The altcoin industry led by meme coins will soon experience a major rebound after being trapped in a correction mode in the past few weeks. Increased fear of further crypto capitulation triggered by the Bitcoin (BTC) price drop below $60k on Monday, has increased calls for a market rebound.
Moreover, Bitcoin’s daily Relative Strength Index (RSI) has already dropped below the 30 percent level, indicating an overall market. Additionally, Bitcoin price has rebounded on the $60k level severally in the past four months.
According to the on-chain data analysis provided by Glassnode, the fear & greed index has turned into fear. Popular crypto analyst Ali Martinez has reminded investors of the famous Warren Buffett quote ‘Be greedy when others are fearful and vice versa’.
According to CryptoQuant’s analyst Yonsei Dent, Bitcoin price could soon rebound to a new all-time high as the supply of holders in profits remains above average.
“Compared to past cycles, it appears there are still at least two more months remaining in the major bull market phase,” Yonsei noted.
However, if Bitcoin price consistently closes below $60k in the coming days, the flagship coin will be under the control of sellers. As a result, Bitcoin price could drop towards the liquidity range between $54k and $58k, which coincides with the 1 and 0.786 weekly Fibonacci Extension.
Bigger Picture
The upcoming listing of the spot Ethereum ETFs in the United States is expected to trigger a fresh wave of crypto bull run, similar to the impact of Bitcoin’s. Moreover, the ongoing interest rate cuts in several jurisdictions will compel the US to move in a similar direction.
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