We have to constantly remind ourselves just how nascent the crypto industry is in its development. Over the past two weeks, Cardano (ADA) successfully launched its smart-contract functionality. This alone is a gentle reminder just how early we are in the development of blockchain technology. The plans, goals and potential applications for life on the planet are no small feat. Make no mistake, this technology will transform the world as we know it.
However, the development will come with challenges and snags along the way but the power of decentralisation means that developers and creative people all over the planet are working together for a common cause. This should not be underestimated by investors. A global network of decentralised "investors" or participants demanding to be a part of a global project movement. The variable with the greatest impact when predicting future value of a network, company or project is "g" or growth. Indeed, it can lead to large price discrepancies between an asset and its underlying value.
Therefore, given the early stages in the development of blockchain technology the predictions of "g" are not yet fully understood which leads to parabolic growth potential as projects begin to deliver on their said goals. This has been witnessed in projects such as Solana, Avalanche and Cosmos recently. Have you tried sending crypto across the Solana network? It's incredible, value can be sent across the globe/network in just a few minutes at a fraction of the Ethereum gas fees. These are landing on the moon moments with so much more to come. Exciting times.
Bitcoin Technical Outlook:
Bitcoin touched our forecast $53k since the last Boost before it hit a flash crash dropping to the previously mentioned $42.5k level (a major resistance level during the months May through July 2021). Since then the market has been consolidating and in the past 48 hours a retesting of that $47.5-48.5k level has commenced. A movement through this level should result in yet another move toward the $53k level.