DeFi is Still Well Above Pre-March Lows, But Will It Break Through ATHs?

We all know that the event in March of this year was a major shock to all markets. As COVID hit economies across the globe, Crypto was one of the most impacted of them all.

Many thought that crypto would do well in a pandemic or in any global crisis.

This is obviously not true. Crypto is like any other asset: in a liquidity crisis, investors run for the hills and aim to get back into liquid assets (like cash) so that they can have money in a pinch.

This liquidity crisis caused a crypto flash crash which sent all assets into the dirt. ETH dropped all the way to sub $100 for a brief moment in time. The check-shaped recovery then hit and brought us back to previous levels (before the March crash).

More recently, we've seen a great spike in volatility and price action for cryptocurrencies. This sent ETH to nearly $500.

Since then, we've corrected back to the $320-$350 range. We're currently consolidating here until the market figures out whether it wants to break higher or not.

Personally, I think we're looking at an imminent breakout to the upside. Previous 2020 ATHs will be reached and quickly breached. A realistic price target for ETH would be around $700 - 2x where we are today.

What would this do for other cryptocurrencies? Keep your eyes peeled for subsequent posts from me. We are seeing the early stages of a major bull run that will be even bigger than the last 2 months.

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