Welcome to the crypto site. My name is Victor, and today: Alt season, Bitcoin, S&P — forecast 08-28-2024. Join the discussion on the CryptoViktor
- Моє нове відео – Альтсезон, Біткоїн, S&P — прогноз 28-08-2024
Entry to the Crypto, buy Token
Today, a technical analysis of the cryptocurrency market is conducted here and a forecast for the near future is given. This is not a financial recommendation, so it is important to make your own decisions. In this edition, I will not only look at Bitcoin and altcoins, but also the S&P 500 index, because it has a significant impact on the cryptocurrency market.
Bitcoin market situation
At the beginning, the current situation with Bitcoin is considered. Bitcoin has fallen 5.6% in the last day and is trading just below $60,000. The fear and greed index, which was in the green zone yesterday, is now back in the red. This means that fear prevails in the market and most traders are currently avoiding buying Bitcoin. Such a situation indicates high risk and instability, and this should be taken into account when making investment decisions.
Analysis of the alt-season index
The high season index is also considered in detail. Currently, the situation remains within the Bitcoin season, which means that Bitcoin, not altcoins, continues to dominate the market. You should not expect significant growth of altcoins yet, as the overall movement is still at a low level. Although there may be individual altcoins that skyrocket, the overall trend remains under the control of Bitcoin.
The relationship between the stock market and cryptocurrencies
Particular attention is paid to the analysis of the S&P 500 index, as its dynamics also affect the cryptocurrency market. The traditional stock market, where shares of the largest US companies trade, has an impact on cryptocurrency, especially when it comes to overall cash flows. The S&P 500 has seen certain two-year up and down phases, and one of those phases may be coming to an end now. This could indicate a possible decline in the index, which, in turn, could have a two-fold effect on Bitcoin and cryptocurrencies in general.
Bitcoin and Altcoin Market Forecasts
Taking into account the relationship between traditional markets and cryptocurrencies, there are two scenarios for the development of events. If the S&P 500 falls, cryptocurrencies can follow it down. On the other hand, a fall in traditional markets can push investors to diversify their assets in favor of cryptocurrencies. Altcoins, in particular, are showing readiness for potential growth, as the CCI index is already showing a transition from the green zone to the red zone, which previously signaled growth. The Fibonacci indicator also shows that the market is in a correction phase, but with a high probability of further growth.
Technical analysis and conclusions
You can also see possible trend changes on the bitcoin chart. It is important to follow indicators such as moving averages and candlestick patterns that can give an idea of the possible direction of market movement. The Fibonacci retracement shows that after the current corrective movement, Bitcoin can continue to rise, unless it collapses to critical levels.
Completion and future plans
Further, the channel plans to continue regular updates and shorter videos that will focus on the main market events without unnecessary details. It is important to stay abreast of all changes in the cryptocurrency market, especially in conditions of such volatility. Thanks for watching! Subscribe to the channel, like and share the video with your friends to stay up to date with all the developments in the cryptocurrency market.
