In recent weeks, Bitcoin has enjoyed a resurgence. Just two days ago, Bitcoin retook the $25,000 mark for the first time since June 13.
Bitcoin is poised for a new rally
In June, bitcoin saw its biggest monthly drop since 2011, falling more than 37.3% to end at $19,925. It has since partially recovered its value, testing $25,000 for the first time today.
While bitcoin continues to dominate the leaderboard despite a 46.5% drop from its previous high, its dominance has fallen from over 50% a few months ago to just under 40%.
However, bitcoin has been trading relatively smoothly between $22,500 and $24,500 over the past two weeks. Meanwhile, both commodity prices and equity markets have staged a remarkable recovery in recent weeks. As a result, financial markets across the board are experiencing the expected summer rally.
Attitudes reached a severe state of panic in mid-June due to the sharp month-long decline in financial markets, so the view of participants has improved considerably over the course of the recent rally. This in itself is a well-known bear market pattern. But it won't be clear until around mid-September whether and how the bears will return.
Over the past four weeks, the crypto Fear & Greed Index has made significant progress. Still, the mood is largely fearful. Seven months after a devastating sell-off, fear is still seeping into the cryptocurrency industry.
The sense of being defeated also seeps into the broader picture. In this case, there are several excellent opportunities to buck the trend.
Overall, there are still contrarian buy signals due to fear.
Given the mid-term elections in the country of M on November 8th, the sharp fall in financial markets is highly detrimental to retaining the current government. That makes it more likely that financial markets will fall only modestly in September. The market may then rise from these lows until the US election.
The stock and cryptocurrency markets have been under intense pressure for months since November 2021, but have now been in a broad rally for a little over four weeks. The program has lifted the tech-heavy Nasdaq Composite index more than 20% from its June 16 low, adding more than $420 billion in market value. That would be the official end of the bear market.
In crypto, if you want to take advantage of the next bull market, you need to have a quality community, where people can stay together and stay perceptive. If you just a person, look around at a loss, found that no one, want to stick to it in this industry is actually very difficult.