The cryptocurrency market is currently experiencing frustrating movements and struggling to maintain a sustained upward trend. Since March, there have been multiple attempts by Bitcoin and other cryptocurrencies to push upwards, but each time these attempts have failed to result in a sustained positive trend. The market has shown extended periods of sideways movement and adjustments, according to CryptoQuant data.
Cryptocurrency market expected to show frustrating movements for the time being
“Due to the expected US base rate cut on September 18, a short-term rebound due to positive market sentiment can be expected, but if the market atmosphere is not significantly reversed, it is highly… pic.twitter.com/DKPz7trDAn
— CryptoQuant.com (@cryptoquant_com) September 4, 2024
Dead Cross Signal Indicates Continued Pressure on Crypto Market
The market is facing further pressure as indicated by the short-term/long-term SOPR moving average showing a Dead Cross. This technical signal suggests that the market may continue to experience difficulties in the future.
Looking ahead, there is a possibility of a short-term rally if the anticipated US base rate cut takes place on September 18. This event could create a temporary boost in market sentiment. However, any positive impact from the rate cut may not be significant enough to alter the long-term trend. If overall market sentiment does not improve significantly in the future, it is likely that the cryptocurrency market will continue to face disappointing movements in 2024.
Investors Should Prepare for Gradual Crypto Market Movement Until Late 2025
While the current market conditions may be discouraging for investors, it is important to exercise patience. It appears that a stronger rebound may only occur in 2025, with a prolonged period expected before reaching new highs. Volatility is likely to remain low for some time, dependent on economic indicators and regulatory changes in the market.
Despite potential short-term positivity around the next base rate cut, CryptoQuant data suggests that the cryptocurrency market will continue to struggle. Investors should anticipate a slow and gradual market movement, with higher rates not expected until late 2025. By analyzing current performance and considering external economic factors and regulatory changes, it may be easier to predict future market trends in the coming months.
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