July 20th 2021, Cryptoassets Update

Bitcoin hit a new all-time high of US$64,863.10 on March 13th but it has been going down since then and hit a low of US$30,681 on May 19th. After moving sideways for a month, BTC hit another low of US$28,893 on June 22nd. Then it rallied 17% in a single day and since then, it has been in a channel between US$30K and US$40K. July 20th 2021, Cryptoassets Update by Van Tharp.

The following chart shows that quite clearly.

Bitcoin in USD as of July 18th, 2021. July 20th 2021, Cryptoassets Update

Bitcoin in USD as of July 18th, 2021. Coindesk

Thus, we are either due for more of the same or it will eventually move out of the band and again test US$50,000. On July 20th, Bitcoin was again trading below US$30,000 but had not taken out the June 22nd low of US$28,893.

Market Summary

Here is a short summary of some of our recent actions –

  • In July 2020, VTI decided to offer a GBTC promotion for new Super Traders. VTI took all the risk but would credit STs with 79% of any gains. Those who paid $10,000 or more for their tuition were able to cover all of their ST Foundation costs without paying any additional money because of the credit they earned from the gains in just six months. Those who paid the full $25,000 for the ST Foundation level were able to use the gains, in most cases, to fully pay for both ST Foundation and ST Awakening. The crypto price gains were impressive – there was actually a period from October through November last year when the crypto positions gained over $3 million in seven weeks.
  • Our attempt to go into cryptos early in 2021 and just hold them for six months was a failure. At one point we had gains of almost 70% but when the May crash happened, I wasn’t willing to go negative, so we got out of all positions. We could easily see a massive resurgence before the end of the year and BTC could go as high as $100,000.
  • The Super Trader crypto system BTC position was finally stopped out of its long-time position when BTC closed below $49,081 on May 15th. The system had entered the BTC position at $9,156 on May 6th, 2020. The position was open for 374 days while previously, the system’s longest-held position was for 344 days. The position gained 411% – which was down from its highest point of 590%.
  • Interestingly, I wasn’t convinced that BTC was really in a bear market at the time as the ST crypto system suggested. Exiting BTC is often a strong signal to get out of all altcoin positions as well. Again, I thought these coins are in major bull market mode and there was no way should we get out. And then most altcoins plunged about 50% in about 4-5 days.
  • Within about two weeks from now, a new entry signal would be below our last position’s exit point and I’m guessing there will be massive buying if BTC goes much above $40,000.
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