Crypto Market Price Today: After a Devasting Week, Will Markets Regain Momentum?

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The crypto markets witnessed one of the worst weeks with the Bitcoin price printing massive bearish candles in the past few days. Recently, the markets underwent a wave of FUD following the redistribution of BTC to Mt/Gox creditors. Now, the influx of the BTC is slowly being absorbed as the paper BTC bets declined, which seemed to be a good sign. 

However, the crypto markets have had terrible returns for 2024. Does this suggest the markets are heading towards a major crash?

Probably not! Then how to define the ongoing pullback as the Bitcoin price hovers around $55,000 with a correction of 25% since the recent all-time high. This appears to be a regular correction and a normal trading set-up for the markets. Then why is there an immense fear among the market participants as the fear & gear index slashes close to 25?

Michael van de Poppe, a well-known crypto analyst, believes that the bull run is inevitable and offers substantial reasons in his long read. 

The fear & greed index dropped around these levels previously during the period of FTX collapse in November 2022, which raised suspicion over the future of crypto. However, the current market dynamics have flipped the negative numbers due to the tremendous increase in influx in Bitcoin through the ETF earlier this year. Considering the different dynamics rather than solely the USD, the BTC price has not repeated the previous cycle to make an all-time high. Regardless of this, the analyst continues to remain optimistic about the next price action, as he believes the Bitcoin price may certainly not witness any major crash. 

So what’s next? When will the bull run begin?

The historical patterns suggest that market participants usually cash out during Q3-Q4, which is a typical four-year crypto cycle. If they fail to do so, they may copy-paste the previous one, which suggests a bull run until March-April 2025, followed by a period of consolidation & correction. However, the bull run may resume in 2026, depending on the liquidity and macroeconomic conditions. Secondly, the analyst believes that with the upcoming FED rate cuts, the weakening economy, and the global liquidity being increased in China, the biggest bull run appears to be inevitable.