Has The Mega Bull Season Started In The Crypto Market?

Has the mega bull season started in the crypto market? It remains to be seen whether the expectation of the “Mega Bull Season” will come true.

A rise is expected in the short term with the good news about cryptocurrencies, especially the leading cryptocurrency Bitcoin. As in the historical peaks in the past, it may be possible for new investors to enter the crypto money markets and experience a capital increase by creating a FOMO (Fear of missing out) effect, if Bitcoin's historical peak of $64,500 can be exceeded. With these developments, there is a high probability of sharp rises in altcoins.

Bitcoin

In the report prepared by the Kraken exchange, it was stated that Bitcoin could approach 2 times the closing price of September in the last quarter of the year, and that Bitcoin generally showed its best performance in November and December in the last quarter of the year. As a result of this approach and foresight, it is suggested that Bitcoin may reach the levels of $100,000 by the end of 2021. With the realization of such a situation and the subsequent capital transfer from Bitcoin to altcoins, a stronger altcoin season may be experienced than the previous altcoin seasons. Bitcoin broke the $50,000 and $52,000 levels, which are seen as important resistance levels, and managed to break the $55,000 resistance. Aiming to hold above this level, Bitcoin may be preparing to test the $60,000 level. At the time of writing, Bitcoin is trading at $56,988, above its 20-day moving average of $47,980. On a daily basis, the RSI(14) value is 69,880 and the STOCHRSI(14) value is seen as 97,941. Key support levels for Bitcoin are 51,383/52.746/53.712; important resistance levels are foreseen as 57.423/58.376/59.874.

Ethereum

Powercryto Holdings, a subsidiary of Powerbridge Holdings, one of the major blockchain software providers, aims to mine Bitcoin and Ethereum with sustainable energy. The company aims to deploy over 2500 premium mining machines. It is estimated that the cryptocurrency markets, which attract the public's reaction with issues such as high energy expenditure and damage to the environment in the mining process, may be positively affected by this development. At the time of writing, Ethereum meets its buyers at the level of 3,596, continuing its movement above the 20-day moving average of 3,253 and its 50-day moving average of $ 3,352. On a daily basis, the RSI(14) value is 59,551 and the STOCHRSI(14) value is 93.551. Important support levels for Ethereum are seen as 3.349/3.474/3.539, while important resistance levels can be seen as 3.664/3.729/3.782.