The battle between Bitcoin bulls and bears and future prospects
Bitcoin bulls attempted to hold the $66,800 support level but failed in the early hours, causing the price to fall to a low of $65,526 after midday. Bears sought to test the strength of the $65,000 support level. At press time, the price of Bitcoin recovered to $66,214, down 0.15% in 24 hours.
Financial market volatility and upcoming macroeconomic policy data
Financial markets continue to fluctuate on Wednesday, with a number of macroeconomic policy data to be released over the next three days. The Federal Reserve, Bank of Japan and Bank of England will all announce key interest rate decisions:
The Bank of Japan will make its first decision on Wednesday (Tuesday night US time).
The Federal Reserve's decision will be announced on Wednesday afternoon Eastern Time.
The Bank of England is due to announce its policy decision early Thursday afternoon.
It’s only a matter of time before Bitcoin hits a new high
A survey of cryptocurrency analysts shows that although Bitcoin is struggling to break through the $70,000 resistance level, it is only a matter of time before a growing number of positive factors push it to a new all-time high and enter price discovery mode.
Market analyst Rekt Capital analyzed on the X platform: "Bitcoin is still expected to break out in September. History shows that it is unlikely to break out of the re-accumulation range only about 100 days after the halving."
Arman Shaban Trading, a market analyst, provided a more detailed view, believing that Bitcoin will stabilize in the current range before moving higher. He said: “By analyzing the Bitcoin chart on the weekly timeframe, we observed that after entering the target supply zone, the price experienced an initial correction and fell to $63,500. Subsequently, it encountered increased demand and rose to $70,000 yesterday.”
ArmanShabanTrading further added: "$70,000 is an important psychological resistance level and the price has reacted to it. Currently Bitcoin is trading around $66,600. We need to see if the price can stabilize above the $62,700 to $63,500 support level. If it stays above this support, we can expect Bitcoin to rise further with the next targets being $72,000, $73,777, and $77,000."
Current Bitcoin Market Analysis and Outlook
According to the bull-bear phase, we are currently in the middle of the fourth cryptocurrency bull market. A complete cycle is four years, including a three-year bear market and a one-year bull market. In a one-year bull market, the first eight months are usually a slow wash-out decline, the next two months are a rapid rise, and the last two months are the peak-building stage.
Strictly speaking, this round of bull market started in December 2023, so it is now in the middle of the bull market. The bull market is expected to last for about six months, and the real outbreak period has not yet arrived. The outbreak period is expected to start around October 2024 and end around May 2025.
Of course, this is just an opinion based on historical cycles, not a fact. Although it is not certain whether it is accurate, the cycle patterns in the past show this pattern.
Market volatility and investment strategies
The cryptocurrency market will not keep rising or falling. This market is developing rapidly and needs to rise sharply to catch up with the market value of gold, so its cycle is four years, and the real outbreak is usually completed within three to four months. Investors may wait for four years just for this three to four months of outbreak period, and may miss profits or even losses if they miss this period.
The cryptocurrency market also needs a sharp drop to eliminate scams, junk projects and speculators. The cryptocurrency market is most concerned with efficiency, so bad projects need to be eliminated during a bear market. Except for BTC and ETH, which can be held for a long time, other cryptocurrencies should not be kept during a bear market. Only BTC and ETH may be able to cross the cycle, and others may just be runners-up.
Current strategy recommendations
The best strategy at present is to patiently wait for the arrival of the violent bull market. If you have already configured your positions, you must have confidence in your investment. You can make fine adjustments, but try not to change your positions drastically. Please patiently wait for the arrival of the bull market.
Success is not based on luck, choice is more important than hard work, and the circle determines destiny
The battle between Bitcoin bulls and bears and future prospects
Bitcoin bulls attempted to hold the $66,800 support level but failed in the early hours, causing the price to fall to a low of $65,526 after midday. Bears sought to test the strength of the $65,000 support level. At press time, the price of Bitcoin recovered to $66,214, down 0.15% in 24 hours.
Financial market volatility and upcoming macroeconomic policy data
Financial markets continue to fluctuate on Wednesday, with a number of macroeconomic policy data to be released over the next three days. The Federal Reserve, Bank of Japan and Bank of England will all announce key interest rate decisions:
The Bank of Japan will make its first decision on Wednesday (Tuesday night US time).
The Federal Reserve's decision will be announced on Wednesday afternoon Eastern Time.
The Bank of England is due to announce its policy decision early Thursday afternoon.
It’s only a matter of time before Bitcoin hits a new high
A survey of cryptocurrency analysts shows that although Bitcoin is struggling to break through the $70,000 resistance level, it is only a matter of time before a growing number of positive factors push it to a new all-time high and enter price discovery mode.
Market analyst Rekt Capital analyzed on the X platform: "Bitcoin is still expected to break out in September. History shows that it is unlikely to break out of the re-accumulation range only about 100 days after the halving."
Arman Shaban Trading, a market analyst, provided a more detailed view, believing that Bitcoin will stabilize in the current range before moving higher. He said: “By analyzing the Bitcoin chart on the weekly timeframe, we observed that after entering the target supply zone, the price experienced an initial correction and fell to $63,500. Subsequently, it encountered increased demand and rose to $70,000 yesterday.”
ArmanShabanTrading further added: "$70,000 is an important psychological resistance level and the price has reacted to it. Currently Bitcoin is trading around $66,600. We need to see if the price can stabilize above the $62,700 to $63,500 support level. If it stays above this support, we can expect Bitcoin to rise further with the next targets being $72,000, $73,777, and $77,000."
Current Bitcoin Market Analysis and Outlook
According to the bull-bear phase, we are currently in the middle of the fourth cryptocurrency bull market. A complete cycle is four years, including a three-year bear market and a one-year bull market. In a one-year bull market, the first eight months are usually a slow wash-out decline, the next two months are a rapid rise, and the last two months are the peak-building stage.
Strictly speaking, this round of bull market started in December 2023, so it is now in the middle of the bull market. The bull market is expected to last for about six months, and the real outbreak period has not yet arrived. The outbreak period is expected to start around October 2024 and end around May 2025.
Of course, this is just an opinion based on historical cycles, not a fact. Although it is not certain whether it is accurate, the cycle patterns in the past show this pattern.
Market volatility and investment strategies
The cryptocurrency market will not keep rising or falling. This market is developing rapidly and needs to rise sharply to catch up with the market value of gold, so its cycle is four years, and the real outbreak is usually completed within three to four months. Investors may wait for four years just for this three to four months of outbreak period, and may miss profits or even losses if they miss this period.
The cryptocurrency market also needs a sharp drop to eliminate scams, junk projects and speculators. The cryptocurrency market is most concerned with efficiency, so bad projects need to be eliminated during a bear market. Except for BTC and ETH, which can be held for a long time, other cryptocurrencies should not be kept during a bear market. Only BTC and ETH may be able to cross the cycle, and others may just be runners-up.
Current strategy recommendations
The best strategy at present is to patiently wait for the arrival of the violent bull market. If you have already configured your positions, you must have confidence in your investment. You can make fine adjustments, but try not to change your positions drastically. Please patiently wait for the arrival of the bull market.
Success is not based on luck, choice is more important than hard work, and the circle determines destiny
For those who don’t know how to analyze, if you want to learn more about the relevant knowledge and first-hand cutting-edge information of the cryptocurrency circle, please follow me to read the introduction materials, and I will take you on the train without any barriers.
