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Homeweb3.0Is the Bitcoin Bull Market Still On?

Is the Bitcoin Bull Market Still On?

Aug 08, 2024 am 03:24 AM
bitcoin Cryptocurrency Bull Market Market Analysis Weekend Crash

Price volatility is inherent in crypto investing, but investor confidence was shaken over the weekend as Bitcoin plummeted to 25-week lows.

Is the Bitcoin Bull Market Still On?

The weekend crypto crash has sparked concerns about the state of the Bitcoin bull market, with some speculating that the sell-off might herald the beginning of a new bear cycle.

This sharp sell-off, which saw Bitcoin (BTC) touch 25-week lows, has been attributed to several macro factors, including the unwinding of the yen carry trade and escalating geopolitical tensions. These events sent shockwaves through legacy and crypto markets, leading to significant sell-offs across the board.

Kit Juckes, chief foreign exchange strategist at Societe Generale, offered his perspective on the potential trajectory of the market. According to Juckes, recessionary fears may continue to build up until mid-September, when the Fed will next meet to decide on setting U.S. interest rates.

However, Juckes maintained a cautiously optimistic outlook, suggesting that the current market downturn may not necessarily signal the beginning of a prolonged bear cycle. He anticipates a ‘constructive outlook’ for Q4.

Drawing attention to historical patterns, crypto advisor ‘CryptoJack’ highlighted the 2020 covid crash, suggesting that significant market downturns often precede substantial bull runs. In that instance, Bitcoin experienced a 1,400% increase over 13 months following the initial crash to $4,000.

Before a big bull market, there is always a big crash.

Will history repeat for #Bitcoin ? pic.twitter.com/5iNxItACje

Titan of Crypto echoed CryptoJack’s perspective, highlighting the importance of the 38.2% Fibonacci level. According to the technical analyst, if Bitcoin can hold above this level, which he set at approximately $56,000, the bull market may still be on.

최근 가격 움직임은 비트코인이 월요일에 49,000달러에서 지지를 받고 수요일까지 점차 상승하여 57,000달러에 도달하는 등 일부 회복 조짐을 보였습니다.

그러나 일부 시장 참여자들은 약세장이 다시 돌아왔다고 주장하는 등 의견이 분분했습니다.

비트코인 불베어 지표는 현재 시장에 대해 대조적인 관점을 제시했습니다. CryptoQuant의 연구 책임자인 Julio Moreno에 따르면, 주말 폭락 이후 지표가 약세장 영역으로 전환되었습니다.

모레노는 지표가 약세 전망을 나타내는 것은 2023년 1월 이후 처음으로 시장 방향에 대한 우려를 가중시켰다고 언급했습니다. 연구원은 또한 이 지표가 2021년 11월 이전 사이클 강세장 최고점을 성공적으로 예측했다고 강조했습니다.

금벌레 피터 쉬프(Gold Bug Peter Schiff)는 이번 주 시장 반등이 9월 연준의 50bp 금리 인하에 대한 기대에 의해 주도됐다고 말하면서 시장 방향에 대해 회의적인 입장을 표명했습니다.

그러나 쉬프는 특히 잠재적으로 예상보다 높은 인플레이션 데이터를 고려할 때 이러한 상당한 금리 인하는 글로벌 경기 침체를 막기에는 '너무 적고 너무 늦었다'고 주장했습니다.

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