- Analyst believes the crypto market will “bounce” as soon as Bitcoin sees a major breakout
- Altcoins expected to profit significantly whenever this breakout happens
As a seasoned crypto investor with a decade of experience under my belt, I’ve weathered numerous market cycles and learned to read between the lines of analyst predictions. While I’m always cautious about any forecast, CrediBull’s latest analysis on Bitcoin’s breakout and its potential impact on the broader market is certainly intriguing.
Over the last several weeks, the total value of the worldwide cryptocurrency market has been going up and down, showing both increases and decreases. It reached a peak of $2.7 billion in March, but since then, it’s had trouble keeping its upward momentum. Occasional surges haven’t been able to offset the overall downward trend.
Currently, as I speak, the total value of all cryptocurrencies worldwide has slightly decreased by 1.4%, amounting to approximately $2.122 trillion. Earlier today, there was a short-lived surge that pushed it up to $2.140 trillion. The fluctuation in the market can primarily be attributed to Bitcoin, which holds significant influence over the cryptocurrency market as its main player.
Over the past day, Bitcoin has exhibited both optimistic and pessimistic patterns. Yesterday, it momentarily exceeded $58,000, only to drop back below this mark. At one point, its value dipped to $57,292 due to a 0.5% decrease.
Regardless of the ongoing unpredictability, experts are still offering their perspectives on the future trends of the cryptocurrency market, with several forecasting significant shifts in the near term.
The well-known cryptocurrency expert, CrediBull, has presented an enticing perspective. In his view, once Bitcoin moves beyond its present consolidation stage, it could spark a wider surge in the overall crypto market.
Analyst’s outlook on the upcoming crypto bull run
CrediBull’s insights on X emphasized the critical role Bitcoin plays in influencing the entire crypto market. He believes that Bitcoin’s upcoming breakout from its five-month consolidation phase will likely lift the entire crypto market.
On the other hand, CrediBull cautioned that not every altcoin will experience equal benefits. Particularly those reaching multi-month peak distributions might first exhibit a “dead cat bounce,” followed by a prolonged decline referred to in the crypto market as a “markdown.
The analyst advised investors to be cautious, suggesting that these temporary rebounds could be the last chance to exit certain altcoins before deeper declines.
As a crypto investor, I’ve been closely watching Dogecoin (DOGE) as an indicator of altcoin performance. This memecoin has shown a pattern mirroring the volatility of Bitcoin’s market. On Monday, DOGE even surged above $0.104, but this surge was brief, with the asset correcting back to $0.098 by midweek.
Nonetheless, DOGE has experienced a bit of a rebound, currently trading at $0.1031 following a 0.4% increase in the past day. Even with these ups and downs, DOGE’s ability to bounce back suggests that some altcoins might still hold potential for growth amidst uncertainty.
DOGE fundamentals point to potential market stability
Looking beyond just the movement in Dogecoin’s price, examining its underlying fundamentals provides further understanding of its market prospects. For instance, according to CryptoQuant, Dogecoin’s Relative Strength Index (RSI) stands at 52, suggesting a balanced market situation.
In simpler terms, when the Relative Strength Index (RSI) value falls within the range of 30 to 70, it indicates that an asset isn’t excessively bought or sold, suggesting possible price consistency over the short period ahead.
Moreover, according to Coinglass, Dogecoin’s Open Interest increased by 1.46%, amounting to a value of $476.12 million. However, it was observed that the volume of its Open Interest also decreased by 13.46%, falling to $670.33 million.
As a crypto investor, I’ve noticed an increase in Open Interest, even though trading volume has decreased. This could suggest that weary investors are strategically placing their bets within the market. They may be doing this with an eye towards predicting future price fluctuations in DOGE‘s chart.
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2024-09-13 21:11