Three reasons to be optimistic about the near-term outlook for the crypto industry
It has been 160 days since the 2024 Bitcoin halving event, and the performance of the market cycle makes people look forward to the upcoming fourth quarter.
Here are three reasons to be optimistic about the outlook for the crypto industry:
Historical cycle trends
The current BTC market cycle is similar to the bull markets in 2016 and 2020. Historical data shows that Bitcoin will usher in an upward trend about 170-180 days after the halving, and the peak usually occurs about 480 days after the halving. Combined with previous data, it is very close to the time for BTC to resume its upward trend.
Exchange BTC reserves decline
Since the beginning of 2024, more than 500,000 BTC have flowed out of exchanges. This shows that whale investors are hoarding Bitcoin instead of selling it in the short term, indicating that the market supply will tighten.
BTC dominance has increased
Recently, BTC's market dominance has reached a multi-year high, which usually means that the industry is in a rebound phase. Historically, the altcoin season usually starts after the decline of BTC dominance, so we are likely about to enter the second phase of the crypto market.
Although there are macroeconomic uncertainties, the risk of recession is relatively small in the short term as 2024 is an election year in the United States. #HMSTRćŒç #çŸćœ8ææ žćżPCEć4æ仄æ„æ°é« #çŸèćš11æéæŻéąæćæž© Official account: Pumpkin Strategy (early review strategy analysis of Bitcoin BTC and Ethereum ETH from Monday to Saturday, long-term recommendation of high-quality coins and live analysis, and occasional sharing of Cai Fu Mi Ma)
