Traders noted the transition of digital gold to a bull market that could last until the end of 2025. Altcoins are also joining the rally, without showing any “X” yet. The growth in trading volumes on CEX confirms the beginning of a new trend.
Digital gold has completed its accumulation phase and entered the beginning of a bullish cycle. This was announced by the founder of MN Trading, Michael van de Poppe.
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#Bitcoin has ended the accumulation phase and enters the first part of the bull cycle
This is the first year of the bull cycle, as it’s quite clear that we’ve finished the bear market.
Altcoins are heating up and Bitcoin has broken through the $30,000 barrier. What’s next?… pic.twitter.com/uPgJG9Mg3o
— Michaël van de Poppe (@CryptoMichNL) November 8, 2023
On the proposed graph, he presented the stages through which the first cryptocurrency goes through, lasting four years:
bear market – highlighted with a red rectangle; accumulation phase – green; the first part of the bull market is in purple; the second (mania) is light green.
According to van de Poppe, Bitcoin reached the peak of the bear market in November 2022. Over the next year, the accumulation stage continued and came to an end.
The year ahead is the first part of a bull market, during which digital gold slowly rises in price but falls short of an all-time high. The latter is typical for the second part, a year later, the expert explained.
When will altcoins wake up?
Van de Poppe extended his positive outlook to altcoins. He is convinced they have also overcome the bear market.
“Unless Bitcoin goes vertical (which it doesn’t do during this period of the cycle), altcoins will not wake up and show growth of five to ten times,” – the specialist explained.
Last time we saw the growth of LINK/BTC to ATH and “DeFi summer,” he recalled.
“Over the coming spring/summer we will have a new episode of market rally. At this point, if you don’t have positions in most altcoins, now is the time to do so.” – Van de Poppe advised.
The expert expects the price of the first cryptocurrency to reach $45,000–50,000 on the eve of halving, followed by a correction to the $32,000–35,000 zone and further growth after consolidation.
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It’s expected to see #Bitcoin reach $45,000-50,000 pre-halving, after which we’ll have a heavy correction back to $32,000-35,000 and consolidate from there.
Cycles repeat themselves and #Bitcoin has been suffering a lot the past two years.
— Michaël van de Poppe (@CryptoMichNL) November 9, 2023
Analyst StockmoneyL made similar analogies.
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Same procedure as every #Bitcoin cycle. pic.twitter.com/Ydvqh8jLAf
— Stockmoney Lizards (@StockmoneyL) November 8, 2023
The colleagues’ conclusions are consistent with the observations of the Rekt Capital trader. The latter estimated the implementation of the bull market at 26.8%.
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#BTC Bull Market Progress:
▓▓░░░░░░░░ 26.8%$BTC #Crypto #Bitcoin pic.twitter.com/7BypMEP3C8
— Rekt Capital (@rektcapital) November 7, 2023
Growth activities of CEX
According to CCData, Bitcoin’s renewal of highs since May 2022 was accompanied by an increase in spot trading volumes. Compared to September, the figure jumped by 87.2%, to $632 billion.
Data: CCData.
“This is the highest monthly CEX turnover since March 2023 and the largest monthly increase since January 2021,” – analysts calculated.
Experts attributed the surge in activity to anticipation of the potential approval of a spot Bitcoin ETF and a general bullish price movement for major digital assets.
Let us remind you that Bitfinex analysts explained that the price of the first cryptocurrency was kept near the $35,000 mark by hopes for a more lenient policy from the Federal Reserve.
CoinShares specialists came to the same conclusion. According to their estimates, the inflow into cryptocurrency investment products from October 28 to November 3 amounted to $261 million after a record $326 million since July 2022 a week earlier.
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2023-11-09 09:29:18
#expert #announced #transition #Bitcoin #accumulation #bull #market #ForkLog