Crypto Briefing 5/31/22 - The Forecast

Crypto Briefing 5/31/22

Crypto Briefing 5/31/22

Bitcoin is beginning to retest $32,000. Once this level gives way, Bitcoin should see a powerful surge higher. Bitcoin and the crypto market have been grinding lower since BTC’s high of $69,000, but investors should see a decisive rally into July.  Depending on the levels achieved into July 12-18, we will ascertain whether the final low is in, or if Bitcoin can still correct one last time to $22,000.  Even if this seemingly dreadful scenario unfolds, $22,000 would provide a launchpad for Bitcoin to reach new all-time highs.  The future for BTC and crypto remains bright and higher highs and higher lows will continue to be made.

When we see a rally in BTC, other altcoins will be pulled up along with it. For example, Hedera Hashgraph has likely input a major low and should see some strong price action shortly. Few cryptocurrencies possess the strong fundamentals that Hedera does with its connections to fortune 500 companies such as LG, Boeing, and Google. The crypto market’s pricing is notorious for ignoring meaningful information like this, but given time, we believe coins like HBAR will find their true value.

Institutional interest continues to gain steam for bluechip digital assets. Today, Fidelity announced that they will provide support for the trading and custody of Ethereum on their platform. As the hype and speculation continues to build in the crypto sector, we will eventually see more altcoin listings on the platforms of traditional financial firms such as Fidelity and Vanguard. Irrespective of the crypto market’s short term price action, more institutional and retail money will flow into cryptocurrencies as we inch closer and closer to mass adoption.

Aside from coins such as XRP, HBAR, and CSPR, Algorand is one of the most undervalued digital assets. Algorand is a smart contract platform similar to networks like Ethereum, Casper, and Hedera, but has a number of major institutional connections. For example Skybridge Capital, run by Anthony Scaramucci, placed a large bet on the project, and with a capable team stemming from MIT, we have confidence in the longevity of this project. ALGO’s previous all-time high was at $2.40, and it is currently at an excellent entry point of $0.40. Additionally, Algorand holders can earn interest on their coins by staking them, and will receive a 5% dividend for just holding the coin.