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Pseudonymous analyst DeFi Midas sees Bitcoin (CRYPTO: BTC) and altcoins poised for significant growth, countering bearish sentiments in the crypto market.
What Happened: In a detailed thread, Midas presented a bullish case for both Bitcoin and altcoins, stating the current market behavior is normal and consistent with previous bull cycles.
DeFi Midas points out that Bitcoin’s post-halving consolidation is a typical phase, drawing parallels to the 2021 bull run. "Now we have 15 weeks of consolidation plus a 17% correction from the ATH," the analyst notes, adding that "Corrections and breathers are inevitable; that’s just how the market works."
Also, in 2017 and 2021 there was a similar bull run. The current phase is accumulation which in 2016 lasted for around four months and in 2020 it went on for five months.
The analyst also highlights several macro factors supporting a bullish outlook, including potential changes in the Federal Reserve’s balance sheet, stablecoin inflows, and upcoming events like the U.S. elections in November 2024.
Also Read: This Bitcoin Whale Pocketed $30M With Just 2 Trades
Why It Matters: DeFi Midas’s analysis challenges the growing bearish sentiment in the crypto market. The analyst argues that despite Bitcoin reaching new all-time highs, fundamental metrics are still far from their peaks, suggesting room for further growth.
For altcoins, DeFi Midas points to Bitcoin dominance as a key indicator for the start of an "altseason." The analyst notes, "Currently, this dominance has formed a range between 53-57%. A drop below this range will signal the approach or start of altseason."
What’s Next: DeFi Midas anticipates several catalysts that could trigger a market upswing, including potential Ethereum and Solana ETF approvals. The analyst concludes by advising investors to hold their positions, stating, "Holding is the best strategy right now. There are many green flags that haven’t played out yet."
This optimistic outlook provides a counterpoint to prevailing market pessimism and suggests that the current crypto bull run may still be in its early stages.
The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: This Trader Reportedly ‘Lost It All, $12M Gone Forever’ After Going ‘All In’ On Ethereum
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
Posted In: $BTC
