After a long period of calm, the cryptocurrency market has shown a strong uptrend. According to data, Bitcoin ($BTC) briefly rose above $69,000, gaining about 5.7% in the last 24 hours. Ethereum (ETH) also climbed above $2,100, increasing by nearly 8.8%. The total cryptocurrency market capitalization also grew by 4.7%, reaching approximately $2.4 trillion.
In connection with the market's rapid recovery, the view that Bitcoin's bear market may be nearing its end has begun to regain strength among investors and analysts.
Trader Killa, known for his accurate predictions of Bitcoin's downward trajectory in the current bear market, stated that $BTC has begun to recover after hitting lows, adding that investors may miss the next rally by waiting for the "perfect bottom."
According to Killa, the long-term target for Bitcoin remains above $150,000. The famous trader also believes that the traditional four-year cycle observed in the Bitcoin market for many years may change in the future.
The Critical Level for Bitcoin is $69,500.
Killa noted that Bitcoin's 200-day moving average is around $69,500. In the analyst's opinion, if $BTC breaks through this level and remains above it, it could serve as important confirmation that the market has re-entered a growth phase.
The fact that after the recent rally to around $69,500, Bitcoin encountered resistance precisely in this range, has increased the significance of this technical level.
Statements from institutional sources also confirm market optimism. Matt Hougan, Chief Investment Officer of Bitwise, stated that yield-bearing assets on the blockchain are beginning to be revalued in the cryptocurrency market.
According to Hougan, some protocols capable of generating real yield may see an increase in their market value.
In its August report, Bitwise Europe also noted signs of renewed growth in institutional demand. The report cited capital inflows into ETPs, a high volume of Bitcoin held by long-term investors, and stabilized demand from companies adding cryptocurrencies to their balance sheets as potential market support factors.
Bitwise: Potential Capital Amounts to Hundreds of Billions of Dollars.
Matt Hougan, in his assessment on The Rollup podcast, stated that Bitcoin is becoming increasingly "immune" to negative news and that the current bear market may be nearing its end.
Hougan also stated that even if just 1-2% of the approximately $20 trillion in assets under management by Morgan Stanley, Wells Fargo, UBS, and Bank of America Merrill Lynch were directed into cryptocurrencies, it could provide a sustained inflow of hundreds of billions of dollars into the sector.
*This is not investment advice.
end-content
