Greetings dear colleagues, today I want to share with you all an interesting analysis I found on Cointelegraph by Jesse Coghlan, while the article mainly talks about celebrity NFTs and awkward announcements will signal peak BTC, it hints at some conjecture about the euphoria that is being experienced today within the cryptocurrency market.
According to Coghlan, "With a major rally expected sometime in 2024, industry observers have shared the main signals they look for to indicate when cryptocurrencies have reached peak euphoria."
Among other things he has mentioned that "Celebrities touting non fungible tokens (NFTs), big budget crypto ads and mainstream brands adopting crypto lingo; these are the signs to watch for during the next bull market that could signal a peak, according to crypto analysts"
For fellow IG Australia analyst Tony Sycamore, he prefers to stick to technical analysis - looking at past activity to forecast future activity - which "can be useful in assessing the future direction of the market."
Another approach is put forward by Simpson, who added that it is also fairly easy to see when new money is entering the space by looking at the amount of crypto held by exchanges and the volume and supply of stablecoins.
SOURCES CONSULTED
Cointelegraph. Celeb NFTs and cringy ads — Analysts share their signs of a Bitcoin peak. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
