Crypto market starts the week with a bullish push as Bitcoin successfully manages to break $42,000 and currently trades at $42,756 at the time of writing. Also it is to be noted that $22.73 million in long positions were liquidated across exchanges on March 21, 2022.
The Last Cycle !
Willy Woo, a leading analyst & trader has observed the first signs of his thesis titled “The Last Cycle”. In this thesis, Woo mentions that after three short Bitcoin bull and bear markets that was witnessed since 2019, the asset is now prepared to get into supercycle.
In the absence of halving, the event that has fueled the bull & bear markets in the last three cycles, it looks like Bitcoin has untangled itself from the four-year cycles.
As per on-chain analyst, @therationalroot, the Bitcoin supercycle theory suggests the start of a new cycle in the asset.
Analysts have predicted a bullish breakout with a limited upside after evaluating the Bitcoin price trend. It seems that this is the easiest time that Bitcoin has had to shift into an ideal bullish breakout. The analyst also predicts that Bitcoin price is inside the ichimoku cloud as on March 21, 2022. It is observed that every year March 21, Bitcoin price’s big move occurs.
FYI : Ichimoku cloud is a collection of technical indicators showing support & resistance levels, also indicating current & historical price action.
While Bitcoin being a major leader in the market, some of the altcoins too have performed pretty well. Ethereum has just hit $3k along with BNB & XRP gaining 2% & 4% respectively.