It’s just a couple of hours that the Q4 has begun, the crypto space appears to have flipped the bears. Many assets are reversing the trend but slowly and steadily. Currently, Bitcoin price and Ethereum price have gained more than 3% each. The other altcoins like Cardano, Binance Coin, XRP and popular DeFi coins like Uniswap, Terra, Chainlink are in the footsteps of a massive rally.
But what changed within a short interval of time that painted the entire crypto space in green?
Well, the quarter started with a piece of positive news from the FED chairman Jeremy Powell. Replying to a query the Chairman said that they have no intention to ban cryptocurrencies or limit their use. And hence just provided with a ray of hope of a better regulation amid the fears of the Infrastructure Bill.
The primitive nation to adopt Bitcoin as legal tender, El Salvador, has now moved a step ahead. President Nayib Bukele enlightened the crypto space with a massive achievement of green Bitcoin Mining. He had previously said the mining would be carried out using the energy from volcanoes. And with the latest update, El Salvador mined 0.01083155 ‘Green BTC’.
Q4 May Experience A Lengthening Cycles With Diminished Returns
While the entire crypto space awaits the resumption of the bull run that predominated in the first half of 2021, a slight delay could be more expensive. Traders in the past couple of months have undergone series of FUD’s, uncertainty and also panic selling. However, they need to wait for a little more before the bull run resume.
An analyst, Murfski comparing the length of the previous bull and bear cycles and predicted that the longest bull cycle is still 47 days away. To which another popular analyst Dan Crypto Trades replied “Lengthening cycles, diminishing returns”
The analyst might be pointing out that the bull run could be pretty long as previously the cycle was more than 1000 days. However, the returns or the profits from the bull cycle may be little contracted.
Currently, Bitcoin price has manifested yet another biggest flip from the narrow trend and is on the way to hit the strong resistance around $49,000. And hence the beginning of the bull season including the Altseason may be on the horizon. Overall the crypto space is appearing to gear up to manifest an explosive Q4 ever.