An analyst with Altcoin Daily has declared the crypto bull market to be in full swing, and not just any one at that; he is of the opinion it may well be the most substantial bullish cycle the industry has ever seen.
Key Technical Signals for Bitcoin
The evidence for this view is found in the technicals. Bitcoin has put in a solid performance, reclaiming its major moving averages after 310 days below them. That sort of protracted period under the 360-day average was what marked the end of the previous two bear markets, so the current move above it is being viewed as a turning point. Ethereum is also outperforming traditional markets.
Then there is the matter of the numbers. With Bitcoin back above its 200-day moving average as of August 19, the channel’s figures show a 193% return over the next six months is possible, backed by an 80% win rate. It is, in short, a setup for further gains that is rare in history.
Ethereum Surges Past Traditional Markets
There is no shortage of evidence to support the prevailing bull market thesis in crypto, with Ethereum’s performance being a case in point. Altcoin Daily has pointed out that the asset posted returns well beyond the S&P in the third quarter, to the tune of 6,500 basis points—a clear sign of confidence and demand from investors. In the view of the analyst, that kind of disparity is what one would expect to see as a defining feature of bullishness throughout the crypto space.
Industry Leaders Spot a Supercycle
According to Robinhood CEO Vlad Tenev, we are on the cusp of a supercycle as traditional assets become tokenized. He believes that this shift will be accompanied by some $100 trillion in inherited wealth making its way into equities and digital assets, a move he sees as having the capacity to alter the financial landscape entirely.
Then there is the matter of China possibly coming back to the crypto market, which would only add more momentum to the trend. Huajing Zhou, who heads up Solana Treasury, has put forward Hong Kong as a likely testbed for any Chinese forays into the space. As Altcoin Daily points out, such an opening on the part of China could well be the catalyst for a new supercycle.
This article reflects the channel author’s opinion and is not investment advice.
Every call by Altcoin Daily and how it played out — in the BuyCrypt bloggers tracker.
Source — Altcoin Daily: https://www.youtube.com/watch?v=TW1d6boUN_k
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