A potential bullish rally in the crypto market could be expected for the fourth quarter of the year driven by bitcoin’s price above $65,000 according to Markus Thielen, a crypto expert and head of research at 10x Research.
Thielen cautioned that chances for a Q4 rally are “magnificently high” most of the time, most of the gains are likely to be reaped at the beginning of this period. The previous Bitcoin price rally has created a fear of missing out on trading altcoins.
Thielen explained how the move above the $65,000 barrier had created said new appetite for cannabis related stocks and therefore, there was expected to be a huge expansion of the market for all cryptocurrencies.
Bitcoin Exchange Hits $65,424 Mark
As for the recent data analysis, Bitcoin Exchange was around $ 65,424, according to CoinMarketCap statistics. Since that, the Altcoin Speculation Index from Capriole Investments reached 23% that is 13% more than 30 days ago indicating increased speculation on altcoins.
By now, Sei is leading he group among the most profitable for the last week among the cryptocurrencies adding 37,79% of its market capitalization. Then followed Wormhole (32,83%), and Shiba Inu (32,08%). Also, Thielen mentioned that SHIB became one of the embraced assets for the South Korean retail investors.
The price advancement notwithstanding, Bitcoin’s dominance ratio shrunk by 1.57% from September 20 th to now 53.18% pegging it as a factor that can spur the traders to move from the alt coin positions to the Bitcoin one. It is a common practice by traders to monitor these indicators to gauge how soon and where the capital may rotate from Bitcoin into the altcoins.
As measured by the Crypto Fear and Greed Index, the fears have begun to ease as the index now stands at 61. Sentiments however point that, should the U.S. Federal Reserve cut interest rates further without any plans to raise them soon, the high-risk altcoins will get attention and grow even more.
Many crypto analysts have suggested that this is just the start of the altcoin bull run. The previous nimi stock prices looked amazing now seem moderate when thinking of what will happen in the following months.
