Crypto Market Stuck In A Rut? Here’s Why 2024 Bitcoin Breakout May Be Delayed

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In the past few months, the cryptocurrency market has been experiencing a continuous period of up-and-down fluctuations, instead of making significant progress. Starting from March 2024, it’s been unable to surpass its prior high points, which has left many investors feeling disappointed and uncertain

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Is The Crypto Market Stuck?

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Crypto Market Stuck In A Rut? Here’s Why 2024 Bitcoin Breakout May Be Delayed

In the context of technical analysis, this sign implies an increase in selling activity over buying activity, which could suggest that the market might be headed downward. Instead of anticipating more increases, it seems traders are choosing to secure their profits instead

Considering Dan’s observation, it leaves us wondering if a substantial recovery might be imminent or if we’re instead looking at an extended phase of stagnation in the market

In the future, Dan highlighted a possible trigger for market fluctuations as the U.S. Federal Reserve meeting scheduled for September 18, which could result in a reduction of the base rate. Typically, such reductions have been followed by increased optimism within financial markets, including cryptocurrencies

Lowering interest rates may lead to a surge of investable funds flowing towards riskier ventures such as Bitcoin and other cryptocurrencies, as financiers pursue increased yields. Consequently, this influx might spark a temporary upsurge in these markets, potentially alleviating the sluggishness that has been prevalent over the past few months

However, Dan warns that while a short-term rebound might occur, it may not lead to a sustained bullish trend unless there is a significant shift in market conditions.

When Will A Breakout Finally Happen?

The fundamental outlook for the crypto space remains mixed, with macroeconomic factors such as inflation and recession concerns still weighing heavily on investor sentiment. If these factors do not improve, Dan noted that it is likely that frustrating, low-volatility movements could persist well into 2024.

In his words:

Due to the expected US base rate cut on September 18, a short-term rebound due to positive market sentiment can be expected, but if the market atmosphere is not significantly reversed, it is highly likely that frustrating movements will continue in 2024.

While keeping a close eye on the cryptocurrency market right now might seem disheartening, Crypto Dan underscores the importance of exercising patience for long-term investors

According to Dan, while the potential for a short-term rally exists, broader market trends suggest that a more meaningful and sustained uptrend may not occur until 2025.

Crypto Market Stuck In A Rut? Here’s Why 2024 Bitcoin Breakout May Be Delayed

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2024-09-05 09:04