2024 Crypto Bull Market Is Coming – Here’s what you need to know

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Thanks to coinbase for sponsoring this video hey everybody it’s Eddie here and in this video I’m going to be giving you a market update now the question is is the Crypt bll Market in play well that is something that you’re going to have to answer for yourself because

Everything that I expressed in this video is going to be my personal opinion so remember that I am not a financial adviser nor anything that I Shar in this entire video Financial advice so make sure you guys do your own research and do diligence but let’s get into the

Charts so as of January 2024 at the time I’m making this video Bitcoin is currently standing at $45,000 Bitcoin has made a nice 188% recovery since its local bottom and it is only down about 34% from its previous all-time high now although Bitcoin did have a total of three bull markets over

Here there’s really two ways Bitcoin could go from here right either we’ll continue to go up like we did back in 2017 or we may do something like we did in 2019 to 2020 where we got a recovery we Consolidated and continue higher so from here what could happen consolidate

Higher or continue higher from here couple things we can study from previous markets is that Bitcoin recovered back to the 618 got a nice little pullback and continued higher in 2016 to 17 we had something similar happen in July of 2019 hit the 61a got a nice little

Pullback of course the Black Swan 2020 and we got a nice little bull market there and now bitcoin’s actually faced a very similar situation where Bitcoin did hit the 618 and now the question is are we going to get a major pullback a smaller pullback or we just going to

Kind of bounce around this area before we continue higher of course historical data does not guarantee future results but based on what we’ve seen it seems like after Bitcoin hits the 618 there’s a slight pullback but eventually we do enter into a bull market also the next

Bitcoin having is in about 106 days around April 26th of 2024 this number or date may change day to day but that’s a rough estimate and so that is going to be this line right around here BAS basically what happens in the Bitcoin having is the amount of Bitcoin that is

Mined gets cut down in half therefore there’s going to be less Supply out there more demand less Supply equals the price getting driven up so that’s why the mechanics of how Bitcoin is created is so attractive to so many investors because of the scarcity aspect but what

We see is usually after the having Bitcoin slowly makes its way up towards its all-time high breaks above it and starts a new bull market so the question that I ask myself is do I want to be in a position before the having or after the having also right now at the time

I’m making this video Bitcoin dominance is currently sitting around 53.5% I will argue though if you draw a line of resistance kind of extend that out Bitcoin may be facing some resistance what this usually means is that uh when the Bitcoin dominance goes up that means that the majority of the

Market or the money in the market is in Bitcoin when the dominance goes down that means that capital from Bitcoin is being rotated out into the altcoin market so Bitcoin dominance going up or down has nothing to do with bitcoin’s price going up and down naturally overtime Bitcoin dominance will drop as

Long as there are good altcoin projects that stay in the market if a lot of altcoin markets do leave the market then I do expect the dominance to go up over time but typically when we do see the Bitcoin dominance drop uh Bitcoin will usually trade sideways kind of be boring

A little bit while there are specific altcoins that may have a nice little run of course I have no clue which altcoins will do that you know just to get a little example using ethereum because it does take a majority of the altcoin market uh when Bitcoin dominance was

Dropping Bitcoin was pretty much trading sideways that entire time meanwhile what was ethereum doing ethereum was pretty much making it its rally all the way up to 4K so just be prepared for the next few weeks there may be some volatility right before the having but right now

Ethereum is not looking too bad at all from its previous all-time high it is only down about 50% but there are some other altcoins that are pretty beat down from its previous all-time high for example for polka dot was down 87% salana made actually a very impressive

Recovery it was only down about 51% at one point now it’s down about 63% link is also down about 73% from its previous alltime High madic still down about 71% from his previous alltime High did make a very nice impressive recovery was only down about 46% from his previous alltime

High but I do see some pretty good opportunity for myself uh with Maddox so when I personally try to think about building positions or entering trades I think about what has the most upside reward with the least amount of risk Rose one of my other favorite cryptocurrencies down about 80% and of

Course we cannot forget about ADA Ada is currently down about 83% from previous alltime high as well made a nice recovery of course but slowly going back down but before I do continue on with this video I do want to thank our sponsor for this video coinbase if you

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Update right now the entire crypto Market is sitting around at 1.6 trillion it’s looking pretty healthy from its previous all-time high it’s only down 44% and from its low it’s made a nice 124 125% recovery Bitcoin has been traveling in this parallel channel for quite a while and currently it is facing

Resistance now it’s been trying to break out for you know since December of 2023 so for about a little over a month if the entire crypto Market does decide to get rejected then we may see a a pullback in the entire Market we don’t know how much or it could consolidate

Sideways but on the other hand if the entire crypto Market is able to break out and test this line of support and continue higher that’s going to be extremely extremely healthy for the overall market so this is something that I am personally keeping an eye out on

Now One crypto that I am keeping an eye out on is madic madic is looking a little bit interesting again this is not Financial advice this is just my personal opinion but one thing we do see from madic is that it’s made its nice little consolidation back in I don’t

Know 2019 2020 once it kind of Consolidated broke out of it it’s made its nice little bull run now what thing we are seeing that is similar to that is that symmetrical triangle pattern that we saw back in 2019 to 2020 so will you know something similar happen again not

Sure but why a lot of cryptos had its breakouts like ethereum salana even link even Rose I feel like madic is you know sort of a sleeper so it is one crypto that I am personally keeping an eye out on now the last thing I want to go over

Is taking a look over at traditional markets right now the S&P 500 is facing uh its previous all-time high it’s getting very very close although it hasn’t broken out of its previous alltime High it is pretty much right there now what could be dangerous is if the S&P 500 gets rejected that’s going

To look really really bad for the overall crypto Market in my personal opinion but if we do break out something to keep an eye out on as well well with that said hope you guys enjoyed this video if you did please give it a big thumbs up if you guys have any questions

Or comments leave it down below once again coinbase thank you so much for sponsoring this video and make sure you guys invest wisely again everything that I shared is not Financial advice make sure you guys take it with a grain of salt all my personal opinion and with

That said I hope you guys have a wonderful time wonderful day wherever you are I’ll see you guys in the next video over good night good morning adios