Crypto chills? Not so fast!
The cryptocurrency market cap dropped nearly three percent in the past 24 hours, settling around $2.37 trillion on Wednesday during the early European session. After five consecutive days of modest cash inflows, U.S.-based spot Bitcoin exchange-traded funds (ETFs) experienced a net outflow of approximately $14 million on Tuesday.
Bitcoin’s (BTC) price led the altcoin market into a downward trend, triggering the forced liquidation of over $120 million from crypto-leveraged trading. This sudden shift has sent ripples through the market, affecting numerous traders and investors.
Things are getting interesting! Here’s all you should know.
Despite the recent dip, the cryptocurrency industry is in a macro bull cycle that officially began after the fourth halving in April. The approval of spot Bitcoin and Ethereum ETFs in the United States, Hong Kong, and Thailand has added bullish momentum to the market. Analysts are comparing the 2024 crypto bull run to the 2017 cycle, which was characterized by significant retail investor adoption.
Bitcoin reached a new all-time high of around $73,000 even before the fourth halving event, signaling the onset of a super cycle. Given the current data, it is safe to assume that the 2024 crypto bull cycle is far from over.
According to a popular crypto analyst known as Moustache (@el_crypto_prof) on the X platform, the crypto industry has entered a re-accumulation phase following a successful bullish breakout in the first half of the year. The analyst predicts that the euphoric phase of the crypto bull run will begin in the next five weeks.
Moustache compared the current bullish breakouts with those in 2016 and 2020, noting a similar fractal pattern. This suggests that a reversal in Bitcoin dominance could trigger the parabolic phase of the altcoin bull cycle, leading to substantial gains for investors.
Also Read: How Billy Turned $1,116 into $6 Million in a Month?
Time to revisit your crypto portfolio and adjust your strategy!
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