Bitcoin Summer Has Just Began

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After a much-needed break, Cousin and I are back on the newsletter grind and making sure our readers don’t become exit liquidity. We’re back and more focused than ever. Thank you to all those who are reading because this is going to be a wild ride.

Let’s dive in.

Gm legends. Here’s what I see happening for $BTC and the rest of the crypto market for the remainder of 2024. There is no doubt in my mind a new all-time high is coming, whether that be by the end of the month or the end of the year, time will tell, which is why any dips you are given before then are buying opportunities. I also think there is a good chance we see that new math before most people are anticipating, majority of retail hands sat short and sidelined, while institutions have been loading up, so naturally it makes sense to absolutely rip into new highs while retail is caught with their dick in their hands AGAIN. So in other words, I remain very bullish on $BTC for the remainder of the year.

Range we currently trade 1D

I'm not entirely sure how I feel about $ETH.

A few months ago I was extremely bullish on $ETH, the risk vs. reward that it posed after lagging extremely hard this cycle compared to the likes of $BTC and even other major alts such $SOL was hard to ignore but now we’re in a bit of a weird spot. I’m starting to wonder if we’re simply betting on a dead horse.

Will ETH be the LTC of this cycle? I doubt it. However, will Ethereum underperform a lot of other major altcoins? Possible. On the bullish side of things, $ETH is the first altcoin to have its very own spot ETF. The numbers have been extremely impressive so far and in my opinion, the only reason it hasn’t run HARD recently is because of grayscales outflow, once that begins to minimize, as long as the other ETF issuers such as black rock continue to bid I don’t see why we won’t rally. The issue I have with $ETH is that while I do see it performing, I don’t see it doing the same numbers I believe Solana will do, and that poses the question, is it better to just simply full port the likes of SOL? I am a man of diversification and will continue to hold my Ethereum spot bags for now. I do think it is currently lagging and once we see that grayscale outflow decrease we get that pump we’ve been waiting for. Post pump will I rotate those bags into Solana? I’ll keep you posted. Below I have attached the SOL/ETH weekly chart. We have run at this major resistance a few times now, and when it does break to the upside, I think it will be beneficial to be betting on Solana over Ethereum.

As for the majority of altcoins, I do believe it is time to bid. Altcoins have lagged extremely hard this cycle & although there is a chance we don’t see alt runs like we have in the past, I think it would be foolish to pass up altcoins this low.

Total altcoin market cap 1D

Meme Coins

This has been the new meta. Why? I believe it is because the market participants have matured, and are not as ignorant as they were in previous cycles. They have begun realizing the majority of “utility” Altcoins are really just meme coins in disguise. At least with meme coins they know exactly what they are investing in, there is no bullshit, just pure degeneracy. So while this narrative remains strong I don’t see a reason for memes to die anytime soon. They will always be some of the most risky investments you can make, but catch one banger and you’re set.

Overall, I love where the market is at. I believe we have a very eventful Q3 & Q4 of 2024 ahead of us. Dips are for buying. A point will come where everything flies.

Presented by the Crypto Scroll Newsletter

• Blackrock BTC ETF records biggest inflow at $523M (CT)

• VanEck CEO says 30%+ of his portfolio is stored in Bitcoin (@BitcoinMagazine)

• Russia legalized BTC mining (CS)

• Pudgy Penguins parent company raises $11M to build consumer blockchain (TD)

• Presidential candidate Robert F. Kennedy Jr. announces at Karate Combat most of his net worth is invested in Bitcoin

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Written by: Cousin Crypto, Gannon

Disclaimer: Heinous Pumps Newsletter does NOT provide financial advice. All content is for informational purposes only. Heinous Pumps is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. Heinous Pumps is a satire-based newsletter and should not be taken seriously.