As a seasoned researcher with years of experience observing the cryptocurrency market, I can confidently say that we are witnessing a fascinating development once again. The crypto market has shown resilience, pushing its combined capitalization back over $2 trillion, which is undoubtedly an impressive feat.
Has the total market value of all cryptocurrencies recovered from its previous decline and surpassed $2 trillion yet again? Could this signal a return of the bull market for both Bitcoin and other alternative coins?
Bitcoin is currently experiencing a slump during September, which historically tends to be the month with the poorest returns for Bitcoin throughout the year. However, it’s crucial that the price stays above key support thresholds. A return to a market capitalization of $2 trillion could signal a positive outlook.
All eyes on Bitcoin still
At present, the cryptocurrency market is experiencing an upward trend. Bitcoin hovers slightly above a significant barrier at approximately $58,000, while most alternative cryptocurrencies (altcoins) show positive gains. So far, the main focus remains on Bitcoin. This digital currency, often referred to as the king of cryptocurrencies, continues to be the center of attention and is expected to maintain its leading role until it reaches and surpasses its all-time high. Once a possible bull market enters its final parabolic phase, it’s predicted that altcoins will surge ahead and potentially outperform Bitcoin.
Indeed, there’s still a significant amount of effort required by Bitcoin supporters, and it wouldn’t be unexpected if the BTC price encountered resistance at around $58,000 or even $59,000. This is due to its impressive 10% rise over six days, which brings us to this horizontal barrier, and the temporary Stochastic RSIs suggest that the price’s upward momentum might soon reverse.
Crypto Total Market Cap in bull flag
By examining the Crypto Total Market Cap on a weekly scale, it’s clear that, much like Bitcoin, the market cap is currently in a bullish flag formation. This could imply that the market cap is poised to breach its resistances, eventually reaching the peak of the flag and potentially triggering a breakout – aligning with the final, parabolic phase of the bull market.
It’s possible that Bitcoin might encounter resistance at around $58,000 and get pushed back. Nevertheless, if this happens, some broader market signals suggest a significant upward trend could emerge in the coming week or two. We’ll have to wait and see if it’s powerful enough to push Bitcoin and the overall Cryptocurrency Market Cap beyond their current bullish patterns.
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2024-09-12 13:07