BTC all business

A thrilling capper to Bitcoin's already riveting week concluded yesterday with a short-lived tumble, followed by a quick-strike recovery. When the dust settled, the most valuable digital asset had recorded its highest-ever weekly close, at about $61,500.

Analysts seem to agree that an SEC green light for a Bitcoin-tied exchange-traded fund is all but in the bag, with the futures market signaling much the same – and so begins another week in crypto.

Love it or hate it, the next few days are all about that ETF, Cointelegraph said.

Activity on the CME has picked up amidst speculation over the inevitability of an SEC-sanctioned, publicly traded fund tied to BTC futures (CoinDesk).

Most mornings, we snap-peruse the CoinGecko Top 100 coin rankings looking for a double-digit-percentage loser over 24 hours. Often times, the biggest dippers are coins with which we're not particularly, or at all, familiar, coming in for a landing after a big spike.

Take Olympus (OHM), for example. It fell 11% over 24 hours as of Monday morning at 7:30 a.m. (EST). Last week, OHM was near $1,300. Today, it's $800.

That's some dramatic fluctuation right there, especially for an algorithmic reserve currency, which is what OHM, 67th-largest coin in terms of total market capitalization, considers itself. But then again, let’s take a deep breath, as whatever fluctuations will be, will be, and that’s the entire point of OHM. Not to be confused with the popular mantra commonly chanted at the beginning and end of yoga sessions, OHM is what’s known as a “rebase project.” In its bid to become a decentralized reserve currency (decentrally governed, backed by decentralized assets), OHM is designed in a way so that token balances can fluctuate over time depending on changes in the price and the supply in circulation.

Digital stablecoins not pegged to the dollar and governed by decentralized autonomous organizations (DAOs) represent an interesting space on which to keep an eye; DAOs surely will attract further scrutiny from monetary overlords.

BTC breaking through $60K – and, as of Monday at 8:45 a.m. (EST), it was $61K – now puts all eyes on a new resistance barrier, of $62.6K, and beyond. A new all-time high beckons. Unbridled optimism abounds.

Expect six more months of a BTC bull market, says the pseudonymous, stock-to-flow-based forecaster PlanB, about as bullish as they come.

After that, sometime in 2022, expect a bear market but one that'll be more bearable relative to previous corrective periods, says Dan Morehead, CEO of Pantera Capital, claiming the trough would be “shallower” (Cointelegraph).

If on-chain data is any reliable indicator, the near-term could see a run to glory, AMBCrypto said, pointing to on-chain activity indicating unprecedented supply-side macro shifts.

Bigger picture, in quadrennial context, consider BTC in terms of the current halving cycle which is 17-months old; in prior halving cycles, BTC has seen a price peak the year after the block subsidy halving, followed by a mid-cycle price bottom. Historically, as Cointelegraph noted, nothing goes up in a straight line.