The week is still not over yet, however crypto traders can already be more than happy with what we saw from the market in the last few days.
Of course, no gains would be possible without Bitcoin. The BTC price pumped 8.5% this week, which can be considered a strong performance. It’s now trading well above $64k, and it does look like the road to $70k is now “open”.
Ali analyst reported that the Bitcoin bull-bear market indicator has been fluctuating between bearish and bullish since early August. Now, it has once again shifted to a bullish stance.
The Bitcoin bull-bear market indicator is a tool used by traders and analysts to gauge the overall sentiment and momentum of the Bitcoin market. It considers various factors such as price action, trading volume, and on-chain metrics to determine whether the market is in a bullish or bearish phase.
Also, as of yesterday, Bitcoin ETFs had inflows this week of over $300 million in total, which likely helped BTC price move upwards as well.
On Polymarket, a popular prediction market platform, former President Donald Trump’s odds have surpassed those of President Joe Biden in the upcoming 2024 US presidential election. This shift in betting odds could be seen as another potential catalyst for the crypto market’s upward movement.
Altcoins Follow Suit
When BTC is doing well like this, altcoins tend to benefit. This week, we saw some utility projects “waking up”. For instance, the FET price pumped 50%, which might be a sign of a new AI crypto season.
Moreover, Fantom’s FTM also pumped 35%. Some elite crypto traders like “Altcoin Sherpa” tweeted this week that FTM looks “very strong”, as we reported earlier.
Moreover, some meme coins such as WIF are also worth mentioning with 35% pump while a top crypto gainer among top100 coins is POPCAT that pumped 70%
Overall, this was a strong week for the crypto market, potentially signaling better days ahead as the whole market prepares for a potential parabolic run. Historically, Bitcoin tends to pump parabolically around 150-160 days after the halving, and we are still not there yet. This suggests that there might be more exciting developments on the horizon for crypto enthusiasts and investors.
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