Markets
Leading Indicators Point to Inevitable Crypto Market Recovery to New ATHs Ahead
The meme coin-led altcoin industry will soon experience a major recovery after being stuck in a correction mode for the past few weeks. Rising fears of further crypto capitulation triggered by the price of Bitcoin (BTC) falling below $60,000 on Monday have increased calls for a market recovery.
Furthermore, Bitcoin’s daily Relative Strength Index (RSI) has already fallen below the 30 percent level, indicating a general market. Furthermore, Bitcoin price has recovered to the $60K level over the past four months.
Inevitable cryptographic recovery
According to on-chain data analysis provided by Glassnode, the fear and greed index has turned into fear. Popular crypto analyst Ali Martinez reminded investors of Warren Buffett’s famous quote: “Be greedy when others are fearful and vice versa.”
According to CryptoQuant analyst Yonsei Dent, Bitcoin price could soon recover to a new all-time high as profit holder supply remains above average.
“Compared to previous cycles, it appears that there are still at least two more months left in the market’s big bull phase,” Yonsei observed.
However, if the price of Bitcoin consistently closes below $60,000 in the coming days, the major currency will be under the control of sellers. As a result, Bitcoin price may fall towards the liquidity range between $54K and $58K, which coincides with the weekly Fibonacci Extension of 1 and 0.786.
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The upcoming listing of spot Ethereum ETFs in the United States is expected to trigger a new wave of crypto bulls, similar to the impact of Bitcoin. Furthermore, ongoing interest rate cuts in several jurisdictions will force the US to move in a similar direction.