Nothing

Rally

bullish

Bitcoin

<p>The drop of Bitcoin below 50,000 dollars last Monday already seems far behind us. In just four days, the queen of cryptocurrencies has regained its color to surpass 60,000 dollars again. This rapid rebound reflects the intrinsic volatility of the crypto market and opens the door to bullish prospects, hinting at a potential major rally according to some analysts.</p> 
<h2 id="h-is-bitcoin-ready-for-a-new-bull-market">Is Bitcoin ready for a new bull market?</h2> 
<p>After a severe correction that saw Bitcoin lose nearly 30% of its value, <strong>technical signals are increasingly positive</strong>. Indeed, since its low point around 50,000 dollars, the flagship crypto has already recovered 26%, thus breaking short-term resistances.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>This type of rebound is not a first for Bitcoin. During the 2016 BTC halving, <strong>a similar drop preceded a rapid bull market</strong>, leading this crypto to unprecedented heights.</p>  
<div class="tradingview-widget-container tradingview--mini-chart"> 
 <div class="tradingview-widget-container__widget"></div> 
 <div class="tradingview--mini-chart--dark"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
 </div> 
 <div class="tradingview--mini-chart--light"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script> 
 </div> 
 <div class="tradingview-widget-copyright">
  <a href="https://fr.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener" target="_blank"><span class="text-primary-color">BTCUSD chart</span></a> by TradingView
 </div> 
</div>  
<p>This time again, the configuration seems favorable for a new ascent. The behavior of the RSI (Relative Strength Index) and the moving averages show <strong>encouraging signs of a recovery</strong>.</p> 
<p>Analysts, including Peter Brandt, believe that the recent decline was just <strong>a necessary step to shake out the weak hands</strong> before a surge to new records.</p> 
<h2 id="h-the-crypto-market-in-the-turmoil-of-the-carry-trade">The crypto market in the turmoil of the carry trade</h2> 
<p>While some attribute the recent Bitcoin drop to technical factors, others point the finger at <strong><a href="https://www.forbes.com/sites/danrunkevicius/2024/08/09/2015-2017-cycle-all-over-again-bitcoin-price-crash-signals-beginning-of-new-bull-market-says-veteran-analyst/" target="_blank" rel="noreferrer noopener">the yen carry trade as the culprit</a></strong>. To put it simply, investors who had borrowed yens at low-interest rates to invest in more profitable assets suddenly found themselves having to liquidate their positions.</p> 
<p>This massive sell-off affected all markets, including that of cryptos, causing a rapid drop in prices.</p> 
<div class="affiliate-button"> <a class="affiliate-button__link" href="https://bitpanda.pxf.io/c/2801338/1295465/15871" target="_blank" rel="noreferrer noopener">Discover the Bitpanda platform</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noreferrer noopener">This link uses an affiliate program.</a> 
</div> 
<p>Matt Hougan, Chief Investment Officer at Bitwise, answering the question “<a href="https://www.cointribune.com/en/does-bitcoin-really-have-value-expert-answers/" target="_blank" rel="noreferrer noopener">does Bitcoin really have value</a>” emphasizes that this sell-off has fundamentally changed nothing about Bitcoin. For him<strong>, this decline is more related to an urgent need for liquidity than to a long-term trend change</strong>.</p> 
<p>According to Hougan, “<em>Bitcoin was simply caught in the storm, but the fundamentals remain strong</em>“.</p> 
<ul> 
 <li>The global market experienced a massive liquidation;</li> 
 <li>The <a href="https://www.cointribune.com/en/finance-the-carry-trade-drives-the-swiss-franc-and-japanese-yen-to-new-heights/" target="_blank" rel="noreferrer noopener">carry trade propelling the Swiss franc and the yen to new heights</a> amplified market movements;</li> 
 <li>Nothing fundamental has changed for Bitcoin or the crypto market.</li> 
</ul> 
<h2 id="h-prospects-bitcoin-at-100-000-dollars">Prospects: Bitcoin at 100,000 dollars?</h2> 
<p>With Bitcoin’s recent recovery above 60,000 dollars, the question now is how far it could go. Some technical analysts see big and predict <strong>a move towards 100,000 dollars</strong>, <strong>or even 300,000 dollars</strong>. Bitcoin at 100,000 $ being <a href="https://www.cointribune.com/en/bitcoin-at-100000-experts-wild-bet-before-us-elections/" target="_blank" rel="noreferrer noopener">the crazy bet of an expert before the US elections</a>.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2"> 
 </div> 
</div> 
<p>This scenario could materialize if current indicators continue to show signs of strength, such as improving RSI and maintaining above key moving averages.</p> 
<div class="affiliate-button"> <a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noreferrer noopener">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noreferrer noopener">This link uses an affiliate program.</a> 
</div> 
<p>However, it’s worth noting that <strong>crypto markets are notoriously unpredictable</strong>. Despite this, the current market configuration, combined with growing investor confidence, hints at a new bullish wave.</p> 
<p>The most optimistic even see it as the beginning of a similar cycle to 2017, where Bitcoin experienced a spectacular rise after a halving. Although <a href="https://www.cointribune.com/en/post-halving-bitcoin-surge-a-shattered-dream/" target="_blank" rel="noreferrer noopener">the post-halving BTC rise resembles a broken dream</a>.</p>

Bitcoin: The Correction Completed, a Rally Towards the Highs?

Table of Contents

Cointribune EN

Other articles published on Aug 10, 2024

USDT in Danger: The Impact of MiCA Regulations

XRP Community Hit With Critical Warning — Here's What It Concerns

Tether Collaborates with Africa Blockchain Institute to Educate Students About Blockchain Technology

Ancient Bitcoin Wallet Revives With Staggering 94,700% Profit: Details

Tether CEO: EU’s MiCA regulation puts stablecoins at risk

Just In: Patnera Capital Deposits 12.95 Million 1INCH To Coinbase Prime

Join our free newsletter for daily crypto updates!