BTC is experiencing the déjà vu of October 2020
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The current situation on the crypto market is very similar to that of October 2020. Traders and analysts are currently discussing what’s next? The main topic is of course BTC.
Market situation
As for BTC, it is still very questionable whether we are witnessing a bullrun. BTC twice tried to cross the $ 40,500 mark, but these attempts were always rejected by the bears. After on the first attempt to break through the resistance, BTC briefly fell to the level of $ 37,500, where it did not stay long. At the time of writing, there has been a great battle between bulls and bears at the resistance level, so we may have a successful and long-awaited breakthrough.
Will there be a bullish trend?
If we compare how many analysts are betting on further growth in BTC, there would certainly be more of them than those who fear a decline. The growing trend may also be indicated by the Grayscale BTC Trust, whose premium is at the highest level in recent months. So the institutions again see hope in BTC.
Does BTC survive Deja?
Popular independent analyst Rekt Capital draws attention to the BTC chart, which can be seen as similar to the situation in October 2020, ie just before BTC started the road to a new all-time high. If the past repeats itself, we will most likely witnessing a new ATH. However, these are all just assumptions. In the crypto market, no one can say for sure what will follow.
When was the last time #BTC broke beyond the 50-day EMA resistance?
Back in October 2020
This is when $ BTC formed a very similar fractal of BTC’s current price action#Crypto #BTC pic.twitter.com/2acUC9KoeV
– Rekt Capital (@rektcapital) July 27, 2021
The situation of altcoins
A large percentage of the profits made by the altcoin market returned to the market after the euphoria of the fake Amazon news waned. Dogecoin has traditionally been among the most significant high-loss coins with a 10% drop and the surprisingly promising Solana with a 10.8% loss.
The total market capitalization of cryptocurrencies is currently at $ 1.488 trillion and BTC’s slight dominance is almost 48%.
Disclaimer: This article is for information purposes only and should not be construed as investment advice.
