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Uncharted 40

Dear Subscribers,

In this Uncharted:

• We dive into the market situation and the overall sentiment around holders, with optimism taking the lead after the stagnation BTC has gone through in the last month. Scroll down to understand the impact of the debt ceiling agreement on the market and where we are heading.

• Highlighting ethereum's outstanding performance, we analyze its influence in sustaining the bullish trend and the conditions necessary for its acceleration.

• AI has an important spotlight in today’s post as a selection of AI cryptocurrencies post strong performance suggesting burgeoning interest.

Reads we like and recommend:

TechDev

dives into “Note on Market Update #22 and from

CryptoSlate

: Trezor sales soar 900% amid Ledger’s seed recovery controversy.

Here we go!

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Courtesy of Substack’s new AI feature

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State of the System

In the last Uncharted, we presented a forecast of bitcoin oscillating between $26k and $27.5k, on the lookout for a jolt from any significant macroeconomic event. Amidst numerous potential catalysts, such as the resolution of the U.S. debt ceiling and significant data releases, bitcoin successfully held within the anticipated range. Presently, we find ourselves again navigating bullish territory (figure 1). The market sentiment is favoring optimism, and the risk perception has lessened, yet, we are still awaiting an increase in market participation and momentum to propel us toward the $30k target.

Figure 1

The past two months have witnessed a rather stagnant, apathetic market, with BTC trading mainly