Last night, Nvidia's financial report, which attracted global attention, was released. Nvidia's sales and profits exceeded expectations. After the release, the stock price fell by 5%. Good news is bad news. The cryptocurrency market fell along with the US stock market.
Every time you see a needle in the quotations, there is an unlucky guy behind who is being sniped!
Good news does not necessarily mean an increase in price, and bad news does not necessarily mean a decrease in price. The cryptocurrency world is like a dark forest. Accidents and surprises can happen at any time, so there is no need to pay too much attention to short-term plunges. The long-term trend has not changed. Bitcoin has already entered the mainstream. Perhaps as humans transform from carbon-based to silicon-based in the future, Bitcoin will become the world's only store of value!
Bottom line: The crypto bull market remains intact…
Some people say that the Bitcoin halving theory is outdated, but I disagree.
The current price action is consistent with how Bitcoin’s halving cycles typically unfold.
As you can see, the bulk of profits (about 80%) are made in the last 20% of the cycle. We are entering this period now.
But be aware that the cryptocurrency market is likely to remain volatile until after the US election…
August is typically the worst performing month for cryptocurrencies, but September isn’t far behind:
While cryptocurrency prices tend to recover in October, things may be different this time.
Historically, cryptocurrencies move sideways ahead of U.S. elections… and then rally after they’re over:
In terms of cottage
A prominent cryptocurrency trader believes that altcoins may be in a golden accumulation phase, noting that a buy signal at such low prices has not been triggered in more than three years.
“Altcoins are at ‘sell your house and buy more’ levels right now,” crypto trader Luke Martin told his 331,500 X followers in an Aug. 28 post.
The Alts Buy Signal chart provides traders with an indication of when the overall altcoin market is in a buying mode based on historical data.
When Bitcoin last reached this level, in the summer of 2020, the price rose sixfold in the second half of the year, Martin said.
“The price went vertically from 10k to 60k over the next 6 months,” Martin wrote.
Meanwhile, anonymous crypto trader Mags noted that “the altcoin market cap is forming a falling wedge pattern, which is a bullish continuation pattern.
According to TradingView, the total altcoin market cap is $195.07 billion at the time of this article’s publication. MN Consultancy founder Michael van de Poppe highlighted in an August 25 X post that it is “still down 47% from its highs.”
The altcoin market capitalization peaked in November 2021 at $446.85 billion.
Bottom line: I don’t expect the crypto market to make new highs until November 5, 2024. Don’t be surprised if we see a small crypto crash in the meantime. Use it as a buying opportunity. The crypto bull run will continue until 2025.
— Stephen McBride, Chief Analyst at RiskHedge
