The Crypto Market in Review 📉
Over the past 24 hours, the cryptocurrency market cap has seen a decrease of nearly three percent, settling around $2.37 trillion during the early European session on Wednesday. This drop follows five days of small cash inflows, with a significant net outflow of approximately $14 million from the United States-based spot Bitcoin exchange-traded funds (ETFs) on Tuesday. Consequently, Bitcoin’s (BTC) price led to a downtrend in the altcoin sector, resulting in the forced liquidation of over $120 million from crypto-leveraged trading.
Is the Crypto Bull Cycle Over? 🐂
The cryptocurrency industry is currently experiencing a macro bull cycle that officially commenced after the fourth halving event in April. The approval of spot Bitcoin and Ethereum ETFs in countries like the United States, Hong Kong, and Thailand has further fueled this bullish trend. As a result, many analysts have drawn comparisons between the ongoing 2024 crypto bull run and the 2017 cycle, marked by a significant adoption among retail investors.
- The price of Bitcoin reached a new all-time high of approximately $73k even before the fourth halving, indicating the possible onset of a super cycle.
- Considering the available data, it seems evident that the 2024 crypto bull cycle is far from over.
What’s on the Horizon? 🚀
According to a well-known crypto analyst known as Moustache (@el_crypto_prof) on the X platform, the crypto market has entered a re-accumulation phase following a successful breakout in the bullish wave during the first half of the year. The analyst anticipates that the euphoric phase of the crypto bull run will kick off within the next five weeks.
- The analyst draws parallels between bullish breakouts in the crypto space in 2016 and 2020, showcasing a similar fractal pattern.
- A shift in Bitcoin dominance could potentially trigger the parabolic phase of the altcoin bull cycle, as per the analyst’s analysis.
Hot Take: Final Thoughts 🌟
If you’re keeping a close eye on the crypto market, it’s clear that we’re still in the midst of a thriving bull cycle. With significant developments like the approval of spot Bitcoin and Ethereum ETFs and promising price movements, the future looks bright for the crypto industry. As we await the potential breakout for altcoins in the coming weeks, it’s essential to stay updated on the latest trends and insights to make informed decisions in this dynamic market. Remember, the crypto landscape is constantly evolving, so buckle up and enjoy the ride! 🚀🌙
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