SEO DAVIN – The crypto market weakened today, Thursday (26/9/2024) amid outflows in funds stored on United States exchanges (Bitcoin Spot ETFs) and the potential for future corrections.
Referring to CoinMarketCap on Thursday (26/9/2024) at 05:56 WIB, the crypto market experienced weakness. Bitcoin fell 1.87% to US$63,288.63 while on a weekly basis it was in the positive zone of 4.42%.
Ethereum depreciated 3.44% in the last 24 hours while in the week it shot up 10.06%.
Solana fell 2.13% daily and in the week was in the green zone at 13.59%.
Likewise, Dogecoin weakened 0.94% in the last 24 hours despite increasing 6.83% in the last seven days.
CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, fell 1.81% to 2,345.96. Open interest depreciated 2.3% to US$63.5 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 53, which shows that the market is in a neutral phase with the current economic conditions and crypto industry.
Quoted from coingape.com, popular crypto trader RektProof has a similar view regarding BTC. In his Telegram group, he stated that the recent sweep high suggests a bearish outlook, but since there was no follow-up from sellers, the long-term outlook remains bullish. However, he also added that a short-term correction is possible.
Apart from that, the outflow that occurred in the Bitcoin Spot ETF was also one of the drivers of Bitcoin depreciation.
The recorded outflow was US$45.3 million or around Rp. 683 billion. This is inversely proportional to the closing of trading 19-24 September 2024 where inflow was actually monitored.
Despite the potential for weakness, Elja Boom shows his long-term view for Bitcoin via the weekly chart. According to this analyst, the parabolic phase has begun and will likely push Bitcoin prices higher in the next four months.
Based on Elja Boom’s analysis, this exponential phase, in which BTC continues to rise vertically, is expected to last almost 500 days. This would place the next cycle peak for Bitcoin at the end of August 2025.
Additionally, BTC fundamentals strengthened further after the US Securities and Exchange Commission (SEC) approved options trading. This could provide an additional boost to investor confidence and strengthen the bullish momentum in the crypto market.
