- Crypto analyst spots bullish signal for Bitcoin.
- Bitcoin has displayed a short-term hopium on its 3-day chart.
- The total crypto market cap has registered a bullish reality check.
A Bitcoin analyst and host of the Crypto Capital Venture YouTube channel spotted bullish signals pointing to an upcoming bull run. According to the analyst, Bitcoin has shown short-term “hopium” on its 3-day chart, while the total crypto market cap just had a bullish reality check.
The crypto market cap saw a sharp decline starting in the last days of September, falling 11.6% within one week. Specifically, the crypto market cap dropped from $2.291 trillion on September 27 to $2.028 trillion on October 3, according to TradingView data.
Notably, this decline coincided with massive drops in the prices of top cryptocurrencies, with Bitcoin falling from $66,508 on September 27 to a $59,860 low on October 3. Ethereum, the leading altcoin, followed the declining crypto market trend, dropping from $2,729 on September 27 to a daily low of $2,309 on October 4.
Despite the significant losses across the crypto market in the last few days, the Crypto Capital Venture analyst believes this is positive for the overall market. He states that the market is showing typical “start of a bull run” behavior. The analyst sees the current pullback as an opportunity for more gains when the bull run begins.
Looking at the technical side, the crypto analyst compared the pullback in the total market cap with previous bull cycles, highlighting the similarities in the trend patterns. He demonstrated how the duration of the pullbacks and their extent align with the current market.
Read also: Crypto Market Cap: Bullish Prediction Sees $12 Trillion by 2026
Based on his analysis, the Crypto Capital Venture analyst believes the current pullback is a necessary foundation for the expected Bitcoin parabolic move. He acknowledged the possibility of further pullbacks in the crypto market. However, he views such a pullback as “an incredible reset” that would set up the market for extended rallies.
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