Crypto Market Breaks Higher as Wave Three Extension Continues
The crypto market is experiencing a surge in value, driven by the easing of expectations for a Fed rate hike this month. This shift has led to an increase in global stocks and subsequently, the crypto market's growth. The Crypto TOTAL market cap chart has returned to its highs, suggesting that it may be entering wave (5) of 3 with room to move towards the $2.8T area before a new higher-degree wave 4 correction occurs.
Bulls remain in control as long as stocks continue to show a bullish picture and yields push the US dollar lower. The price of Bitcoin is breaking through the upper line of a base channel, confirming that it's still in the wave three extension phase. This may lead to further upside, with some analysts predicting prices up to the 83k-88k area before the next correction.