(Kitco News) – Cryptos, stocks, and precious metals are all trending higher in early trading on Thursday following the highly anticipated Nvidia (NVDA) earnings report on Wednesday afternoon. The report showed that the AI chipmaker's quarterly profit and revenue guidance surpassed estimates but fell short of the high hopes held by some, leading to a 2.6% decline for NVDA.
U.S. second-quarter GDP increased at an annual rate of 3%, up from a prior estimate of 2.8%, and U.S. jobless claims came in at 231,000, down from the prior week and below the 232,000 expected by economists.
Market watchers are now eagerly awaiting Friday’s Personal Consumption Expenditure (PCE) report, which could provide insight into the pace and size of rate cuts.
Data provided by TradingView shows that after Bitcoin (BTC) stabilized near support at $59,000 overnight, bulls went to work in the morning, pushing the top crypto back above $61,000, with their sights set on reclaiming higher support levels.
BTC/USD Chart by TradingView
“Bitcoin buyers beat back several waves of selling on Wednesday, preventing the price from consolidating below $58K,” noted Alex Kuptsikevich, senior market analyst at FxPro. “This dynamic increases the chances of a rebound during the day on Thursday. A rise above $60K will allow us to talk about a more significant growth than just a technical rebound.”
“In the absence of a meaningful cryptocurrency rally, which is often the case in a half year, Bitcoin has been consolidating its dominance, reinforced by the launch of ETFs at the start of the year,” he added.
“However, this story doesn't apply to Ethereum, whose crypto market share has shrunk to 14.6% from 18.8% a year earlier,” Kuptsikevich said. “The 'other' category lost roughly the same market share over the course of the year but has been trending upward for the past month. Ethereum is in danger of fading into the sunset, as is Litecoin, whose capitalization is now close to the cyclical market lows of two years ago.”
According to market analyst Rekt Capital, Bitcoin is currently in a re-accumulation phase and is “getting really close to entering the parabolic phase of the cycle.”
“214 days after the halving is typically when we are already breaking out into a new micro uptrend,” he said in a video update on Wednesday. “Technically, we are over two months away from breaking out to new all-time highs and really enjoying that price discovery.”
Based on past bull cycles, Rekt Capital said the peak of this cycle should occur around September 2025.
“If you think about how long it takes for Bitcoin to Rally to new all-time highs and to that ultimate bull market peak after the halving, it takes 546 days or 518 days… for example, in 2020 and 2021, it took 546 days after halving to bull market peak,” he said. “And in this cycle of 2016-2017, that took 518 days after the halving. So it just showcases to us that it takes 518-546 days after the halving to rally to a bull market peak.”
In a follow-up post on Thursday, Rekt Capital noted that, despite the volatility and pullback of the past week, from a higher level time frame, BTC is still on track to see a breakout in the near future.
“Bitcoin has indeed developed a Higher Low (light blue) and maintained itself above the Weekly level (black; $55737),” he said. “More, Bitcoin has since formed a base at an even higher Weekly level (~$58,000), which is acting as confluent support this week. This confluent support is being retested as we speak.”
After Bitcoin bounced back above $60,000, Rekt Capital said, “So far, so good. The retest continues to be successful as the week goes on. Bitcoin has also been forming Higher Lows since early July.”
At the time of writing, Bitcoin trades at $61,118, an increase of 4.33% on the 24-hour chart.
