Bitcoin and Ethereum have been steadily rising in value, and one analyst believes that the next bull run will be even more intense and long-lasting. Despite a minor retracement earlier today, Bitcoin is holding strong above the $60,000 mark, while Ethereum and Solana are maintaining prices above $3,300 and $155, respectively.
What makes this current rally interesting is the absence of the usual catalysts that typically drive crypto prices higher. There hasn’t been a significant increase in liquidity or capital inflows, nor has the United States Federal Reserve slashed rates to stimulate the market. Instead, Bitcoin and crypto prices have been climbing without any major external factors.
One notable event that coincided with the bounce in Bitcoin and crypto prices was the German government’s sale of all its coins by July 12. This may have provided a much-needed boost to the market and helped Bitcoin break through immediate resistance levels.
The analyst predicts that the upcoming bull run will be both “crazier” and longer due to the organic nature of the current price increases. Traders are optimistic and expect Bitcoin to continue expanding beyond $60,000 in the coming days. Technical analysis suggests that buyers currently have the upper hand, and breaking the $66,000 resistance level could pave the way for Bitcoin to reach $72,000, a zone that remained unbroken in June.
If the United States Federal Reserve ultimately decides to slash rates by the end of the year, it could serve as a driving factor for further gains in Bitcoin. Many traders are already betting on multiple rate cuts, as Goldman Sachs analysts believe that the macroeconomic conditions are ripe for such actions. With inflation cooling off and a strong labor market in the United States, the stage seems set for a prolonged bull run in the cryptocurrency market.