare for the worst, than live in a blind hopium land.
We plan for a hard and fast Bullish 6-7 Months ahead
We are entering the second phase of the bull cycle. Bitcoin is squeezing up higher, with still more room to go, but very soon ETH will be the star performer, outpacing Bitcoin.
Bitcoin dominance pushing up just under 54%. Again we expect this to push higher before true ALT season takes hold, but this will not take long, we are closing in on it in the next few weeks.
Ethereum
Ethereum blasting past $3k, we saw our first prediction that ETH will hit $21K this cycle. This is not our thoughts, but people are starting to get majorly bullish. We can expect to see ETH outperform Bitcoin moving forward as we enter the second phase of the cycle, leading further down the path to ALT season.
ALTs
Strap in, Once Bitcoin has had its fun, you are about to witness one of the biggest ALT seasons ever seen. Things are about to get crazy. The time to focus is now.
š® NARRATIVES TO FOCUS ON IN 2024
- AI Infrastructure / Autonomous agents
- GPU / Cloud Computing
- Gaming / Game-fi
- DEPIN (Decentralised Infrastructure)
- RWA - Real-World Asset tokens
- Memes - (youāre not too good for them)
- Eigen Layer
- BTC Defi / BRC20
- New Layer 1ās
- Parallelization EVM / Modular Blockchains
- Solana Killers
Be the envy of friendsā¦
šļø BARBELLāS WEEKLY PICK
In each issue, our Founder āJack Barbellā delivers a hot rising star crypto asset that is yet to explode.
You can Follow Jack Barbell on X - @thebarbell_
Narrative - Infrastructure / Web3 Operating system
Fully Diluted Market cap - Circa - $50M
Potential - 15-30X
Resources
Andromeda is poised to redefine the Web3 landscape as a first mover with its groundbreaking operating system concept(aOS) and a native token $ANDR. But what sets Andromeda apart, and how does its operating system revolutionize the crypto industry in the same way operating systems transformed Web2? Let's dive in.
The Unique Operating System: AndromedaOS isn't just another software layer; it's a game-changer for the decentralized web. Similar to how Windows or macOS unified applications in the Web2 era, Andromeda's aOS seamlessly integrates various blockchains and their capabilities. This unique approach significantly reduces the barriers to entry for both users and developers, offering a unified experience across the decentralized landscape.
Revolutionizing Web2 with Operating Systems: In the Web2 world, operating systems like Windows and macOS played a pivotal role in shaping the Internet as we know it today. They provided a common platform for developers to build upon, leading to the creation of user-friendly applications and driving widespread adoption. Just as these operating systems simplified computing for the masses, Andromeda aims to do the same for the scattered world of Web3.
Key Features of AndromedaOS:
Unified Experience: AndromedaOS serves as a centralized hub for Web3 activities, streamlining interactions across multiple blockchains and applications.
Simplified Development: With tools like the ADO No-code Builder, Andromeda empowers users to create complex dApps without extensive coding knowledge, much like drag-and-drop website builders revolutionized website creation.
Interoperability: Just as operating systems enabled software compatibility in the Web2 era, Andromeda's aOS connects seamlessly with any blockchain, fostering collaboration and innovation.
Token Utility and Ecosystem:
At the heart of Andromeda is its native token $ANDR. This token not only powers the aOS and secures the Andromeda blockchain but also serves as a unit of exchange within the ecosystem. Similar to how traditional operating systems generated value through software sales and licensing, $ANDR tokenomics model ensures demand across all deployed blockchains, creating a thriving ecosystem.
Strategic Partnerships:
Andromeda has already made strategic partnerships with industry leaders like $INJ Injective Blockchain, Terra, stargaze, and Kujira and it looks like their journey is just getting started. These collaborations will kickstart & pave the way for widespread adoption and interoperability, much like how partnerships between operating system developers and software vendors drove innovation in the Web2 era.
Conclusion:
Andromeda's innovative operating system marks a significant milestone in the evolution of Web3. By taking inspiration from the transformative power of operating systems in the Web2 world, Andromeda is poised to unlock the full potential of decentralized technologies.
š TOP STORIES
Whales Ape - Bitcoin Continues To Soar
At a glance š
Whales have bought $1.3bn worth of Bitcoin (26.2k) at $51k.
Since the stack was bought, the price has shot up to $53.3k
In the last month, over 150 new BTC addresses each holding over 1000 BTC have been created.
šµļø Scoops take:
As we said, there was never a good or bad time to buy for the long-term following the ETF approval.
If the price of 51k was good enough for the whales over the last week, then the sub-40k witnessed at the end of last month is certainly good enough for the rest of us.
As each day passes it is another red X on the calendar towards halving.
Onwards and only upwards.
So what if there was a coin that ticked every one of those boxes and is still below $40M market cap?
MicroStrategy Bets Again & Hack - A Tale of Good News And Bad.
At a glance š
MicroStrategy, the largest corporate owner of Bitcoin, has ramped up its holdings adding 3000 for $155m at an average price of $51,813.
The total holdings are up to 193,000 purchased for a total of $6.09bn (average of $31,544).
The company is sitting on a $3.8bn unrealized profit so the total worth is around $10bn.
The Companyās X account was hacked on Monday, leading to a phishing message being posted.
At the time of writing, the link posted has led to $440k worth being stolen.
The link has since been deleted.
šµļø Scoops take:
A real topsy-turvy state of events for the company.
Their balance sheet continues to grow to legendary status and their bullish mantra has paid off.
In terms of the hack, it is extremely unfortunate. It can be very easy to be duped by these phishing links, especially when it comes from a company so heavily involved in Crypto. The advice we can provide is to check the comments on any Tweets, make sure what you would be clicking seems legit, and always assume that if it is too good to be true then it probably is.
It is certainly worth following the Crypto safety guru ZachXBT so you can familiarize yourself with any patterns that hackers deploy.
Ethereum Record Breakers - They Are Keeping The Pace
At a glance š
Ethereum has smashed through the $3k barrier and it is the first time $3k has been broken in almost 2 years.
This will be the second time in history that the ETH monthly close in a bull market has closed above $2791.
The ETH ETF approval could lead to a major breakout.
šµļø Scoops take:
Throughout the last quarter of 2023, Ethereum was falling well behind Bitcoin in the race.
A second-wind has been caught and the price is now starting to flourish.
At roughly 5% of the cost of 1BTC, Ethereum is proving to be a much more affordable asset for many.
With the upcoming ETF approval as well as the NFT market starting to regain some much-needed traction, Ethereum is proving to be a strong purchase.
Whales are beginning to accumulate, and remember, if itās good enough for them then itās good enough for you.
š WEEKLY WINNERš
Avail
Avail, which is a startup that is building an infrastructure layer that aims to streamline the rollup experience, announced a $27m seed round.
FYI, rollups are layer-2 blockchains made to scale a network by completing transactions away from the main blockchain leading to costs being reduced and avoiding congestion delays.
The company plans to use the funding to accelerate the development of core products.
š” THE REKT SECTION š”
BitForex
The crypto exchange website has crashed with users coming across messaging on the website advising that āsorry you have been blockedā
Suspicions have been heightened though as the exchange was recently flagged by Japanese regulators for operating without a license.
What is massively concerning is that on the 23rd of February, their hot wallets saw outflows of $56.5m and then all withdrawal processes were stopped.
No official announcement has been made yet and users are asking questions on X and Telegram trying to get an update as to when withdrawals will restart.
Their CEO recently stepped down so it is no wonder there is mass panic.
With withdrawals still locked at the time of writing as well as the website being blocked generally, it seems another exchange has destroyed a userbase.
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