Bankless Is the Crypto Bull Market Back? with Up Only's Ledger
9 snips
Oct 24, 2023 This time, Ledger, a savvy market commentator from UpOnly, dives into the resurgence of the crypto market. He analyzes key charts and reveals catalysts behind the current upswing, including potential Bitcoin halving effects. Ledger discusses the cyclical nature of Bitcoin and Ethereum, along with the standout performance of DeFi tokens like Chainlink. He provides strategic advice for navigating this unpredictable landscape, exploring both bullish and bearish outlooks while urging caution and informed decision-making for investors.
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A Cautious Bull Market
- Bitcoin's technicals suggest a bull market, but all-time highs haven't been reached yet.
- The market's complexity has increased, and the role of crypto in broader markets is uncertain.
Bitcoin's 200-Week Moving Average
- Ledger analyzes Bitcoin's weekly chart, using the 200-week moving average.
- This time, the 200-week moving average hasn't been the bear market bottom support like in previous cycles.
The Bottom Is In
- Ledger emphatically calls the November 2022 low a bottom, indicating the bear market's end.
- A significant bounce of 127% from that bottom reinforces his conviction.