Daily Price Action
Shares

Cryptocurrencies: Signs of the Next Bull Market Are Here

Shares

Cryptocurrencies are a relatively new topic of discussion on this blog.

It’s something I never talked about before this year.

However, in early April, I decided to dig in and learn as much as I can.

Like most, I was first attracted to Bitcoin as a store of value given the mass printing by central banks around the world.

But Bitcoin is a small piece of the digital asset movement.

And although I still have a lot to learn, I believe with every fiber of my being that blockchain, decentralized finance, etc. are the future.

As for the next cryptocurrency bull market, I don’t think we’re far away at all.

In fact, according to the TOTAL cryptocurrency market cap, the breakout is already underway.

Crypto total market cap wedge pattern
Crypto market cap (TOTAL) weekly time frame

The cryptocurrency market as a whole broke its multi-year wedge pattern earlier in June.

That former resistance level is now serving as support.

New support on the crypto total market cap weekly chart
Crypto market cap (TOTAL) weekly time frame

If you saw my recent weekly forex forecast, you know that Ethereum has also broken out of a similar wedge pattern.

I discussed this structure on Saturday:

ETHUSD weekly time frame

All of the above aligns with the four-year cycle that has been evident since Bitcoin established itself ten years ago.

In my opinion, assets like Bitcoin, Etherem, and others are coming out of an accumulation/distribution phase following a two and a half year correction.

This agrees with the pattern that started ten years.

However, I do want to point out that Bitcoin has been a bit slower in coming out of its accumulation phase.

That isn’t surprising, though.

Bitcoin is in its third era, which means factors like growth decay, and the law of diminishing returns will play a role.

Ethereum, on the other hand, is in its second era.

For that reason and several others that I will write about in the future, I do anticipate that Ethereum will outperform Bitcoin this cycle.

One look at the ETHBTC chart tells me that much.

Ethereum outperformed Bitcoin once before, and it will most likely do it again.

Before I end this post, I want you to understand that I’m treating these cryptocurrencies as investments. I am not trading them.

Also, this is me sharing with you what I’m doing and nothing more. It is not financial advice, and these are not recommendations.

That said, the digital asset space is in its infancy, and I truly believe this is the next iteration of the internet.

For those reasons, I’ve decided to invest in what I believe will play an ever-increasing role in the future.

Disclaimer: I hold positions in Bitcoin, Ethereum, and VeChain.

Want to watch the video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in June!

Bitcoin BTCUSD weekly wedge pattern
BTCUSD weekly time frame

Leave a Comment:

13 comments
Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in June!

Reply
Samuel Kennedy Agyei Takyi says

can i have your number

Reply
SUDHIR says

Hi Justin,
Thankyou For Such Insightful Article!

Do you mind me asking how to buy vechain?

Reply
    Rebecca says

    Binance is a best option

    Reply
Elvis Igben says

Trading crypto will be better if Regulators like worldbank ànd central banks and financial institutions comes in so that it can respect price action support and resistance.

Reply
Elvis Igben says

Trading crypto will be better if Regulators like worldbank ànd central banks and financial institutions comes in so that it can respect price action support and resistance. Also as catalyst to move the market.

Reply
Henry says

Luv it… many tnx

Reply
Brit in MI says

Thank you for your informative gems on Bitcoin/Ethereum.
I have only purchased these coins in a small way at the moment.
I look forward to following your comments on line.
Cheers

Reply
Sudhir says

Hi Justin

What are your views on Ripple XRP?

Do you think it is a good long term investment?

Reply
    Justin Bennett says

    I don’t know a lot about Ripple, but the chart alone isn’t attractive to me.

    Reply
Jow says

Hello Justin
Thank U very much for these info
Just want to ask you about what wallet or App are using to buy crypto?

Reply
Add Your Reply