The crypto market has pumped heavily in the past few weeks. First Bitcoin and Ethereum went up, followed by sharp increases in ADA, XRP and Solana. Now there is the first extensive waste of the coins. This was already indicated by the stagnation of BTC and ETH. Is the crypto bull market running out of air?
Coins fall through the bank – crypto bull market takes first big hit
For the past few weeks, crypto friends have had fun. It was not until Bitcoin and Ethereum broke through major brands at $ 45,000 and $ 3,000, respectively. Then more altcoins followed suit. Cardano / ADA stormed to 3rd place after Market Cap with increases of over 50%, Ripple / XRP rose at times by over 60% and most recently Solana pumped really hard thanks to monkey NFTs.
This trend weakened, however, and now we are seeing some drops of over 10%. Bitcoin and Ethereum have been struggling with stagnation for a few days. Now, with the exception of Solana, the hyped coins of the last few days have also fallen. The crypto bull market seems to be taking its first major setback.
Is the crypto bull market over or are we just seeing a slight consolidation?
The crypto bull market should actually dominate the next few months. This is what crypto enthusiasts all over the world were hoping for. But a steady increase is seldom the case in the crypto market. Due to the resistance that BTC and ETH encountered in the last few days, the current situation with the interruption of the crypto bull market was almost foreseeable.
Speculative coins like Dogecoin keep showing extreme price gains, but they also crash faster afterwards. At the time of this writing, the meme coin lost over 11% in 24 hours. UniSwap also lost over 12% within one day. With a few exceptions (Solana and Terra), losses across the board are among the top 50 coins.
What are the medium term forecasts?
How is the crypto bull market developing now? In this article I addressed 3 scenarios of how Bitcoin could develop in the next few months. Alongside Ethereum, Bitcoin continues to be the driving force behind the overall development of the market.
The decisive factor in the next few days will be whether the Bitcoin will find a support point at over 40,000 dollars after its drop. Should that happen, then on the next climb, it is likely that we will break the top resistance and attack the $ 50,000. Then the crypto bull market could continue.
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