Crypto in Review – January 2021

2020 has been an absolute cracker of a year for Crypto. Led by the King of crypto, Bitcoin, which dug up all the way from a bottom of $3,800 back in March to scale new heights in December 2020, it started 2021 in the best possible way. By shooting all the way to a new all time high.

All time highs all around

BTC

After a monstrous December, you would think bitcoin will take a breather in January. In a sense, it did, but not before blasting past all expectations to hit $42,000.

It settled back down to finish the month at around $33,000, which is still a decent gain from the December close. If you look at the reddit threads, you would think we’re stuck in a bear market, with headlines emphasizing the “crash” from $42K, but don’t forget we started at $19,000 on Dec 1!

We’re still firmly in a bull market in price discovery mode, and the monthly candle shows this very very clearly.

Michael Saylor of MicroStrategy will be hosting a 2-day conference titled Bitcoin for Corporations, encouraging companies to hold bitcoin in their treasury Feb 3 and 4. This will definitely be a boost to btc price in the months to come, if they do manage to convince more companies to allocate at least a certain percentage of their cashflow to BTC.

ETH

Following closely behind Bitcoin, the #2 crypto did not disappoint, also reach new all time highs in January. If the trajectory follows bitcoin to a tee, then we’re in for an amazing ride in February.

As you can see in the chart, ETH barely marked a new all time high against January 2018, but we did manage a clear high on the monthly close, and this is a really good sign with a very strong monthly candle taking ETH from under $800 to close above $1,300.

Bullish news for ETH like DeFi having a boost from the Robinhood saga, as well as an ETH futures launching on CME in a few days will likely push ETH price higher for the month of February and beyond.

I think it bodes extremely well that we’re only in January, and we’re already maintaining, and adding on to the momentum we had last year. Looking at the monthly charts, and the upcoming events as well as the companies coming forward to explore bitcoin and other cryptocurrencies, I feel very bullish for the rest of the year.

For those asking if you’re too late to crypto… no. But soon, you’ll be lamenting about not getting into crypto when it was still 5 figures. So get in quick*.

*not financial advise.

So, just how high can Bitcoin go this cycle?

I just released my 2nd YouTube video discussing this. Check it out!