Crypto Market Rebound! The Start Of Bullish Cycle Or Another Correction Imminent?

Written by: Qadir AK

November 20, 2021

 The digital coin market has turned about from the price suppressing momentum as coins from the crypto space initiate to rebound. Numerous cryptocurrencies have registered appreciable greener numbers. The distinctive move by the market has brought cheer amongst traders and investors in the crypto street. 

Meanwhile, sections do ponder over the possibility of the rise being short-lived. As the market cycles are turning longer than expected. Consecutively, popular crypto analyst hints at a short-term market bounce. 

Should Traders Play Safe?

The crypto street is rising at an appreciable rate, the market cap of the space is up by 7.0% at $2,746,714,145,610. While the dominance of the star crypto is at 40.4%. Most of the leading cryptos have been registering good numbers. Bitcoin is up by about 4.6%, Ethereum by 6.2%, Solana by 9.9%. ADA and XRP by 5.2% and 5.1% respectively. The above-mentioned stats are however from press time.

While folks from the industry praise the bullish leg-up, sections are expecting another correction. Consecutively, the crypto analyst believes that we are in for a short-term bounce on Bitcoin. And the market is very well aware of altcoins following the traits of the leading crypto. 

In addition, sources suggest that the largest 1-hour Tether inflow to exchanges of the entire year occurred on Thursday. With over 771.6 M USDT that was transferred to exchanges. In just about 6-hours time, 454 M USDC was then transferred to exchanges, which is a 4-months high. The movement of stable coins to exchanges signals a massive trader initiative to buy the dip.

Collectively, the forecast of a short-term bounce does seem justifiable, as the market has been witnessing lengthening cycles. We might encounter another pullback along the path. While traders are optimistic about BTC price claiming the $100,000 milestone. Crypto proponent highlights that for BTC to hit $100,000 by year-end, it needs to gain around 1.1% a day. 

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Bitcoin Price To Find Its Grounds Around $28k By Mid-February! Here’s What You Need To Know?

Traders have been tired of buying the dip over the past couple of months, yet…

January 22, 2022

This is Why Retail Traders Are Cashing Out, While A Country is Buying the Dip

The stock market is crashing and so the crypto is, no matter whether people accept…

January 22, 2022

Bitcoin’s $100K Dream is Now Long Dead, Major Crash to $30K! Here’s When

The crypto market cap slashed heavily, recording a plunge of more than 11% compared to…

January 22, 2022

8 Businesses That Are Embracing Cryptocurrency More Recently

Although more and more people are getting involved in trading various cryptocurrencies, there are still…

January 22, 2022

This is Why NFTs are Highly Volatile, Popular Tokens Tremble Down Heavily With Double-Digit Loss!

The NFTs quickly gained mainstream attention within a very short time during the recent NFT…

January 21, 2022

Ethereum Traps the Bulls, ETH Price Poised to Hit The High Demand Area Below $2600!

It's a time for treatment yet again for the short traders as the markets maintain…

January 21, 2022