Shiba

Promise

Dogecoin

bullish

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>The crypto market hints at a possible long-term bull cycle in the last quarter of the year.</li> 
 <li>Bitcoin and altcoins are expected to lead the rally, with memecoins showing promising potential.</li> 
</ul>  
<p>A bullish flag pattern has been identified in the weekly altcoin market capitalization chart. Meanwhile, the Bitcoin rainbow chart suggests that Bitcoin is currently in the “still cheap” phase.</p> 
<p>The cryptocurrency market has seen several upswings throughout the year, but these increases have often been short-lived, followed by corrections. However, the last quarter of the year may bring a different scenario.</p> 
<h2 id="potential-for-a-long-term-bull-cycle">Potential for a Long-Term Bull Cycle</h2> 
<p>There are several indicators pointing towards a potential long-term bull cycle that could push the market to new highs. Bitcoin, in particular, has surprised investors this year by reaching an all-time high of over $72k during the first quarter. Despite a subsequent drop, historical data suggests that Bitcoin often gains bullish momentum a few months after halving, indicating a possible rally in the upcoming months.</p> 
<p>Similarly, the MVRV ratio, which often goes above 30% each time Bitcoin reaches an all-time high, is another metric to watch. Currently, Bitcoin’s MVRV ratio stands at 2.92%, suggesting a potential price increase in the near future.</p> 
<h2 id="altcoins-gearing-up-for-a-rally">Altcoins Gearing Up for a Rally</h2> 
<p>Typically, the market tends to follow Bitcoin’s lead, suggesting that altcoins could also turn bullish in case of a Bitcoin breakout. In addition, a bullish flag pattern has been identified in the weekly altcoin market cap chart, hinting at a potential altcoin bull run. If a bullish breakout occurs in the upcoming months, the altcoin market cap could see a significant rise.</p> 
<p>Despite short-term uncertainties, the altcoin season index continues to favor Bitcoin, indicating a potential altcoin season if the number reaches or exceeds 75.</p> 
<h2 id="promise-of-memecoins">Promise of Memecoins</h2> 
<p>While the focus remains on top cryptocurrencies like Bitcoin and Ethereum, memecoins have shown promising performance in recent months. Notable examples include Dogecoin and Shiba Inu, while Solana-based memecoins have also gained traction. As such, it will be interesting to monitor the performance of the memecoin market during the next crypto bull run.</p>

Q4 Outlook: Could Bitcoin and Altcoins Outshine Previous Highs?

Table of Contents

CoinEagle.com

Other articles published on Aug 29, 2024

Is Pepe Coin Price Preparing for Breakout as Whales Accumulate?

MakerDAO Rebrands as 'Sky' and Introduces New Stablecoin USDS

$ATR Leads with 50.8% Surge as Crypto Market Turns Bullish

Argentina’s Buenos Aires to Launch Ethereum Curriculum for High School Students

OpenAI’s new US govt partnership coincides with Apple’s investment talks

Bitcoin Poised for Breakout as Analyst Predicts $100K by Q4

Join our free newsletter for daily crypto updates!