This Year's Crypto Market Is Like the 2019 Cycle? Here's What Crypto Academy Says
2024-08-09Bittime - In 2024, the crypto market will again show a pattern similar to the cycle that occurred in 2019.
Many analysts and crypto market observers observe these similarities, especially in terms of price movements, market sentiment, and adoption of blockchain technology.
Akademi Crypto in its latest analysis outlines why this year's cycle bears significant similarities to 2019's crypto market cycle, as well as what investors can anticipate in the months ahead.
Similar Market Cycle Patterns
In 2019, the crypto market experienced a recovery after a major decline in late 2018, followed by a strong accumulation phase and significant price increases.
This pattern looks similar to what happened in 2024, where the crypto market also experienced a recovery after the big decline in 2022-2023.
According to Akademi Crypto, one of the main reasons behind this similarity is the return of investor confidence in crypto assets, especially Bitcoin and Ethereum.
This positive sentiment is reinforced by the influx of more institutional investors, increasingly clear regulations, and the growing adoption of blockchain technology in various sectors.
Market Sentiment and Price Movement
Akademi Crypto also highlighted that market sentiment in 2024 is very similar to what occurred in 2019. In both years, there was a growing sense of optimism among investors, driven by positive news and technological developments.
For example, the increased adoption of DeFi and NFTs in 2024 reflects the increased interest in blockchain projects in 2019.
In terms of price movements, the accumulation pattern seen in 2024 is also very similar to 2019. After a long period of consolidation, the prices of Bitcoin and major altcoins are starting to show consistent increases.
Akademi Crypto noting that if this pattern continues, we may see an even bigger price spike towards the end of this year, as was the case at the end of 2019.
Supporting Factors
Several other supporting factors that cause the 2024 cycle to be similar to 2019 are:
Increased Regulation
In 2019, regulations started to become clearer, which helped reduce uncertainty in the market.
Something similar happens in 2024, where more countries start to adopt crypto-friendly regulatory frameworks, providing a sense of security to investors.
Technological Innovation
As in 2019, 2024 will also be marked by the emergence of new innovations in blockchain technology, including improvements to the Ethereum network and the development of layer-2 solutions.
This innovation drives wider adoption and strengthens crypto market fundamentals.
Institutional Adoption
In 2024, more large companies and financial institutions are jumping into the crypto market, similar to what began to be seen in 2019. This adoption provides greater liquidity support and strengthens crypto's position as a recognized asset class.
What to Expect for the Rest of the Year?
Akademi Crypto estimates that if this cycle continues as it did in 2019, the crypto market still has significant upside potential until the end of 2024.
However, investors should remain wary of volatility and consider a solid investment strategy, given that the crypto market is known for its rapid and often unpredictable movements.
For investors looking to take advantage of opportunities in this market, it is important to stay up to date with the latest news and developments, as well as use the right analytical tools to make better decisions.
Conclusion
The similarities between the 2024 and 2019 crypto market cycles provide important insights for investors. By understanding these patterns, investors can be better prepared to face market movements and take advantage of existing opportunities.
Akademi Crypto emphasized the importance of remaining cautious, despite increasing optimism, to ensure that investment decisions are based on in-depth analysis and accurate data.
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime.
Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
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