The latest financial trauma in the US might have given it a tough nut to crack and glitter for the broader crypto space. The recent bloodbath in the market has led to a decline in the majority of the projects. Post moving close to a $3 trillion market cap, the global crypto space experiences correction of around $2.665 trillion.
The historical considerations suggest getting the best deal under the worst circumstances. For instance, the total crypto market cap has undergone a steep fall from $1.8 trillion to $1.3 trillion. However, the market cap recuperated eventually and quickly tested the $3 trillion psychological market cap. The fresh drop seems to have given yet another chance to invest.
Bitcoin Price Retraces the Historical Pattern! Altseason Traces Bitcoin!
The bearish start for the week heavily impacts the flagship asset and the altcoin market. Yet historical pattern refers to the recent plunge as the cloud with a silver lining. A crypto analyst TechDev unveils the bullish outlook for the upcoming Bitcoin price action.
The chart shown by him highlights the RSI trade at a crucial zone around 45. The present level above the two-week RSI channel resembles the 2017 pattern at the log of 1.618 fibs. The latest move suggests the solid possibilities of the upcoming rally. While in 2017, the price intersection at 1.618 fib level around 40 RSI level given rise to massive price rise. Meanwhile, as the RSI level has been hovering around the historical RSI and Fib level, possibilities of the price explosion peaks.
On the other hand, the majority of the altcoins too awaiting their leader to score high to spark the massive altseason. As per the trend and speculations, Bitcoin’s price expects to reach its peak by early December. Later profits could flow towards altcoins with substantial market caps. Gradually, giving rise to a boom in all the sections of altcoins including Meme space, Metaverse, Gaming, and DeFi.
Collectively, the total market cap had dipped by 70% post the Chinese market crash. Yet the star crypto has quickly restored the loss and hit $3 trillion by surging more than 100% within three months. Crypto proponents and enthusiasts emphasize the recent dip as the best time to buy.