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After falling earlier, Bitcoin seems to have been oscillating at $20000 for a few days. Nevertheless, a new halving cycle may soon appear.
By taking the dates from previous cyclical bottoms and highs, it seems that in September or in October, the end of the current correction could take place. In these months, bitcoin speculators could be able to consider whether the new bull run could start.
It seems that for BTC to set a new all-time high in each successive cycle possibly, the corrections would have to be increasingly shallow. Hence, the expectation of an 85% correction from the record, as in previous cycles, may not materialize.
Starting possibly a new cycle, bitcoin could end the correction in the $17000-20000 range. Based on the scale of increases from previous bull markets, the potential upside in this cycle could be around 450% (each subsequent cycle seems to bring a smaller scale of upside). To reach the ATH with these assumptions, the end of the correction could be near.
Looking at the charts of both the ETH/USD and Nasdaq 100, one gets the impression that there may be a strong correlation since the beginning of the year. It has not been any difference since the markets set a local low in mid-June. Almost every upward or downward wave is similarly reflected on the ETH and NASDAQ 100 charts.
Hence, one gets the impression that it is not the anticipation of The Merge that may have affected the ETH/USD exchange rate recently but sentiment in traditional financial markets. It seems that it may now be difficult for both ETH and other cryptocurrencies to break this correlation.
Author Bio
Daniel Kostecki is an award-winning senior market analyst and a Director of the Polish branch of Conotoxia Ltd. He is a victor of the FxCuffs statuette for “Blog of the Year” and “Personality of the Year”. He has 15 years of experience on the financial markets and a diploma in Economics from the University of Szczecin in Poland. Daniel is privately connected to the financial markets since 2007 and professionally - since 2010. Author of numerous commentaries and analyses of the situation on the financial markets and a guest on Polish TV, press and radio.
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