The cryptocurrency market cap dropped nearly three percent in the past 24 hours to hover around $2.37 trillion on Wednesday during the early European session. After five consecutive days of small cash inflows, the United States-based spot Bitcoin exchange-traded funds (ETFs) registered a net outflow of about $14 million on Tuesdays.
As a result, Bitcoin’s (BTC) price led the altcoin industry into a downward spiral, thus triggering the forced liquidation of over $120 million from crypto-leveraged trading.
Is the Crypto Bull Cycle Over?
The cryptocurrency industry is in a macro bull cycle that officially began after the fourth halving in April. The approval of spot Bitcoin and Ethereum ETFs in the United States, Hong Kong, and Thailand has been an added bullish catalyst.
As a result, most analysts have compared the 2024 crypto bull run to the 2017 cycle characterized by major retail investors’ adoption.
Moreover, Bitcoin price reached a new all-time high, around $73k, even before the fourth halving event, thus signaling the onset of a super cycle.
Based on all the available data, it is safe to assume that the 2024 crypto bull cycle is not yet over.
What Next?
According to a popular crypto analyst alias Moustache (@el_crypto_prof) on the X platform, the crypto industry has entered a re-accumulation phase after a successful breakout bullish wave during the year’s first half. As a result, the crypto analyst believes the euphoric phase of the crypto bull run will kickstart in the next five weeks.
The crypto analyst compared crypto bullish breakouts in 2016 and 2020, which formed a similar fractal pattern. Ultimately, a reversal in Bitcoin dominance will trigger the parabolic phase of the altcoin bull cycle.
