Bull Market

Kevin

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 <p>Evidence is piling up that a new crypto bull market is about to begin as a key US economic gauge nears the final stages of its two-year downtrend.</p> 
 <p>That’s the view of Kevin Kelly, co-founder of research firm Delphi Digital, who argued in a series of tweets that cryptocurrencies and risk markets broadly track the ISM Manufacturing Index, a key indicator of the state of the US economy.</p> 
 <p>“It looks like the ISM is nearing the final stages of its two-year downtrend,” he said. <span class="s1">“BTC’s YoY% change usually shows signs of a reversal near bottoms in the ISM YoY. And so far, that’s exactly what we’ve seen this time around.”&nbsp;</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Evidence is piling up that we're in the early stages of a new cycle</p> 
  <p>Risk assets like stocks + crypto have been sniffing this out all year (as we've been noting @Delphi_Digital)</p> 
  <p>This isn't just another bear market rally IMO</p> 
  <p>Stick with me here cause it'll all come full circle…</p> 
  <p>— Kevin Kelly (@Kevin_Kelly_II) August 14, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>Kelly said it’s remarkable how closely the ISM has tracked the trajectory of previous market cycles, including the timing of peaks and troughs,</p> 
 <p>“This is the real kicker IMO,” he said. “Every 3.5 years it’s rinse and repeat, like clockwork.”</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">In fact, BTC's YoY% change usually shows signs of a reversal near bottoms in the ISM YoY</p> 
  <p>And so far, that's exactly what we've seen this time around… pic.twitter.com/l2aG8Z1neg</p> 
  <p>— Kevin Kelly (@Kevin_Kelly_II) August 14, 2023</p> 
 </blockquote> 
 <p></p> 
 <p><span class="s1">Such turning points in the business cycle have historically been ripe opportunities to increase risk exposure, he said.&nbsp;</span></p> 
 <p>&nbsp;</p> 
 <figure id="attachment_429919" aria-describedby="caption-attachment-429919" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="wp-image-429919 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20960%20510'%3E%3C/svg%3E" alt="ISM Business Cycle" width="960" height="510" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/08/15/3f2d0618051ff779d1d46e8f784c2ff3.webp 960w, https://cdn.thebittimes.com/images/2023/08/15/3f2d0618051ff779d1d46e8f784c2ff3.webp 300w, https://cdn.thebittimes.com/images/2023/08/15/3f2d0618051ff779d1d46e8f784c2ff3.webp 768w" data-lazy-sizes="(max-width: 960px) 100vw, 960px" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/15/3f2d0618051ff779d1d46e8f784c2ff3.webp"> 
  <noscript> 
   <img decoding="async" class="wp-image-429919 size-full" src="https://cdn.thebittimes.com/images/2023/08/15/3f2d0618051ff779d1d46e8f784c2ff3.webp" alt="ISM Business Cycle" width="960" height="510" srcset="https://cdn.thebittimes.com/images/2023/08/15/3f2d0618051ff779d1d46e8f784c2ff3.webp 960w, https://cdn.thebittimes.com/images/2023/08/15/3f2d0618051ff779d1d46e8f784c2ff3.webp 300w, https://cdn.thebittimes.com/images/2023/08/15/3f2d0618051ff779d1d46e8f784c2ff3.webp 768w" sizes="(max-width: 960px) 100vw, 960px"> 
  </noscript> 
  <figcaption id="caption-attachment-429919" class="wp-caption-text"> <strong>Source</strong>: <em>Delphi digital</em> 
  </figcaption> 
 </figure> 
 <p class="p1"> </p> 
 <p class="p1"><span class="s1">“We’re more likely in an environment akin to one like 2015-2017,” he said. “The more I stare at the charts, the more I believe this scenario is the highest probability one given where we are at the moment.”</span></p> 
 <p class="p5"><span class="s6">For the Delphi Digital co-founder, the “catalysts are stacking up” and if market participants look beyond the short-term things will be “significantly brighter in the next “12-18 months.”</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Crypto markets have battled a lot of "heavyweight narratives" over the last 18 months</p> 
  <p>But if we look beyond the short-term trade, the outlook for the next 12-18 months is significantly brighter from where I'm sitting</p> 
  <p>The catalysts are stacking up…</p> 
  <p>— Kevin Kelly (@Kevin_Kelly_II) August 14, 2023</p> 
 </blockquote> 
 <p></p> 
 <h2 class="p4" id="span-class-s1-positive-fundamentals-may-trigger-a-new-crypto-bull-run-span"><span class="s1">Positive Fundamentals May Trigger a New Crypto Bull Run</span></h2> 
 <p class="p1"><span class="s1">Bitcoin (BTC) price has been oscillating around the $30,000 mark since April with the $32,000 hurdle proving difficult to overcome. However, some analysts believe that positive developments in the crypto space such as spot Bitcoin ETF applications, the likely imminent end of interest rate hikes, and increased institutional adoption and entry into the Web3 ecosystem could help trigger a sustained recovery.</span></p> 
 <p class="p1"><span class="s1">For example, PayPal, the online payments giant, launched its US dollar-backed stablecoin PayPal USD (PYUSD) last week. PayPal users can now buy PayPal USD, transfer it to compatible external crypto wallets, make peer-to-peer payments, pay for purchases, and use it to convert any of PayPal’s supported cryptocurrencies.</span></p> 
 <p class="p1"><span class="s1">PayPal is a significant player in the financial industry and according to an X user <span class="s5"><b>Player 456</b></span>, PYUSD was a big move that could trigger a crypto bull run.&nbsp;</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Whenever paypal makes big moves</p> 
  <p>bull market is near </p> 
  <p>Paypal announced no fees to buy crypto through their app 2020 </p> 
  <p>2021 we fucking mooned pic.twitter.com/CQxc6xszSs</p> 
  <p>— Player 456 ⚛️🉐 (@kryptodurant) August 9, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p5"><span class="s6">According to Player 456, the 2021 crypto bull market came after PayPal launched a service to enable people to buy, send and hold crypto in 2020. He believes with this latest move, the market may recover in the coming year.</span></p> 
 <h3 id=""></h3> 
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 <p class="p5"><span class="s6"> </span></p> 
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‘Evidence is Piling Up’ For New Crypto Bull Market as Key US Economy Gauge Nears End of Two-Year Downtrend, Delphi Digital Says

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