Good evening to all my friends. I hope you all are doing well. I am having a good day. Just came home after attending reception of my friend. Btw let's talk about crypto market. Bitcoin is trading above 68k and that's good sign. Today, we're discussing some interesting insights about the cryptocurrency market, specifically focusing on whether we have entered the final wave of a bull market. Over the past year, we've seen Bitcoin experience a remarkable rally, peaking at over $74,000. This pre-halving rally isn't new, it often happens before major market shifts. We'll analyze key parameters to determine if we're indeed in this final wave where unexpected gains can be captured, especially in altcoins.
Looking back at the last bull market, in 2020-2021, Bitcoin peaked above $20,000, followed by a decline. Notably, when Bitcoin confirmed a bottom around $3,000 in 2018, new wallets purchased million worth of Bitcoin, leading to a 3-4x rally. Currently, we see new wallets investing significantly—$2.3 billion at the bottom to $18 billion recently. Unlike previous cycles, this time we haven’t seen major incremental buying from new wallets before significant price increases. As we approach potential peaks, the current scenario suggests that while Bitcoin trades above $68,000, new wallets have invested over $127 billion, indicating strong underlying support for a rally. Many investors might panic sell during corrections, it's crucial to stay informed and recognize market trends. Don't make hasty decisions based on short-term fluctuations; the potential for significant gains remains. That’s it for today. Here's the latest update video of crypto market. Thanks & have a good day!!
@abfarhan