Crypto Market Top Near? Here’s Why There’s ‘Some Runway Left’
After the recent cryptocurrency market correction, bullish sentiment among some investors and market observers appears to have declined, with many claiming the top being the highest. However, other analysts noted that some indicators have not yet marked the peak of the cycle, suggesting that the Bulls still have some gas.
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Crypto Market Value Retest Key Levels
Crypto market has suffered a series of hardships lately correct This has stopped the momentum of post-US elections. At the November-December rally, the industry achieved many milestones, including Bitcoin’s first breakthrough from the historical $100,000 hurdle.
The cryptocurrency market also surpassed its all-time high in 2021 (ATH), reaching a market value of US$3.73 trillion on December 17, 2024. Nevertheless, its recent Shakeout still puts the cryptocurrency market cap (total total) to the lowest range in nearly three months.
On Monday, the market reviewed $2.8 trillion, briefly losing $3 trillion in support levels before the bounce. Market Watcher Daan Crypto Trading Highlight The total chart retested the 2021 ATH during the callback, turning the weekly candle into a very interesting candle.
Traders explained that while the chart shows “a lot of demand today,” the $3 trillion mark is crucial to moving forward. Meanwhile, the $3.7 trillion trademark remains a key level of resistance as it is “a way to further expand higher.”
It’s also Dan’an Famous Excluding Bitcoin and Ethereum altcoin market caps swept 2024 highs and bounced after briefly losing its current range in market corrections, which could indicate a long-awaited long-awaited Season Still leading.
He noted that Altcoins may continue to move sideways within the current range, but breakouts can see them testing December highs as they haven’t broken the 2021 ATH correctly.
The top of the loop enters the fourth quarter?
Sjuul, an analyst from AltCryptogems shared Analysis of the total crypto market chart. Analysts said he did not see the “warning signs” mentioned online by other investors and market observers.
From a technical point of view, the cryptocurrency market rally is a “direct support and resistance situation” as it flips the 2021 ATH level that the market currently has.
Sjuul compared this cycle to the previous cycle and pointed out that it was the beginning of a “real bull run”. Timewise, the chart proposes various similarities between the two cycles, which suggests that the top is about 230 days.
He explained that starting from the 2017 ATH, the top 2021 breakthrough in the last cycle occurred in 1,120 days. Additionally, the top of the 2021 cycle occurred 1,400 days after the 2017 peak.
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At the same time, this cycle is breakthrough From 2021 ATH, about 1,120 days after the top, similar to the last cycle. If history repeats itself, the timing of this cycle indicates that the top of the cryptocurrency market is about 7-9 months.
Ultimately, analysts expect the market peak to occur in the fourth quarter of 2025 and may reach a market capitalization of $4.5 trillion.
Featured images from Unsplash.com, charts from TradingView.com
