- Recent market activity is driving a shift in investor sentiment.
- The crypto industry is buzzing with optimism for an incoming bull run.
- Market analysts have offered insights into the ongoing buzz.
The crypto marketโs highly anticipated bull run has been a topic of constant speculation, with many eagerly awaiting the next explosive phase of growth. However, the market has experienced a turbulent ride in recent months, with investor sentiment swinging wildly amidst uncertainties.
In March 2024, a surge in market activity sparked widespread excitement and anticipation of an imminent bull run. However, this optimism was short-lived as the market soon suffered a decline, dashing hopes and plunging the sector back into uncertainty.
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Now, in a surprising twist, what seemed like fading hopes of a bull run have reemerged.
Is the Bull Run Here?
The crypto market is bustling with fresh enthusiasm that the bull run is back. Following the Federal Reserve interest rate cut announcement on Wednesday, September 18, 2024, Bitcoin recorded an uptick, climbing to a new day-high price above $60,000.
The price movement set off a wave of positive sentiment throughout the crypto market. Within hours, Bitcoin climbed approximately 5%, reaching over $62,300.
Other cryptocurrencies soon followed suit, with some including Avalanche (AVAX) pulling gains up to 12%. Solana (SOL) saw a rise of around 7.3%, while Ethereum (ETH) and Cardano (ADA) experienced increases of about 5%. Memecoins were not left behind, with several top players including Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK) recording gains of up to 8%.
The sudden surge has sparked widespread enthusiasm, with the hashtag #BullRun quickly trending on social media as traders and investors celebrate the marketโs revival.
Amidst the excitement, however, questions have emerged about the sustainability of the current trend.
Will the New Bullish Trend Hold?
Despite the recent bullish signals, including historical patterns suggesting bull runs often begin around this time of the year, skepticism widely remains. Historically, September has proven to be a challenging month for the crypto market, adding a layer of uncertainty to the future trajectory of this rally.
According to market analyst Rekt Capital, Bitcoin is at a critical juncture. Recent analysis shows that the crypto giant is testing a key resistance level that has been in place since late July. For the bullish trend to gain momentum, it must break through the resistance.
Should BTC manage to close the week above $61,900, it could signal the start of a significant uptrend. Successfully overcoming the barrier might push it toward the top of its current downtrend channel, potentially reaching around $67,000.
Rekt Capital also noted that Bitcoin is breaking through a critical resistance level that has historically shown weakness in October. If it can overturn this level into its new support, it could further strengthen the potential for a sustained bull run.
On the Flipside
- Past market performances are not indicators of future trends.
- At press time, Bitcoin is trading at $63,169.
- Unlike the crypto market, the US stock market reportedly plunged following the interest cut rate.
Why This Matters
The bull run is one of the most closely watched phases in the crypto market, and uptrends across the market are often interpreted as potential indicators. However, the inherent volatility of the broader market means that even strong signals can be subject to rapid changes, underscoring the importance for investors to exercise caution.
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Read this article for details about the crypto marketโs recent market cap recovery:
Crypto Reclaims $2T Market Cap Post-Dip: Will It Hold?