'The bull market is here,' analysts proclaim, as Bitcoin consolidates above $36k
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(Kitco News) - It was a mixed end to the week for the cryptocurrency market as Bitcoin (BTC) consolidated above $36,000 while altcoin traders were busy taking profits on high flyers and flipping the proceeds into other tokens that have just started to rally.
Stocks, as a whole, also traded flat. The major indices were underwater during the morning session but managed to climb back into the green in the afternoon to record minimal gains on the day, capping an overall positive week.
At the closing bell, the S&P and Nasdaq finished up 0.13% and 0.08% respectively, while the Dow was flat, but slightly in the green.
Data provided by TradingView shows that Bitcoin’s price oscillated in a range between $35,890 and $36,840 on Friday, with neither the bulls nor the bears taking control to drive the price action. At the time of writing, BTC trades at $36,465, an increase of 1.4% on the 24-hour chart.
BTC/USD Chart by TradingView
“November Bitcoin futures prices [were] slightly up in early U.S. trading Friday,” according to Kitco senior technical analyst Jim Wyckoff.
Bitcoin futures 1-day chart. Source: Kitco
“The recent higher price volatility favors the bears, as it’s one early warning signal of a topping process in the market,” Wyckoff said. “Also, see at the bottom of the chart that the MACD indicator has just produced a bearish line crossover signal. The BTC bulls do still have the overall near-term technical advantage but need to show fresh power soon to keep it.”
Market analyst Negentropic, one of the co-founders of on-chain analytics firm Glassnode, saw this as a good time to remind traders that “Nothing in markets moves in a straight [line]. Not even strong BTC rallies.”
BTC/USD 1-week chart. Source: X
“We are currently seeing a pullback in BTC,” he said. “Is this the beginning of a major decline? NO! It is a healthy pullback (likely wave 2). After w2 comes w3.... which will be a strong impulsive move. Our targets still stand.”
Technical analyst CryptoCon posted the following chart showing the various cycles of the Halving Cycles Theory and proclaimed “The bull market is here.”
BitTime halving cycles chart. Source: X
“Orange Bear Market years only last 1 year, and we're in a white cycle which has much more steady accumulation,” CryptoCon said. “Both black cycles have put in wild swings to the upside mid-way through Green Year, then spending the other half correcting.”
“Different people have different definitions of bull market, but I see it as a consistent uptrend, which we are in,” he said. “BitTime says that all cycles follow each other closely, but even more precisely when they alternate. This means good steady gains just like 2016, until we reach Nov 28th, 2024 Red Year [is] where the real fun starts.”
Before the ‘fun’ times arrive, CryptoCon warned that “A sideways period is scheduled for early next year on BitTime after our current move is complete, second early top in June 2024. I have this projected at 47k, but this is subject to change based on price action between now and then.”
X user Diogenes responded to CryptoCon’s post by asking, “Given when we see today, do you lean towards a move to 47k before we get that sideways period?”
“Yes, that’s still what I’m thinking, as low as 42k and up to 48k,” CryptoCon replied. “Doesn’t seem like our larger move is completed just yet.”
And for those familiar with the psychology of market cycles and the ‘Wall Street Cheat Sheet,’ market analyst Yoddha posted the following tweet providing insight into which stage of the market cycle we are currently in.
Mixed performance for altcoins
Altcoins traded mixed, with a slight majority of tokens in the top 200 seeing losses on Friday.
Daily cryptocurrency market performance. Source: Coin360
Civic (CVC), Axelar (AXL), and Golem (GLM) were the three double-digit gainers as their prices increased by 40.74%, 15.46%, and 10.73%, respectively. 0x Protocol (ZRX) was the only double-digit loser with a decline of 10.3%, while SushiSwap (SUSHI) fell by 9.8%, and Memecoin (MEME) lost 8.4%
The overall cryptocurrency market cap now stands at $1.38 trillion, and Bitcoin’s dominance rate is 51.5%.