- Ran Neuner thinks the recent pullback has plunged the cryptocurrency market into full reset.
- According to Neuner, tension in the Middle East triggered the recent pullback in the crypto market.
- Bitcoin is attempting to reclaim a bullish position above a crucial support line.
Ran Neuner, host of the crypto YouTube Channel Crypto Banter, thinks the recent pullback has plunged the cryptocurrency market into full reset. According to Neuner, the crypto market is set for a bull run.
In a recently uploaded video, Neuner noted that the tension in the Middle East triggered the recent pullback in the crypto market. However, with the tension subsiding, the altcoin market has started recovering. He thinks the current state of the crypto market provides a buying opportunity for users, even though they have to be careful to avoid altcoins that will stall.
Starting with Bitcoin, Neuner highlighted that the flagship crypto is at a crucial level. He showed that the recent pullback pushed Bitcoin below the support line in an ascending triangle on the daily chart.
However, with the recent recovery, the pioneer crypto is attempting to reclaim a bullish position above the support line. According to Neuner, breaking above this line will confirm a return of the uptrend at a crucial moment in the life of the cryptocurrency.
Meanwhile, Neuner observed that most altcoins recorded profits during the day as they recovered from the recent price drop. Despite the recovery, the renowned analyst noted that Total 3, the entire crypto market cap excluding Bitcoin and Ethereum, put in a lower low during the recent pullback.
According to him, that signified that altcoin prices dropped due to a fundamental change in the market structure, other than the war in the Middle East. Hence, users can use the evolving tokenomics to identify the right altcoins to buy in the upcoming bull run.
Neuner clarified that, unlike the altcoins, the war in the Middle East affected Bitcoin’s recent trajectory. He explained that a tug of war emerged between people who understood Bitcoin as a store of value and those who considered it a risky asset. Hence, the controlled pullback in BTC’s price and the current attempt to reclaim its bullish sentiment.
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