Altcoin
Leading indicators point to the inevitable rebound of the cryptocurrency market towards new heights in the future
The altcoin industry, led by meme coins, will soon experience a strong rebound after being trapped in a correction mode for the past few weeks. Growing fears of further cryptocurrency capitulation triggered by the price of Bitcoin (BTC) falling below $60,000 on Monday have increased calls for a market rebound.
Furthermore, Bitcoin’s daily Relative Strength Index (RSI) has already fallen below the 30 percent level, indicating an overall market. Furthermore, Bitcoin price has bounced off the $60k level multiple times over the past four months.
The rebound in cryptocurrencies is inevitable
According to on-chain data analysis provided by Glassnode, the fear and greed index has turned into fear. Renowned cryptocurrency analyst Ali Martinez reminded investors of Warren Buffett’s famous quote “Be greedy when others are fearful and vice versa.”
According to CryptoQuant analyst Yonsei Dent, Bitcoin price may soon reach a new all-time high as holders’ supply of profits remains above average.
“Compared to past cycles, it appears that we are at least another two months away from the end of the bull market phase,” Yonsei noticed.
However, if the price of Bitcoin consistently closes below $60,000 in the coming days, the flagship coin will be under the control of sellers. As a result, Bitcoin price could fall towards the liquidity range between $54,000 and $58,000, which coincides with the weekly Fibonacci extension from 1 to 0.786.
Bigger picture
The upcoming listing of Ethereum spot ETFs in the US is expected to trigger a new wave of cryptocurrency bull run, similar to the impact of Bitcoin. Furthermore, ongoing interest rate cuts in several jurisdictions will force the United States to move in a similar direction.