Chris’ note: If you’ve been keeping up with the Dispatch, you know that we often turn to Palm Beach Research Group’s Teeka Tiwari for his insight on all things crypto.
For years, Teeka has stayed on top of the latest developments in the crypto world. And he’s made his readers a fortune by guiding them through the twists and turns of the market.
That’s why today, we wanted to turn the reins over to him to explain why it’s not too late to stake your position in cryptos (whether it’s in bitcoin or altcoins)… and why we’re about to see a massive wave of money flood into the sector…
By Teeka Tiwari, editor, Palm Beach Daily
I’ve gotten a lot of mail recently from people wondering, “When will altcoins catch up to bitcoin?”
Before I answer that question, I need to talk about bitcoin…
We’ve seen bitcoin go as high as $14,000 in intraday trading this year before dropping to $9,180. Despite the pullback, it’s still up 179% year-to-date – making it among the best-performing assets in the world.
Now, I’ve been saying since April that the “Crypto Winter” bear market is over. Institutions are coming into the crypto space – and the demand for bitcoin is skyrocketing. This is still the year of Wall Street greed.
So I don’t see bitcoin flopping over and falling apart. In fact, I see it gaining even more strength from its current position.
And this shouldn’t come as a surprise to you. Everything I’ve said about bitcoin is starting to fall into place. For example, brokerage firms like Fidelity and E-Trade will soon allow people to buy bitcoin with the click of a mouse.
Friends, what we’re seeing now is just the beginning. And today, I’ll show you why you should continue to be patient as this massive trend plays out…
Bitcoin Is Still in an Uptrend
As you can see in the chart below, bitcoin is in a major uptrend…
Now, bitcoin doesn’t go up in a straight line; it’s volatile. So trying to predict the next pullback after an 18-month bear market is a dangerous game.
You see, a lot of the people wanting to sell have already sold. But there may be some holdouts between the $19,000 and $20,000 range. People who bought at that price in 2017 may want to sell when it reaches that price again. So bitcoin could take a pause near $20,000.
But once it clears that level, there’s no overhead resistance. When it decides to run, it won’t look back.
And that brings me to the altcoin market…
When Will Altcoins Catch Up?
Bitcoin has outperformed the altcoin market since the start of the year.
So investors fear their other coins will get left in the dust. Some folks have even asked me whether they should sell all their altcoins and go all-in on bitcoin.
It’s a good question. But before you rush out and cash in your alts for bitcoin, I want you to do one thing for me: Take a deep breath.
I want you to know what we’re seeing now is perfectly normal.
Every time crypto emerges from a brutal bear market, bitcoin always rallies first. On average, it outperforms for about six months. After that, the altcoin market catches up.
And in many instances, altcoins even surpass bitcoin – like they did during the 2016 bull run…
That’s why I counsel patience. This bull market is unfolding exactly as it should – with bitcoin leading the way and altcoins playing catch-up.
So you have a huge opportunity to get into altcoins now before they catch up – and ultimately surpass – bitcoin’s performance…
Don’t Quit Early
Look, institutions want to get into this market. They just don’t have the infrastructure to do so – yet.
But people are building the “on-ramps” and “off-ramps” that’ll allow the big money to easily get in and out of crypto assets. By year-end, institutions will have fully compliant platforms they can use to buy, sell, trade, and store cryptos.
In fact, just last month, Bakkt received regulatory approval to begin trading physically settled bitcoin futures. It plans to launch its platform on September 23.
I want you to understand just how huge this is.
Remember, Bakkt is a subsidiary of the same company that owns the New York Stock Exchange. And instead of settling bitcoin futures by cash, it’ll actually buy bitcoin on the open market and custody it. That’s never happened before.
Now, I’m not suggesting bitcoin’s price will go to $30,000 or $40,000 overnight because of it. But for the first time, institutions will have a trusted intermediary to finally access this asset.
Compare that to where we were back in 2016 – when people were sending me hate mail saying, “Why are you talking about this magic internet money that’s only used by pornographers, money launderers, and gunrunners?”
So you can see how far we’ve come since then.
There’s an old saying that goes, “Don’t quit on the one-yard line.” It’s something a lot of people do.
They do all the work and go through all the effort. But just as they’re about to have their breakthrough, they throw up their hands, and say, “Oh, I’m done.”
Friends, we’re so close. Everything we’ve been waiting and looking for is starting to come to fruition.
So let’s just give the market some room to breathe and time to develop. You’ll be amazed at what happens when institutional money has a legitimate and trusted way to get into this space.
We just have to let time do the heavy lifting.
Let the Game Come to You!
Editor, Palm Beach Daily
P.S. On September 18 at 8 p.m. ET, I’m hosting my first LIVE crypto training session of 2019. And I want to invite you to attend for free.
You see, I’m pulling back the curtain on five tiny cryptos that could make you millions – in as little as 10 months. It’s all thanks to a lucrative phenomenon that we won’t see again until 2024. And I’ll even give away my No. 1 crypto pick, too.