This is where stabilization and consolidation start building again. The value of your investments continues to drop, and many people refuse to sell, hoping for an even bigger correction upwards. Investors act defensively as they are convinced they have allocated their money wisely. However, generally, almost no coin is able to come out scot-free. This stage of ‘belief’ is defined as one of the first signs of a bull market. The major differentiating factor with crypto, however, is volatility.
Known for using mathematical analysis tools, Cowen has repeatedly compared the current bull market to the price action from two cycles ago. During this period, bitcoin’s exponential increase led to a deeper correction. It then continued its upward move to a new all-time high set a few months later. In short, market sentiment is the overall feeling that investors and traders have regarding the price action of an asset.
Bitcoin , the largest cryptocurrency by market cap, reached its all-time high in April 2021, followed by a severe downturn, with losses of close to 50% over a mere three months. As shown in Figure 2, Bitcoin subsequently hit new highs in November 2021 before tumbling again in early 2022. Cycles can be found in every market, and they consist of phases. Prices wax, extremum, fall and then bottom out — and another cycle begins right off. Cub traders might not recognize that markets are cyclic, much failing to plan for the end of the current market cycle. In addition, even if you ’ rhenium aware of grocery store cycles, it can be challenging to pick the top or bottom of a given bicycle.
While a sharp daily movement of NASDAQ is considered to be 1-2%, Bitcoin, which is considered the most stable cryptocurrency and https://cryptoboarding.com/ the base asset, can fluctuate more than 20% daily. https://www.forbes.com/advisor/investing/cryptocurrency/what-is-cryptocurrency/ The BTC halving event, which happens once every four years, is believed to be in the middle of the market cycle. This is what happened in the 2012, 2016, and 2020 halving events.
President Joe Biden recently signed an infrastructure bill requiring all crypto exchanges to notify the IRS of their transactions. Similarly, Treasury Secretary Janet Yellen recently said stablecoins — a type of crypto linked to the value of the U.S. dollar — should be subject to federal oversight. One of the main factors driving the price increase of Bitcoin is the rate at which new consumers are buying and exploring cryptocurrency, says Waltman. “I’m a big believer that if it’s not in cash, you don’t really have that money because in crypto, anything can drop dramatically overnight,” Merchan says. This is why certified financial planners suggest only allocating 1% to 5% of your portfolio to crypto — to protect your money from the volatility.
As the price of Bitcoin stagnates or takes a bearish turn, funds will begin to flow from Bitcoin to Ethereum, then further down into the rest of the crypto market. A halving event is when the reward for mining new blocks is cut in half, meaning miners receive 50% less Bitcoin for verifying transactions. If the demand for Bitcoin remains the same or increases after a halving, the diminishing supply will result in further price increases. Additionally, further accumulation of Bitcoin is occurring in anticipation of new all-time highs. The amount of Bitcoin held in exchange wallets has reduced significantly this year, highlighting the fact that investors are holding out for much higher prices.
The Satoshi Cycle is an observation of an interesting phenomenon. An asset's price went up, and the term trended in Google searches. Investors' irrational exuberance could filter to financial media outlets, which would report on the investing frenzy. If you want to make better decisions about allocating your crypto portfolio you need to know how Bitcoin – Altcoin market cycles work. Traders stand to make a killing if they understand the mechanics of market cycles, so in this article, we are going to take you through the basics. A simple moving average is just the average of the last x price points.
️ Where Is Bitcoin Currently At In The Crypto Market Cycle?
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"