Key Indicator Suggests Crypto Market Rebound to New AllTime Highs on the Horizon
The altcoin market, driven by meme coins, is poised for a significant comeback following a period of correction in recent weeks. Concerns about further crypto capitulation stemming from Bitcoin’s drop below $60k on Monday have sparked anticipation for a market rebound.
In addition, Bitcoin’s daily Relative Strength Index (RSI) has fallen below the 30% threshold, signaling an overall market sentiment of fear. Furthermore, the Bitcoin price has bounced back at the $60k level multiple times in the past four months.
Crypto Rebound Inevitable
#crypto
market sentiment has turned into fear. be greedy when others are fearful!
pic.twitter.com/Cysesda5PD
— Ali (@ali_charts)
June 25, 2024
According to on-chain data analysis from Glassnode, the fear & greed index has shifted to fear. Well-known crypto analyst Ali Martinez has reminded investors of Warren Buffett’s famous quote “Be greedy when others are fearful and vice versa.”
According to CryptoQuant’s analyst Yonsei Dent, the Bitcoin price could soon reach a new all-time high as the number of profitable holders remains above average.
“Compared to past cycles, it appears there are still at least two more months remaining in the major bull market phase,” Yonsei noted.
Levels of Correction Based on Supply in Profit
“Compared to past cycles, it appears there are still at least two more months remaining in the major bull market phase.” – By @Yonsei_dent
Read more https://t.co/PDBSTXZc2T pic.twitter.com/O3D9bJsiFy
— CryptoQuant.com (@cryptoquant_com)
June 25, 2024
However, if the Bitcoin price consistently closes below $60k in the coming days, the leading coin will be under the control of sellers. Consequently, the Bitcoin price could drop towards the range of $54k to $58k, which aligns with the 1 and 0.786 weekly Fibonacci Extension.
Bigger Picture
#BITCOIN
BULL RUN BEGINS.
pic.twitter.com/7oHlLbBrgw
— AO (@AurelienOhayon)
June 25, 2024
The imminent listing of spot Ethereum ETFs in the United States is anticipated to spark a new wave of crypto bull run, similar to the impact of Bitcoin’s. Additionally, the ongoing interest rate cuts in various jurisdictions will likely prompt the US to follow suit.
Tags
Altcoins
Bitcoin
Price Analysis