Top Analysts Predict Final Crypto Capitulation Before Major Recovery, Comparing 2024 to 2016
The post Top Analysts Predict Final Crypto Capitulation Before Major Recovery, Comparing 2024 to 2016 appeared first on Coinpedia Fintech News
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.
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.
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