CandleFocus Bull Market Still Intact, Analysts and Traders Unfazed by the Bitcoin Price Dip
2024-09-09
Author: Content Editor
The current Bitcoin cycle is different from previous ones, as BTC reached a new all-time high before the halving but has since stalled. However, BTC is still ahead of previous cycle highs, indicating that the past 6+ months are not unusual. Charts comparing the current cycle to previous ones suggest that the market is where it should be and the bull phase should begin in the next 12 months. Miners are also starting to accumulate Bitcoin again, signaling that the cycle is progressing as expected. However, sentiment remains low, with the Bitcoin Fear and Greed Index indicating "fear." BTC recently experienced a dip but needs to reclaim $56,000 to see further gains. The upcoming presidential election debate and inflation reports may contribute to increased volatility this week.
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