Hello everyone,

The purpose of this letter is to inform you about the current state of the cryptoasset market. This letter is not an investment advice, but only a sharing of my personal point of view.

The Bitcoin price at the time of writing is 46,500 $. We have broken above resistance at 42,000 $. Breaking through this resistance revives the long-term bull market that was aborted too early by the fall in prices from mid-May to mid-July.

Over the past few months, investors have been put through a severe ordeal by seeing prices correct for several weeks at a time when long-term indicators were clearly bullish. As we explained in our previous letter "fundamentals always prevail in the long term".

• Long-term cycle : The bull market resumes the start of its second bullish leg, which could take us to a price range between 80 k and 120 k $ per Bitcoin. User growth continues to rise parabolically. The fundamentals of the crypto-asset sector and Bitcoin are still in the green. The strong decorrelation between Bitcoin's price and fundamentals has been partially overcome, as the market has realized that it was undervaluing the price. The supply shock appeared and the price regulated itself upwards. Conclusion: bullish market environment (long term).

• Medium-term cycle : All types of investors are buying: Whales (1000+ BTC), super whales (10,000+ BTC) have switched to accumulating new Bitcoin coins during the price downturn of recent months. Then, medium holders (between 100-1000 BTC) and individuals (<1 BTC) have also switched to buying more recently. Conclusion: bull market (medium-term, 3 months).

• Short-term cycle : Long-term investors bought on the break of resistance at 42,000 $ per BTC. This pattern should be repeated on the break of 50,000 $ per BTC. Many buyers for the long term will be present, which should accelerate the rise after the 50,000 $. Resistance at 50,000 $ is solid, but should eventually break in favor of a new generalized market craze. Conclusion: bull market (short-term, 1 month).
  

Large quantities of stablecoins are held by all investors. This means that large amounts of money are ready to pour into buying crypto-assets, as investors still want to profit from this two-phase bull market. These stablecoins (USDT, USDC, DAI... ) show that investors don't want to leave the crypto-asset sphere. In fact, most are putting their assets to work in the world of DEFI.

According to certain metrics, notably the Supply Shock (value between supply and demand), we can define a price for the current intrinsic value of Bitcoin (always to be taken with a pinch of salt), around 55,000 $ per bitcoin.

News

El Salvador President Nayib Bukele's establishment of the "Ley Bitcoin (Bitcoin Law) was approved by the Legislative Assembly on June 9, 2021. This law will very soon make the king of cryptos the second legal tender in the country, alongside the US dollar.

AMC cinemas will be accepting Bitcoin payments, it is by far the largest cinema chain in the world. This is good news for the adoption of crypto-assets, particularly Bitcoin. This kind of news really represents the intrinsic expansion of this technology.

Bank of America reverses its stance and announces a team entirely dedicated to the crypto-asset sector. One after another, the major resistant institutions are changing their views on the world of crypto-assets, especially over the last 12 months.

You can also read our latest article about debt currencies and value currencies. We're talking about how to preserve wealth with value currencies and central banks (FED, ECB...) that are stuck in the paradigm of their own money-printing strategies.

If you have any questions, comments or would like to find out more about our service, please do not hesitate to contact us: crypto.assets.manage@gmail.com

- Warning -

This is not investment advice. No one can predict the future.

You are solely responsible for your own investment decisions.

We are not responsible for any loss resulting from a decision taken on the basis of the information in this letter.