Bitcoin All Time High, Neuralink's Breakthrough, Vertical AI Boom
By @0xHooi
Chief Investment Strategist
The below is the opinion of the authors. Any conclusions are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.
1.) Bitcoin $100K?
Bitcoin soared to a record-breaking $73,000 last weekend, marking an unparalleled achievement as highlighted by Balaji Srinivasan: the cryptocurrency has now reached new peak values across all global currencies. This milestone underscores bitcoin's escalating prominence in the financial landscape.
The dialogue around bitcoin's intrinsic worth versus its market price has been a hot topic among traditional investors, with many querying its current valuation. Charles Edwards from Capriole Fund introduces the concept of bitcoin's energy value, estimated at around $81,000, offering a unique perspective on its valuation.
Despite debates over its true value, the cryptocurrency's price trends have diverged from previous market cycles, as noted by analyst Alex Adler Jr. With a lower average and maximum drawdown in this cycle compared to historical averages, Adler's analysis provides critical insights for investors. Moreover, transaction volumes have seen significant growth, especially noted in March, and the anticipation of the upcoming halving event fuels speculation of sustained upward momentum. Amidst this, the continuous buying spree by ETFs and major firms like Microstrategy, along with the growing acceptance among financial institutions, signals strong confidence in bitcoin's future. Even as discussions about potential regulations surface, the resilience of the bitcoin network remains evident, undeterred by external factors and demonstrating a robust foundation for future growth.
Singular’s Take:Long on dips $45k-$55k with long term upside target of $100k!
BTC Halving 2024 (30 Days away) brings anticipation and acceleration:
- Pre-Halving Rally: Surging early, hints at bullish trends 📈
- Retrace: Less severe dips forecasted 📉
- Re-Accumulation: Shorter periods near all-time highs expected 🔄
- Parabolic Uptrend: A faster rise anticipated? 🚀
2.) Neuralink Breakthrough
Elon Musk's Neuralink made headlines with a livestream showcasing its first patient, 29-year-old Noland Arbaugh, using a brain chip implant to play online chess. Paralyzed from a diving accident, Arbaugh operated a computer cursor via the Neuralink device, achieving what he described as a life-changing enhancement despite acknowledging the technology's imperfections and the journey ahead. The procedure, which he found surprisingly easy, allowed him to engage in activities like playing Civilization VI for extended periods, rekindling his passions that were once lost to his physical limitations.
However, experts like Kip Ludwig of the U.S. National Institutes of Health caution that Neuralink's advancements, while promising, aren't groundbreaking yet, citing the early stages of implementation and the mutual learning curve between Neuralink and its subjects. This development comes amidst scrutiny from the U.S. Food and Drug Administration over Neuralink's record-keeping and quality controls, highlighting the complex path forward for Musk's venture in revolutionizing neural technology for enhanced human-computer interaction.
3.) Vertical AI Boom
In 2023, generative AI dominated venture capital, with a shift towards specialized investment in vertical AI in 2024, targeting industry-specific applications. This move away from broad, general AI towards vertical AI allows for tailored solutions, reducing costs and increasing efficiency in sectors like finance and healthcare. Vertical AI benefits from lower capital requirements and has a clearer path to profitability, appealing to investors in a tightening VC environment. However, the transition demands deep industry knowledge and realistic expectations about growth potential, cautioning against rapid expansion without thorough market understanding.
Singular’s Take: Focus on Crypto AI narrative like Fetch.ai, here’s our latest Altcoin market Analysis report
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