Seems like LUNA is making a lot of headlines today. I am not sure how much changes the team will bring to the project, but if things stay the same, I think the project will probably become like EOS or NEO, pretty much dead, but still garner some attention when another bull run returns. I wouldn’t invest in them.
In terms of market view, I do think there is still a bit more turbulence awaiting.
Bitcoin Bottom Coming in Around March 2022
Unless Bitcoin claims 40k quite swiftly, BTC will probably go below 30k.
Though the above prediction has been taking a bit longer than what I had anticipated, I do think the mentioned price targets are quite reachable at this point. IXIC has already breached 12000 and I do think 10000 is still reachable. Thus 18k — 25k USD BTC seems possible. The indicator that I have mentioned from the post still hasn’t crossed yet and I think it will cross either in June or July.
However, I think 30k USD BTC is also not that bad as I have a high conviction that BTC will ultimately get to 100k+ USD probably in 5 years and very likely in 10 years from now.
In terms of the market correction, I think the market will see its bottom quite sooner than what many people anticipate. I think we will probably see the bottom this year, at the latest by the end of this year and we are already half way through. So I anticipate at max another 6 months of market turbulence and then I think the market will enter a stabilization stage for another 3 — 6 months. The reasoning behind this is a lot of growth stocks have pretty much lost all the gains that they have made during COVID. While I don’t think current valuations are cheap, I think they have become quite more reasonable compared to what they were 6 months ago. I don’t think the Nasdaq Index will go below 9000 as going below will make the index shed more than 40% from its peak and I think that will make the valuation of a lot of companies actually undervalued (Though, during recessions, I admit that valuations do get undervalued). I think 10000 +- 500 IXIC would be the most reasonable range, which is probably just little bit over 10% drop from today. I think it would make sense to actually start placing buying orders for BTC from 18k — 30k.