The Bitcoin price has seen a good amount of volatility in the past months. According to crypto YouTuber EllioTrades, there is nothing to worry about as there are several technology upgrades coming up later this year that could be a catalyst to Bitcoin and the rest of the crypto market. Kusama, Polkadot, Cardano and Ethereum are just some to name a few.
Elliotrades made a video this week to share with his community his thoughts of whether the crypto bullrun is over for the months and possibly. He began his video with a ominous question asking:
“Are we returning to crypto winter? That is what everyone wants to know. It is either the best of times getting the most magnificent dip on all the coins that looked so bullish… Or is this the absolute suckers bull trap that leaves us all broke through the bear market?”
Elliot reveals a tweet that shows two similar crashes in recent crypto history. One being in 2018 and the other in March 2020 when Covid hit. And when history is reviewed upon Elliot said that these are the two of the greatest buying opportunities anyone has had in crypto.
He also mentioned that institutional investors are itching to buy the current dip. Even though whales and institutional investors can manipulate the market, they’re not in total control. And they are definitely eager to buy what many agree is a cheap price for Bitcoin compared to where it will go at the end of the year.
Kusama parachains coming soon
Elliot brought up the fact that Kusama parachains are coming just around the corner as Gavin Wood just tweeted.
If you’re new to crypto it might be hard to understand how big of an event this is. But rest assured, whether people agree with this or not, it is one of the biggest events in crypto this year. Gavin Wood is the former CTO of Ethereum and one of the lead developers. He left Ethereum to start his own blockchain companies – Polkadot and Kusama.
So, these aren’t just any smart contract ecosystem. It’s a new smart contract ecosystem like Ethereum created by the head developer of Ethereum. So, this is a big deal. The reason there is both Kusama and Polkado is that they are brother/sister networks. Kusama is the “canary” network meaning it will be more experimental then Polkadot. This is why Kusama parachains are coming first. While there is a lot of hype for these projects, it is unlikely that Gavin Wood and his team will fail to deliver the hype. Wood has one of the greatest track records of any developer and entrepreneur in crypto.
When Kusama and Polkadot parachains happen, not only will the Polkadot ecosystem explode, but it will hopefully bring the whole crypto market back to life.
Elliot believes that Bitcoin could get sent back to the low 20,000s this month. He said.
“I would be hard pressed to believe we go much lower than that.”
He also believes that a lot of cryptos will unfortunately get flushed out. But these are going to be all low market cap coins. Not anything like Ethereum or Bitcoin will suffer long term. Elliot acknowledges that he could be wrong though and that crypto could in fact enter a multi year bear. However, he said:
“It just doesn’t feel that way to me. It hasn’t felt like that since we started the collapse. It feels very artificially collapsed. It feels like it still has several more legs of bullishness. Again, no cycle is like the last. But there are logical reasons we could be at the bottom here. Models like the stock to flow model, for example, showing that we’re in a bottoming zone.”fv
And no doubt there are much more events than just Kusama parachains coming up. EIP1558, the greatest upgrade to Ethereum in years will be happening. Also, Cardano smart contracts will go live in the not so distsant future. And finally, the long awaited Ethereum upgrade will likely happen within the next year. And this is just the beginning.
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Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.