- The crypto market is showing positive trends with Bitcoin leading the pack, up 2.3% in the last 24 hours.
- Analysts suggest the recovery could be sustainable, highlighting bullish sentiment and a potential Bitcoin breakthrough to new highs.
- Whales are expected to drive market activity to avoid flat year-over-year performance, especially in Q4 post-halving.
The crypto market has finally turned positive as most major assets are in the green. Bitcoin has seen the biggest gain in the past 24 hours among the biggest five by market cap.
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BTC is up 2.3% over the last day, currently trading for US$60.7K (AU$90.1K) while ETH gained “just” one percent and at present changes hands for US$2,617 (AU$3,890).
Bitcoin Showing Signs of Recovery: Santiment
Analysts at Santiment write on X that there are early signs that this may be a sustainable recovery as “crowd sentiment has been flipping more and more bullish for most top caps since the August 5th bottom, and BTC +19% since that fear-causing crash”.
Crypto analyst Michaël van de Poppe adds that once BTC breaks through US$62K (AU$92.1K) he expects a new all-time high “in less than two weeks”.
For a new ATH Bitcoin would certainly need to make some big moves, because the previous high from 14 March 2024 was at $73,750.07 (AU$109,578.44). That’s a whopping US$12,998.28 (AU$19,309.93) from where we are right now – an interesting move in such a short time, to say the least.
Interesting Times Ahead, Says CryptoQuant Chief
Ki Young Ju from CryptoQuant agrees that the next few months could be quite interesting.
In the last #Bitcoin halving cycle, the bull rally began in Q4. Whales won’t let Q4 be boring with a flat YoY performance.
Ki Young Ju, CryptoQuantHistorically, significant price rallies have tended to begin in the quarters following a halving.
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The analyst’s statement suggests that whales are likely to take actions to prevent a year-over-year (YoY) performance that is flat or uneventful, particularly in a post-halving Q4.
Whales can influence the market through large buys or sells, thereby impacting the price and potentially initiating a bull rally. This strategy would be in line with their interests to maximise returns on their holdings, especially in a historically significant quarter like Q4 following a halving.
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