BITCOIN – ATH and so what?

Just when everyone was expecting BTC’s ATH to be a ding-dong, bitcoin instead slapped the market in the face. Just after making a new ATH on several exchange platforms, some altcoins took as much as -50%. What’s the impact? And where do we stand?

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Bitcoin’s ATH, a new All Time High?

Yeah yeah, that’s what we said, if we zoom in right it depends on the centralized exchanges. On Binance, for example, we “only” matched the previous Bitcoin ATH.



BTC / USDT Sur binance. La double touche des 69 000$ parfaite
BTC / USDT On binance. The perfect $69,000 double hit

In the back, however, we ate a red candle of the underworld. Why?

Simply because all the participants were too euphoric, some altcoins (shitcoin!) had just put down x2, x3, x4 and more compared with their bottom, and had to be called to order. A beautiful red candle on the daily chart enabled us to make -50% on some well-known memecoins. And this is reassuring, as it shows a healthy market that doesn’t want everyone to win and, above all, wants to liquidate the FOMO specialists.

Is this sudden turnaround following Bitcoin’s ATH normal?

Let’s look at a souvenir photo of our 4 cycles:

Bitcoin's bullruns in weekly
Les bullruns de Bitcoin en hebdomadaire
Bitcoin’s bullruns in weekly

In the end, it’s no surprise to see that between the bottom and the ATH retest, there were either 66 weeks or just over 100, bearing in mind that the third one had the covid to give it red, so it could have been even shorter.

But if we check, we’re simply on the same pace as the first bullrun, which, as a reminder, had been in two phases, as the following graph shows:

Zoom in on the BTC price at the 1st bullrun in weekly trading
Zoom sur le cours de BTC au 1er bullrun en hebdomadaire
Zoom in on the BTC price at the 1st bullrun in weekly trading

A cycle within a cycle, with, all the same, a 75% retracement during this cycle. Well, we certainly won’t have a bearmarket-like retracement within a cycle from now on, especially with the arrival of ETFs and given the vast difference between bitcoin now and 10 years ago, BUT it’s worth bearing in mind that a scenario like this could happen, with a 6-month drop within the cycle.

Wen l’Altseason 2024 ?

Having bet on everything but bitcoin – or almost everything (as is often the case) – investors are looking to see when the famous altcoin season will take place, the moment when all assets head north in a fury.

Pair ETH/BTC to prepare altcoin season 2024
Pair ETH/BTC pour préparer l'altcoin season 2024
Pair ETH/BTC to prepare altcoin season 2024

Well, not now. In any case, we’re close, with support holding on the ETH/BTC pair. Which means that investors in this area are tending to switch their Bitcoin to Ethereum, which is a good sign for a future altcoin season. Why is this?

Ethereum is the first altcoin, the one that paved the way! So it usually leads the way every altcoin season, and for that to happen, it needs to get back into its red zone right at the top! This may well be helped by the rumoured acceptance of an ETF that could bring a monstrous amount of liquidity to this asset, like the Bitcoin on Bitcoin ETFs. In any case, nothing’s certain, so stay cautious on that front. Verdict, end of May 2024.

Conclusion

Everything is going like clockwork for bitcoin and the cryptocurrency market, whose cycle continues. So far, only positive signs that we’ll be experiencing a 4th bullrun, it remains to be seen what form it will take, but it’s shaping up nicely now!

Don’t give in to euphoria following new All Time Highs, such as Bitcoin’s ATH, which was so much hoped for and which we’re obviously delighted about! Nothing changes between bear and bull, only your feelings. Following your plans will allow you to remove this variable and everything should be fine! To buy/sell your cryptocurrencies, you can also use our new partnership with BingX.

Have a great week and see you next week for even more adventures!