Crypto analyst Sjuul from AltCryptoGems has declared the start of the “biggest bull run” in crypto history. The expert points to several key indicators, including the upcoming U.S. election, Bitcoin capitulation, and altcoin market cap trends. This bullish prediction comes amid growing optimism in the crypto community.
The analyst highlights five charts supporting their bullish outlook. These charts encompass various aspects of the crypto market, from historical patterns to technical indicators. Let’s examine these factors in detail.
The worst is over for Bitcoin and cryptoRight now, the crypto market has the best bullish setup since inceptionHere are the 5 most bullish charts on why the biggest bull run has started pic.twitter.com/AS2HdpYgqH
— Sjuul | AltCryptoGems (@AltCryptoGems) July 18, 2024
Election Year Pump and USDT Dominance
Historical data shows a consistent pattern in crypto markets during U.S. election years. In 2012, 2016, and 2020, Bitcoin experienced several months of consolidation followed by price increases in the fourth quarter. The expert suggests 2024 will likely follow this trend, with consolidation in Q3 and a substantial pump in Q4.
Another indicator is the relationship between USDT (Tether) dominance and Bitcoin price. The analyst notes that when USDT supply increases while its market dominance decreases, Bitcoin and other cryptocurrencies tend to surge. This pattern has been observed in recent market movements.
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Show more +Show less – Bitcoin Capitulation and Altcoin Market Cap
The expert points to Bitcoin’s weekly Bollinger Bands touching the lower bound for the second time since the FTX crash. Previous instances of this occurrence led to significant price increases. Based on this pattern, the analyst speculates Bitcoin could reach $120,000 by Q1 2025.
The altcoin market cap is showing signs of entering an impulsive wave, according to the analyst. They predict the peak of the third wave could reach around $4 trillion by Q2 2025. The final wave is expected to occur in Q4 2025, potentially leading to an “altseason.”
Read also: Have Ripple vs. SEC Settlement Rumors Fueled XRP Price Pump?
ETH/BTC Reversal and Future Outlook
The expert discusses the ETH/BTC pair. Historical data shows Ethereum reaching new all-time highs roughly a year after Bitcoin halvings. With the accumulation phase seemingly over and ETH ETF trading on the horizon, the analyst believes the ETH/BTC bottom is in.
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