Is Bitcoin Ready To Rally? – Crypto Piece
The Stage Is Being Set
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Bitcoin
Despite all the Twitter bearishness in recent weeks, nothing has changed on Bitcoin. It’s still in the range we had highlighted and as far as $59.7k holds on a weekly closing basis, the range is still very much intact. On the upside, the major level to break is $71.7k to finally escape this range. However, for now, reclaiming $67.2k (0.618 Fibonacci retracement of the range) is what Bitcoin bulls should be focusing on.
With the recent move down to the range lows, Bitcoin fear and greed index hit 30. Since 2023, this level of fear has proven to be very profitable buy-the-dip opportunities. We believe that this time is also going to be no different.
Ethereum
Ethereum is now in its support zone between $3300 to $3550. It’s formed a downtrend resistance, similar to how it did from March to May 2024. Back then, the news of an upcoming ETH ETF led to a breakout and move up to the $4k resistance level. Now as we get closer to the actual ETF launch, the hype around ETH should be enough, in our opinion, for it to break above the $4k level finally. To go a step further, we think this type of a breakout should happen in July or August (although this is just a speculative timeline based on our experience and how the chart is looking).
ETH relative to BTC has recently broken above its downtrend line, but it’s important to wait and watch if this line is finally converted to support. If it does, then ETH should continue to outperform Bitcoin in the coming months. We’ll be watching this chart very closely.
Intermarket Analysis
One of the key intermarket assets to monitor for risk-on assets is USD ($DXY), which is at a critical level right now. It’s right around the range high and underneath a key resistance line. Rejection here is what would be a major tailwind for risk-on assets, including cryptos.
In the next section for our Paid Members, we have a lot of ground to cover. We’ll begin by looking at another important intermarket dynamic, which we had highlighted sometime back. We’ll then take a look at a Bitcoin condition that has only happened 3 times, including the recent occurrence. We’ll also cover our proprietary Cycles Forecast for Bitcoin. Next, we’ll see how Ethereum is playing out relative to its past cycles. Then we’ll dive into an update for crypto-related stocks, namely, $MARA, $CLSK and $BITF, along with looking at what Cycles Forecast have to say for them.
NOTE: Our Q3 2024 Cycle Forecasts is now available for sale on cyclesedge.com. We are covering multiple different Indexes, Sectors, Commodities, Cryptos and Leading Stocks using our proprietary Cycles Forecast. Founding Members have already been emailed ALL the Q3 2024 Cycles Forecast. This is one of the many benefits of being a Founding Member, so consider upgrading your membership. In case any of our Founding Members have not received the full Q3 2024 Cycles Forecast set, please reach out to us via email or Substack message. We also have another surprise in the works for our Founding Members, which will be released later in July.