Some of our precious members have reached out to us with a booming question: how long It is a fair question indeed.
How long should one wait for the full-scale bull market? Let’s answer the question about this bull market today.
What is the current situation?
It doesn’t look nice. But is it as bad as we think? First, let’s check the price of BTC, GOLD, and S&P.
Source: Tradingview
Bitcoin is in a long accumulation zone with continuous Lower Lows (LL) and Lower Highs (LH). This means the price action is bearish right now. Forming another LL will be extremely chaotic for BTC, and we might not be able to recover from those levels in 2024.
A daily close below $53.4k is the death zone for the Q4-2024 bull market. As long as BTC stays above, every dip is a buying opportunity. Note that there is a good amount of liquidity and buying pressure in the $57k zone.
The S&P 500 is sitting at a nearly all-time high. This means the Fed news is giving the market positive momentum. The trend is quite bullish and we expect the bullish momentum to continue even further.
September is generally a sideways bearish month, and October is a bullish month. However, the S&P 500 started the month on a positive note altogether. So, we can expect sideways bullishness in September. The stock market is a leading indicator of Bitcoin, which means BTC will follow S&P and outperform it.
Gold, on the other hand, is trading sideways, similar to Bitcoin. It rose because of the uncertainties in the global geopolitics, and with the Fed pivot, Gold will lag behind S&P and Bitcoin.
What is Coming Next?
We have explained the bullish scenarios in the second week of August. Nothing has changed fundamentally and economically. Durov’s arrest caused some panic in the market, but we are over that now. This is the layout for September and October:
- First Half of September: There are no bullish or bearish reasons. Whales keep on accumulating in the dips, so we can safely expect that BTC will hold $54k.
- Second Half of September: Historically, the second half of September should see the market bottom. This is not in terms of price alone but of sentiment. Also, the Fed rate cut will come in September, and the market will be enthusiastic. However, we won’t see big runs in September. We may cross $70k, but that’s it.
- The First Half of October: This is when the altcoin actions might occur. Every altcoin will pump regardless of the activity. August had selective pumps, and October would have general pumps.
Conclusion
There you go! Dumps in September are for buying, and pumps in October are for selling. We have plenty of stablecoins in our portfolio, and we will deploy most of them in the coming weeks.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
