Crypto Alert: What JUST Happened!?

MoneyZG

Summary of Bitcoin Market Analysis

Current Market Situation

  • The current Bitcoin cycle is still in an uptrend, with a potential consolidation phase.
  • The relative strength index (RSI) is strong and moving up, indicating a bullish trend.
  • The price move is not overdone, and the volatility is normal for Bitcoin.

Metrics Used for Analysis

  • Technicals: RSI, trend lines, and chart patterns.
  • On-chain metrics: Bitcoin Magazine Pro's "everything indicator" shows the market is not overbought.
  • Macro: Central bank balance sheets, money supply, and interest rates are not indicating a bearish trend.

Outlook and Prediction

  • The analyst is still bullish and expects any weakness to be an opportunity to buy.
  • The cycle may have a long way to go, with a potential top in 2025 or 2026.
  • The analyst believes the central banks' neutral to bearish indicators are good news, as it means there is space for the market to grow without excessive liquidity.