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The 'potential' second half of this bull market could be intense (10 reasons why)

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by COINS NEWS 249 Views

*I am changing the headline and making it clear that I am speculating so that my post doesn't get deleted again. Please don't delete my post as I put a lot of effort into it and I am sourcing everything, thank you :)

Could it be that all along we have been in a mid-cycle price correction?

It never really felt like we were entering a bear market and that it was the end of the bull run.

Here are 10 important reasons why I believe we could be on the cusp of entering a potential second half of this bull run.

  1. The crypto market cap has increased by $672 Billion in less than three weeks; It stood at $1.25 Trillion on the 20th of July and it is now sitting at $1.92 Trillion: https://www.coingecko.com/en/global_charts (For context; July 20 started as the GDP of Mexico, gained Sweden & Greece in 3 weeks, and is now Italy. If crypto were a country it would be the 8th richest country in the world.)
  2. Bitcoin has broken through the 200-day moving average of $45k and is currently testing resistance at $46k (a number it hasn't seen in three months) successful breakout from that would have the potential to yield an initial upside target towards $50k-$55k https://www.nasdaq.com/articles/bitcoin-returns-above-%2440k-faces-resistance-at-%2445k-%2450k-2021-08-06
  3. Ethereum had a highly successful London Hard Fork, with EIP-1559 burning 3.56 ETH/min (the effects are already evident as more than $55M worth of ETH have been burned) Proving that the Ethereum ecosystem is able to make significant positive changes & bringing is much closer to the market-moving event of the Ethereum 2.0 Transition: https://fortune.com/2021/08/05/ethereum-update-vitalik-buterin-emissions-energy-use/ and https://etherchain.org/burn
  4. People using high leverage to short the market have been getting Rekt lately, on August 6 there were USD$500M liquidations--70.87% of them bears ($354.87M) and 29.13% Bulls ($145.85M): https://www.bybt.com/LiquidationData
  5. The crypto market has been in a state of either fear or extreme fear for the past few months (with sellers/bears dominating), but in the past week we have been in the green/greed zone with Buyers/Bulls dominating according to Crypto's 'The Fear & Greed Index': https://alternative.me/crypto/fear-and-greed-index/
  6. The Total Value Locked in Defi has also been increasing rapidly, going from $55 Billion on July 20 to $80.5 Billion today: https://defipulse.com/
  7. In late July Germany took a major step in the crypto space by passing a law that allows so-called 'spezialfonds' to allocate up to 20% of their capital in crypto assets. Considering Germany is among the biggest economies in the world this is very significant as there is potential for more than $400 Billion being injected into the cryptomarket: https://finance.yahoo.com/news/german-crypto-startups-welcome-415b-143016237.html
  8. Eth went from a July 20 price of $1,755 to $3,150 in less than three weeks (and getting close to a $400 Billion market capitalization) https://www.coingecko.com/en/coins/ethereum
  9. Cryptocurrencies regain momentum after a turbulent period: https://www.prnewswire.com/news-releases/cryptocurrencies-regain-momentum-after-a-turbulent-period-301346738.html
  10. Cryptocurrency miners turn to renewable energy sources in a bid to modernize: https://www.prnewswire.com/news-releases/cryptocurrency-miners-turn-to-renewable-energy-sources-in-a-bid-to-modernize-301350818.html
submitted by /u/Amelie007
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