The past few days have been a rollercoaster of emotions for crypto traders as heightened volatility spiked speculation and greed. After Bitcoin price teased $50,000 for the first time on Monday, heavy liquidations were reported on Tuesday, fueled by high-impact news from the United States.
Notably, economists led by veteran trader Peter Schiff believe the high US dollar inflation is here to stay, and investors should embrace the issue. Nevertheless, the high crypto cash inflow of over $600 million in the past 24 hours shows investors fleeing to Bitcoin and crypto assets to hedge against the high inflation.
Bitcoin Pump Triggers Possible Crypto Super-Cycle
The price of Bitcoin has responded to the US Fed’s failure to tame high inflation by a rejuvenating rebound to a fresh yearly high of above $51,500.
With Bitcoin’s fourth halving about 66 days from happening, it is evident the bulls are well incentivized to reach a new all-time high before the historical event. Moreover, the high demand from institutional investors has heavily outweighed the daily supply from Bitcoin miners. As a result, it is safe to assume the incoming crypto pump will be a historical super cycle, perhaps larger than the 2017 bull run.
#Bitcoin – $BTC is taking a different approach from the previous cycle but it is crucial to confirm this on monthly close.
Historically, 0.618 fib is a critical resistance that has remained strong in pre-halving periods but monthly close above it will alter the cyclical… pic.twitter.com/DDgEiAtOXp
— Mikybull 🐂Crypto (@MikybullCrypto) February 14, 2024
Altcoins to Watch Out
📊 #Bitcoin is nearing another cross back above $50K, climbing back to $49.8K following the panic drop from yesterday’s disappointing #CPI report. Traders that are attentively positioning their portfolios with the right combination of #altcoins are still profiting as
(Cont) 👇 pic.twitter.com/s6t4UGZ01r
— Santiment (@santimentfeed) February 14, 2024
While Bitcoin price experienced a notable rebound from the recent drop below $49k on Wednesday, some altcoins have been showing early signs of decoupling. Some of the altcoin projects that experienced higher bullish affinity despite the Bitcoin-led retrace included VeChain (VET), Sei (SEI), Bittensor (TAO), and Stacks (STX).
Zameer Attar
Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.
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