BTC and altcoins have possibly started the next bullrun. Although confirmation on charts could take a couple of weeks, capital has started flowing into the market. Glassnode also published data that 75% of BTC wallets have been dormant for over 6 months, meaning long term holders have not sold into the summer weakness.
In September, markets are expecting the first in a series of rate cuts from the Fed. Cryptos react very sensitively to liquidity and the rate cut will probably provide the impetus to move crypto markets into the next bullrun. Naturally, a dip is still possible, but it is becoming unlikely with the current capital flows.
There are also developments that could cause people to view BTC and some altcoins as a safe haven. Banks are in trouble and there will be a consolidation of smaller banks. It is not a secret.
“We have identified the banks that have high commercial real estate concentrations, particularly office and retail and other ones that have been affected a lot,” he said. “This is a problem that we’ll be working on for years more, I’m sure. There will be bank failures, but not the big banks.”
Jerome Powell, Fortune, March 7, 2024
“Panics in banks are invisible. That means most people have no idea when their bank is in BANKRUPT. WHY not get smart and keep some of your money in real money…. Gold, silver, and Bitcoin?”
Robert Kiyosaki
The next Fed meeting is on Sept 17 to Sept 18. Someone not in the market might want to consider a dollar-cost-averaging strategy until then.