Hi all,
last few days while bitcoin is sideways, some altcoins grew quite nicely, I was talking about such a scenario in my mid-term parsing on bitcoin
If you look at the capitalization of the crypto market as a whole and separately altcoins without BCT and ETH, you can predict, at least approximately, what awaits us until the end of the summer and the end of the year in the cryptocurrency market.
On the altcoins capitalization diagram, you can see that capitalization is in triangle consolidation, and we are in its lower part, at the moment we are in micro consolidation, and under the resistance of downtrend, in case of breakdown we will see the rise of altcoins market by 15-20% till spring values, in case of false breakdown most probably we will renew low, and altcoins will go down, and after that we should look at the market.
On the general capitalization chart, you can see that we are at resistance 1.15T and also that the general cap has formed a GIP pattern, if it works out, the market could potentially rise to 1.75-2-2.1T to the March-April 2022 level, with the bitcoin price potentially going back to the 37-45K value of that period.
Now we have to think about what terms should be for such growth of the crypto market, at the moment from what we know is possible approval of spot ETF of Black Rock and other U.S. investment funds, for example only Black Rock has $ 9 trillion in management, while the total portfolio of the largest funds is about 27 trillion, placing even 2-3% of the total portfolio in the crypto industry, will already give a huge stream of client money.
The SEC should make a final decision on ETFs no later than December 25, 2023.
It should also be taken into account that the Fed continues to tinker with the rate and it is expected at least one more rate hike to the level of 5.5 and possibly two rate hikes to the level of 5.75 until the end of the year. The market does not expect the start of rate cuts until the 1st or 2nd quarter of 2024 at the earliest.
Based on all of the above, I can assume that the main growth of the crypto market may occur in the fall of 2023, as the market will lay these events in the price in advance, trying to be ahead of the curve.
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Good luck and profit to all.
last few days while bitcoin is sideways, some altcoins grew quite nicely, I was talking about such a scenario in my mid-term parsing on bitcoin
If you look at the capitalization of the crypto market as a whole and separately altcoins without BCT and ETH, you can predict, at least approximately, what awaits us until the end of the summer and the end of the year in the cryptocurrency market.
On the altcoins capitalization diagram, you can see that capitalization is in triangle consolidation, and we are in its lower part, at the moment we are in micro consolidation, and under the resistance of downtrend, in case of breakdown we will see the rise of altcoins market by 15-20% till spring values, in case of false breakdown most probably we will renew low, and altcoins will go down, and after that we should look at the market.
On the general capitalization chart, you can see that we are at resistance 1.15T and also that the general cap has formed a GIP pattern, if it works out, the market could potentially rise to 1.75-2-2.1T to the March-April 2022 level, with the bitcoin price potentially going back to the 37-45K value of that period.
Now we have to think about what terms should be for such growth of the crypto market, at the moment from what we know is possible approval of spot ETF of Black Rock and other U.S. investment funds, for example only Black Rock has $ 9 trillion in management, while the total portfolio of the largest funds is about 27 trillion, placing even 2-3% of the total portfolio in the crypto industry, will already give a huge stream of client money.
The SEC should make a final decision on ETFs no later than December 25, 2023.
It should also be taken into account that the Fed continues to tinker with the rate and it is expected at least one more rate hike to the level of 5.5 and possibly two rate hikes to the level of 5.75 until the end of the year. The market does not expect the start of rate cuts until the 1st or 2nd quarter of 2024 at the earliest.
Based on all of the above, I can assume that the main growth of the crypto market may occur in the fall of 2023, as the market will lay these events in the price in advance, trying to be ahead of the curve.
Support for the author subscribe ✅ and start rocket 🚀.
Good luck and profit to all.
