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The cryptocurrency market cap continued to shrink, with a drop of around 2.2 percent in the past 24 hours to hover about $2.45 trillion on Tuesday during the New York session. The ongoing cryptocurrency correction, which has triggered heavy crypto liquidation of nearly half a billion dollars, was triggered by the Bitcoin (BTC) price drop below $65k again in the past 24 hours.
Market analysts have argued that the recent notable cash outflows from US-based spot Bitcoin ETFs are a major contributor to the bearish outlook.
Is the Crypto Bull Cycle Over?
Bitcoin price has struggled to rally beyond $72k, thus signalling a possible double-top regarding the 2021 cycle top. According to veteran trader Peter Brandt, Bitcoin’s price against the US dollar could be forming a similar fractal with Gold’s price action after the 2009 market crisis.
As a result, Brandt suggested that Bitcoin price could further dip towards $60k before establishing a rising trend in the coming quarters.
The #Total3 is correcting for a few weeks, making many altcoins drop significantly. On the previous cycle it took 162 weeks to break the 2018 all-time high, this altcoin correction could likely end in the coming weeks and enter a massive recovery by Q4 of 2024. pic.twitter.com/2s1rEzsK0m
— Bitcoinsensus (@Bitcoinsensus) June 18, 2024
A similar macro narrative has been presented by Bitcoinsensus’a analyst, who argues that the altcoin industry will continue with a bullish outlook during the fourth quarter of this year after establishing a correction bottom in the coming weeks.
What Next?
The regulatory clarity in the United States has created a clear path for institutional investors to tap into the web3 industry. Meanwhile, the crypto market is anticipating a final settlement deal between the US SEC and Ripple in addition to listing the approved spot Ether ETFs in the United States.
These major events will act as a catalyst for Altcoin’s overall bullish outlook.