Key Points:
- According to Bitcoin Archive, Bitcoin’s pattern of three consecutive green monthly candles before a bull market appears to hold. Analyst PlanB believes Bitcoin’s momentum is turning bullish.
- However, other major cryptocurrencies such as DOGE, XRP, ADA, and SHIB have experienced losses, with SHIB falling as much as 12%.
Discover why Bitcoin’s momentum may be turning bullish despite recent banking issues and why major cryptocurrencies such as DOGE, XRP, ADA, and SHIB have experienced losses.
Bitcoin’s track record of having three consecutive green monthly candles before the start of a bull market appears to hold true once again, according to Bitcoin Archive.
Furthermore, crypto analyst PlanB believes that Bitcoin’s momentum is turning bullish despite recent banking issues.
#Bitcoin momentum is turning bullish, despite banking woes. Blue is next, then red.
At the time of writing, BTC is trading at $24,770, up more than 17% over the last 7 days.
However, major cryptocurrencies such as Dogecoin (DOGE), XRP, Cardano’s ADA, and shiba inu (SHIB) experienced losses, with the latter falling as much as 12% following the drama around its forthcoming blockchain’s code on Thursday. Meanwhile, BNB coin (BNB) saw gains after decentralized exchange Uniswap expanded the network, providing benefits such as user growth, lower fees, and access to new markets.
Regarding market analysis, crypto exchange Bitfinex stated that long-term indicators still suggest strength in the crypto market. Still, shorter-term views show the latter stages of a bear market, as per CoinDesk.
The exchange’s analysts noted that Bitcoin’s net realized profit and loss indicator indicates significant realized losses. As such, it is essential to remember that the market is still in the latter stages of a bear market and not the beginning of a bull market. The net realized profit and loss indicator calculates net profit or loss in dollar terms over a specific period and reflects overall market sentiment, capital flows, and network profitability trends.
As BTC and ETH stabilize at support levels of $24,500 and $1,650, the crypto market shows signs of volatility and uncertainty. Despite these challenges, crypto enthusiasts remain hopeful for a return to a bull market soon.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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