Bitcoin (BTC) $58,845 At the time of writing, it is back above $61,000 and altcoins are in the green. With BTC leading the gains again and SPX hitting a new all-time high, the crypto rally is not surprising. The Fed interest rate decision will be announced in about 24 hours, so what are the latest analysts’ predictions?
Is Bitcoin’s Drop Over?
Kyle shared CryptoQuant’s Bitcoin Bull-Bear Cycle indicator a few hours ago, reaffirming his view that a significant reversal will begin before the year is out. According to the data, the bearish phase for BTC may be over. If investors want to enter the safe zone, they may want to listen to the second analyst at this point.
Second cryptocurrency analyst Jelle thinks the safe zone is $65,000. In the chart he shared below, he wrote that the bulls are back and this time the all-time record level can be seen with a close above $65,000.
At lower levels, less selling at $61,700 and $63,000 could play a significant role in confirming the bullish sentiment. The previous major decline accelerated when BTC price lost $61,700. For now, volumes are normal and the market expectation of a 50bp rate cut is dominant.
Will Altcoins Rise?
ETHBTC We have seen levels not seen since 2021 in the parity. Some altcoins fell to their all-time lows in 2024. This is interesting because November 2022 was much more challenging. The lack of liquidity in altcoins and the increasing recession concerns along with the gloom of the summer months have caused cryptocurrencies to wear down for 2 quarters.
Analyst nicknamed Mustache altcoins He said that a period of parabolic gains is approaching for . Moreover, this is not the only reason for the bullish expectation.
“When we saw the WMA100/EMA100 crossover earlier (2021), the parabolic period for Altcoins had started.
More than 3.5 years later, this intersection has now occurred again.
The graphic structure also looks very similar when compared.
The descending channel is also on the rise.”
If the US does not experience a recession for the last quarter, he may be right in his opinion on this matter. Altcoins have been at the bottom for a long time and even today they are not far from the bottom.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
