It’s been a wild few days, and the markets have been on the move.

A lot has happened since my last video, and the crypto market appears to have bottomed out and begun its move to the upside.

As always, you can get my full analysis in the video below or continue reading for the summary.

Recent Market Context

A little over a week ago, Bitcoin (BTC) broke below its May 1 low, setting a new low following the correction that started in mid-March.

Bitcoin dropped below $54,000, hitting approximately $53,500 at the bottom of that correction period.

Last week, I mentioned that the crypto market appeared to be forming a bottom, and we were monitoring whether Bitcoin would close below the $55,800 level or set a new wick below the $53,500 level.

Bitcoin Update

It seems my intuition was correct, and the crypto market has formed a bottom, marking the end of the correction period that started in mid-March.

We are now transitioning out of that phase, and it appears that crypto is heading to higher highs in the short- to mid-term future.

Bitcoin is rocking and broke above $65,000 at one point on Tuesday. Don’t expect BTC to set a new all-time high just yet. We are well on pace to hit the next leg of the bull market by fall.

Impact of Weekend Events

Over the weekend, there was an attempted assassination of Donald Trump, which shocked almost all of America. While the nation digested the news, the markets quickly priced in the event and its expected outcomes.

The crypto market, in particular, seemed to have priced in a potential Trump victory, as the Republican Party has a more pro-crypto stance compared to the Democrats. Trump has expressed his support for the crypto industry, aiming to end the current administration’s hostility toward it.

On Monday, it was announced that Trump has chosen J.D. Vance as his running mate. Vance, who has an investment background and is familiar with cryptocurrency, owns a significant amount of Bitcoin and various altcoins. He also has intelligent takes on AI and crypto regulation, making him an even more pro-crypto candidate than Trump.

The market responded positively to this news, with Bitcoin rising nearly 12% and breaking above $65,000 on Tuesday. This marks the end of the downtrend that had persisted over the past month.

Market Leaders Indicate Optimism

Ethereum (ETH), like Bitcoin, appears to be on the way up after breaking down during the week of the Fourth of July and hitting a low of under $3,000.

Since then, Ethereum has surged more than 20%, gaining around 11.5% since Saturday. ETH is back over support at $3,400. Considering that Ethereum ETFs (exchange-traded funds) are scheduled to go live just next week, it could continue to climb here in the coming days.

Both Bitcoin and Ethereum are signaling that the worst is behind us, with higher prices expected in the near future. While the altcoin market has not yet followed the same pattern, interesting investment opportunities are likely to arise in altcoins that will catch up with the market leaders in the coming weeks.

Conclusion

In summary, the crypto market has experienced significant developments recently, with events such as the attempted assassination of Donald Trump and his choice of J.D. Vance as his running mate influencing market sentiment.

Both Bitcoin and Ethereum are showing signs of recovery and optimism, indicating that the worst may be behind us.

While the market stabilizes in the short term, better times seem to be on the horizon. Stay patient and keep an eye out for potential investment opportunities as we move into the next leg of the bull market.

Editor’s Note: Crypto is making ordinary investors rich, and it also serves as an inflation hedge. But you need to make your move now before the next leg-up in the crypto bull market of 2024. Every day you wait is literally costing you thousands in profits.

If you’re worried you can’t figure out crypto… don’t be. Our in-house crypto expert, Alex Benfield, will walk you through everything you need to know about crypto, step by step.

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