Signs of Rising in Cryptocurrencies! - COINTURK NEWS
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Signs of Rising in Cryptocurrencies!

11:54 am (41 days ago)
August 15, 2023

According to the co-founder of Delphi Digital, several cross-chain metrics and charts show signals that could indicate the beginning of a new bull market cycle for cryptocurrencies. What metrics indicate a bull cycle in the crypto markets?

Crypto Signals of Rise!

On August 14th, Kevin Kelly from corporate crypto research firm Delphi Digital stated that crypto markets are cyclical and predictable, and this has “significant implications for the future direction of the crypto market.” In his comments, the expert said:

Rising evidence suggests that we are in the early stages of a new cycle. Risk assets such as stocks and cryptocurrencies have been sensing this throughout the year.

Kelly also shared a chart from Delphi Digital dated August 8th, highlighting that Bitcoin follows four-year cycles with distinct patterns. Bitcoin experienced an 80% drop in the first year and recovered to previous levels. In the fourth year, it reached a new all-time high before entering the highest level of the next two years.

Impact of US Data on Bitcoin!

Kelly noted that Bitcoin cycle peaks typically coincide with peaks in the Manufacturing and Service sectors in the United States, as indicated by the Institute for Supply Management (ISM) Manufacturing Index. Kevin Kelly stated the following:

BTC price peaks occur around the same time as the ISM indicates a peak. Active addresses, total transaction volumes, and total fees all reached their peaks alongside the peaks in the ISM.

Kelly concluded by suggesting that as the business cycle begins to improve, the crypto market also recovers. He stated:

Turning points in the business cycle have historically been mature opportunities to increase risk exposure. It seems that ISM is approaching the final stages of a two-year downward trend that risk assets are sniffing.

Bitcoin and the crypto markets have been dormant for the past five months, but analysts say that several key factors such as ETF approvals, the end of interest rate hikes, and Ethereum scaling upgrades could wake them up from hibernation.

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