As a seasoned financial analyst with over a decade of experience observing and analyzing cryptocurrency markets, I’ve seen it all – from dramatic price swings to market corrections and subsequent recoveries. In light of recent developments, I believe that Bitcoin and other leading altcoins like Ethereum and Solana are in the midst of an organic rally, pushing higher after the June and early July drawdowns.
Bitcoin and leading altcoins such as Ethereum and Solana persist in climbing higher at current market rates. Although there was a pullback earlier today, Bitcoin remains strong and is now hovering above the significant threshold of $60,000. Likewise, Ethereum and Solana maintain their firm positions, with prices exceeding $3,300 for Ethereum and $155 for Solana.
Bitcoin, Crypto Prices Rising Though Liquidity Is Low
One analyst has identified an intriguing discrepancy as cryptocurrency and altcoin prices surge, rebounding from the declines in June and early July. On platform X, this insightful commentator pointed out that the current uptrend appears authentic.
Noteworthy is the absence of typical triggers, such as a significant increase in liquidity brought about by substantial inflows, which typically occur during market rallies.
In the past, and notably during the price surge in 2021 caused by central banks’ easing monetary policies worldwide or the US approval of Bitcoin ETFs, there has been no indication of further price increases from inflowing capital.
As an analyst, I would describe it this way: During those years, the Federal Reserve (Fed) didn’t lower interest rates, unlike in 2020 and 2021. This decision set the stage for a rate increase once inflation was forecasted to climb, and indeed it did.
Currently, the prices of Bitcoin and cryptocurrencies are gradually increasing without significant triggers. Notably, a significant relief occurred when Germany successfully disposed of all its digital coins by July 12th.
At the same time, Bitcoin and cryptocurrency prices rebounded from their July slumps, allowing Bitcoin to surpass its previous liquidation thresholds and rise above the $62,000 mark.
Will The Next BTC Bull Run Be “Crazier” And “Longer”?
Due to various factors, the analyst is of the belief that the forthcoming Bitcoin bull market will be even more frenzied and prolonged than previous ones. Currently, Bitcoin is holding strong above $60,000 at the press time, and traders anticipate further price increases in the coming days.
From a technical standpoint, the advantage lies with buyers as prices surpassed the middle Bollinger Band for the initial time in more than four weeks. Unwavering buyers have been absorbing the selling pressure on July 4th and 5th.
Despite current circumstances, there’s continued confidence that Bitcoin will rebound further. A significant resistance level to monitor moving forward is $66,000. If this barrier is surpassed, it’s likely that Bitcoin will hover above the $72,000 mark, a region that wasn’t breached in June.
The expectation of the Federal Reserve in the US reducing interest rates before the year’s end is fueling optimism among some investors. An increasing number of market participants are wagering on more than one rate reduction taking place by the close of the year.
Goldman Sachs’ analysts believe that current economic conditions make it likely for interest rates to be reduced. Recent data indicates a decrease in inflation and a robust US labor market.
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2024-07-17 01:34