The Current State of the Cryptocurrency Market
Currently, the cryptocurrency market cap has experienced a slight dip, declining by approximately 2.2 percent in the last 24 hours, settling around $2.45 trillion during the New York trading session on Tuesday. The recent correction in the cryptocurrency market has led to significant liquidation of nearly $500 million due to Bitcoin’s price falling below $65k once again in the past day.
The Future of the Crypto Bull Cycle
The ongoing challenges with Bitcoin’s price hitting a roadblock in rallying beyond $72k have raised concerns about a potential double-top formation in the 2021 cycle top. Renowned trader Peter Brandt has pointed out parallels between Bitcoin’s price action against the US dollar and Gold’s price movement after the 2009 market crisis, suggesting that Bitcoin’s price may drop further towards $60k before embarking on an upward trend in the upcoming quarters.
- Brandt’s analysis indicates a potential decline in Bitcoin’s price before a resurgence in the coming months.
Outlook for Altcoins and the Market
Bitcoinsensus, an analyst, has also presented a similar long-term perspective on the altcoin market, expecting a bullish trend to kick in during the fourth quarter of the year following a correction phase in the near future. The cryptocurrency market is eagerly awaiting regulatory clarity in the United States, which will pave the way for institutional investors to enter the web3 industry.
- Regulatory developments and pending settlement deals could significantly impact the market’s future trajectory.
The Path Forward
The impending settlement between the US SEC and Ripple, along with the expected approval and listing of spot Ether ETFs in the US, are key events that will likely drive the overall bullish sentiment for Altcoins. These developments are anticipated to provide a significant boost to the market and attract more institutional interest in the crypto space.
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