Navigating the Dip: July 2024 Market Forecast with Joseph Lejarde | Webcast 55 Recap

The recent market performance has not been good. This webcast aims to discuss: 

• Bitcoin Price Drop: Bitcoin fell below $60,000 for the first time since May.
• Crypto Liquidations: Over $330 million in crypto assets were liquidated, including $145 million in Bitcoin.
• Mt. Gox Repayments: Creditors will soon receive Bitcoin and Bitcoin Cash, raising fears of a market sell-off.
• Market Sentiment: Investor pessimism due to uncertain FED interest rate cuts affecting U.S. Bitcoin ETFs.

What’s the Significance: This article recap records the analysis of The Whizkid Trader, guiding the traders for future trading experiences. 

Speakers: 

• Joseph Lejarde: Certified Technical Analyst, discussing current market trends and future predictions.
• Dell Omasas: Coinex Charity representative, sharing insights on the broader impact on the crypto community.
• Hosted by Michael Mislos, BitPinas Editor-in-Chief

What Caused the Bitcoin Price Drop? 

• Japenese Yen Intervention: According to Lejarde, this is the biggest factor in the sudden drop.
  • It is because the Japanese yen continually weakens as the U.S. dollar strengthens. 
  • The drop in Japanese yen is because the U.S. Federal Reserve does not want to cut down its rate. 
• Micro View in Stocks: Nvidia surpassed Apple in market value.
  • This actually brought the stock and cryptocurrency markets upward. 
  • However, when the sell-off happened, the two markets also crashed. 
• Everyone’s Buying: Lejarde also emphasized that the crypto market is too saturated.
  • Everyone is buying $BTC. 
  • He expounded: “Well, the natural cycle of the trend, magkakaroon talaga ng downturn.”

Price History of BTC

• Omasas, who shared that it is already his second bear market, emphasized that price corrections in Bitcoin have been common after the halving event in 2016 and 2020. 
• He highlighted: “Ayun yung nakita natin ngayon. Hindi pa nga ganun kalaking drop yung nakikita natin eh. Pero this time, dahil may BTC ETF na, may support na ‘yung BTC dahil sa institutions.”

What Do Crypto Liquidations Tell About the Public’s Sentiment?

• According to Lejarde, liquidations in the crypto market are normal, especially for traders with extreme greed and large leverage. 
• The Certified Technical Analyst explained: “That is part of the market cycle. Normal na nagkakaroon ng liquidation. Kasi pag nagkaka-FOMO, that’s the right time to sell, kasi yung mga institutions and big whales, they are cashing out their positions to secure profit.”
• Meanwhile, Omasas shared that within their community, there are many traders who are “nasunog,” or the local term for liquidated or lost profit. 
• He expressed: “Napapansin ko sa mga group chat, pag positive ang profit nagpapakita ng resibo, pero pag negative, ang tahimik. Pero kung baguhan ka sa crypto, hindi ko sina-suggest na mag futures trading.”

Is Mt. Gox News a Catalyst in Market Downturn?

• Context: Mt. Gox was once the world’s largest Bitcoin exchange, handling over 70% of all Bitcoin transactions at its peak. 
• However, in 2014, it filed for bankruptcy after revealing that it had lost approximately 850,000 Bitcoins due to a hack.
• As of July 2024, Mt. Gox is set to begin its repayment process, distributing the recovered assets to customers, which include Bitcoin and Bitcoin Cash. 
• Lejarde stressed: “For me, kahit may fear iyong nag-aano sa Mt. Gox, it is just a minor move lang naman sa crypto, it is not a major factor talaga. Mas kakabahan ako if an exchange will fail, iyon ang may malaking hatak sa BTC.”

How Does the Fed Interest Rate Affect the Crypto Market? 

• As explained by Lejarde, the interest rates set by the U.S. Federal Reserve dictate the future of the economies of other countries and even the performance of the financial markets. 
• He explained: “Kasi kung mapapansin natin, nasa 5% pa rin yung rate ng Fed. Ang babantayan natin kung ano ang next move ng Fed at kailan ito magbabawas ng interest rate. Kasi pag bumaba ang Fed rate, makakaranas tayo ng bull market.”
• From 54:50 mark of the webcast replay, Lejarde showed a chart on when the rate cut will happen—September and December. He also explained why these initiatives are uncertain. 

Consequently, Lejarde shared an analysis and created a price prediction for three tokens. From 1:07:00 mark. 

What’s Next: See you on the next BitPinas webcast featuring Rene Reinsberg, President of Celo Foundation and Co-Founder of Celo Blockchain. 

• Together with Luis Buenaventura of GCrypto and Vincent Tio of PDAX, we’ll explore how Celo has grown over the years, its key achievements, and how it’s helping to bring financial services to everyone, especially in the Philippines.
• Go to this event page: https://www.facebook.com/events/1040762991013665 

This article is published on BitPinas: Navigating the Dip: July 2024 Market Forecast with Joseph Lejarde | Webcast 55 Recap

Disclaimer:

• Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
• BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.