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Since November 5, the cryptocurrency market has experienced a massive growth of 28.24%. Almost all the top cryptos have displayed positive momentum, with Bitcoin marking a surge of 29.08% during the period. This positive general outlook triggers some crucial questions, such as where the Bitcoin market and Altcoin market stand in the current bull cycle. In a recent post, Miles Deutscher explains some of the crucial questions related to the market cycle in a simple and sensible way. Let’s see what he has to say about the current bull cycle scenario. Ready? Read on!
Where We Are in the Bitcoin Cycle?
Deutscher notes that the current Bitcoin cycle aligns well with its previous cycles. He states that the Bitcoin market is currently in the third phase of the cycle. This phase usually begins at least 200 days after the halving. Highlighting the similarities between the current BTC cycle and the previous ones, the cryptocurrency analyst asserts that in the final stage of this cycle the market will see the repetition of what witnessed in the previous cycles.
Predicted Bitcoin Cycle Top Timeline
Highlighting how the BTC market behaved during the previous cycles, Deutscher forecasts that the market will reach its peak either in Q2 or Q3 of 2025. Noting that cycle length data points to a Q2 peak, while halving data and recent ATH data suggest a Q3 top, he claims the exact timing of the peak will be clear only by Q1 of 2025.
I’m about to answer the most important question in crypto right now:
Where are we in the crypto cycle?
I dug through the data, and discovered:
• When $BTC will (likely) top this cycle
• When the REAL altcoin season is going to begin
: Here’s what comes next for crypto.
— Miles Deutscher (@milesdeutscher) November 12, 2024
Timing of Altcoin Rally
The dominance of Bitcoin now stands at a yearly peak level of 60.82%. On November 5, it was nearly 60.56%, but it dropped sharply to 58.76% on November 9. However, since November 10, the BTC dominance has grown steadily, marking a steep rise of 3.55%.
Miles Deutscher opines that the Altcoin rally is less likely to begin before a BTC dominance breakdown. Projecting the growing BTC dominance as a positive foundation for the future growth of Altcoins, Deutscher asserts that the current Bitcoin dominance situation will set a stable base for the upcoming Altcoin rally.
Altcoin Market Cap Chart Signals Room for Growth
The price of Bitcoin remains at 87,292.46 – far above the mid-March peak of $73,000+. The Altcoin market often mirrors BTC trends. Currently, the top market cap of cryptos, excluding Bitcoin, stands at $1.11T – at least 8.28% lower than the mid-March peak of $1.202T, suggesting that the market still has ample room for growth.
Interestingly, Deutscher also points out that the speculation index is at 21% compared to over 90% in previous cycles.
He adds that the current macroeconomic scenario is favourable for the growth of the crypto market.
In conclusion, the Bitcoin market cycle could see a peak mid-next year with a strong setup for the growth of Altcoins.
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