Crypto Rundown: The Bull Market Is Here.... is Bitcoin $100k Next?!

Bitcoin has closed above its 50-week moving average for the first time in 45 weeks, signaling a potential return of the bull market. This key indicator suggests that bullish sentiment is regaining control, with Bitcoin experiencing a 29% increase over the last 35 days. The fear and greed index reflects a month of positive sentiment, contrasting sharply with previous negative media narratives surrounding cryptocurrency.

Historically, the 50-week moving average has served as a support level during bull markets, and reclaiming this level may indicate that the market low is behind us. If Bitcoin manages to close above the previous high of 83,000 this week, a bullish outlook is anticipated. Currently, Bitcoin is trading at the yearly open of 87,500, a critical resistance point. A breakthrough above this level could trigger a significant price surge towards 100,000 and 111,000, although a pullback to retest previous levels would not necessarily be alarming.

Ethereum is also exhibiting a bullish market structure, characterized by higher highs and higher lows. It has outperformed the S&P by 7,000 basis points in the third quarter, achieving a remarkable 67% increase, marking one of its best Q3 performances. The addition of Ethereum to Deutsche Bank's institutional custody service underscores its growing acceptance in the financial sector. Both Bitcoin and Ethereum are currently above their 50-day and 200-day moving averages, reinforcing a constructive market outlook.

Despite the current bullish sentiment, the crypto market remains in its early stages, with many potential investors yet to allocate funds. If this indeed marks the beginning of a bull market, it could extend for another 18 to 26 months. The Bitcoin strategic reserve, currently holding 350,000 Bitcoin valued at approximately 24 to 25 billion, may provide a buffer against civil or criminal forfeiture, and increased government involvement in Bitcoin could further bolster market confidence.

The episode emphasizes the prevailing bullish sentiment in the cryptocurrency market, particularly for Bitcoin. A speaker notes that the recent rate hike is viewed as a clearing event, allowing markets to move past it and trend higher. Optimism about the future is palpable, with predictions of favorable conditions ahead for the market. Bitcoin's resilience is highlighted, as it has maintained its price despite facing outflows and regulatory challenges, which many interpret as a bullish sign.

However, there is a cautionary note that as the market evolves, the focus may need to shift from monetary policy to fiscal policy. Overall, the current market conditions are described as hot, with expectations of continued upward movement in the near future.