Celebrities hocking nonfungible tokens (NFTs), big-budget crypto ads, and mainstream brands adopting crypto slang \u2014 these are the signs to watch for during the next bull market that could indicate a peak, according to crypto analysts.<\/p>\n
The crypto industry is expected to see a\u00a0major rally in 2024. In the past 90 days alone, Bitcoin (BTC) has surged to clock in a 74% price increase. Some analysts expect the next Bitcoin all-time high to come in late 2024.\u00a0<\/p>\n
But are there ways to indicate when the next bull market peak will come? Analysts think there is.<\/p>\n
Crypto education platform Collective Shift founder Ben Simpson told Cointelegraph that \u201cwhen everyone is seemingly making money\u201d is one of his first indicators that the crypto market might be nearing the top.<\/p>\n
He says during these times, people he would never expect to will start to talk about crypto, along with how they\u2019re trading it and making money.<\/p>\n
\u201cWhenever I start seeing supercars, houses and Rolexes, I\u2019m like: \u2018This might be getting a bit toppy.\u2019\u201d<\/p><\/blockquote>\n
Another of his indicators from the last bull cycle was when crypto exchanges such as FTX and Crypto.com were flushed with cash they \u201cdon\u2019t even know what to do with\u201d and splashed on pricey marketing blitzes that saw them take over sports stadiums\u2019 naming rights and Super Bowl ad spots.<\/p>\n
Crypto-related music \u2014 such as the 2022 viral song by Randi Zuckerberg, sister of Meta CEO Mark Zuckerberg \u2014 was \u201cone of those things in hindsight, [where] you just go: \u2018Are we actually living in a bubble right now?\u2019\u201d Simpson said.<\/p>\n
Meanwhile, software engineer and crypto critic Molly White told Cointelegraph the celebrity endorsement of crypto and NFT projects was, for her, \u201ca huge top signal.\u201d<\/p>\n
In particular, White pointed to the slew of stars who had NFTs as their social media profile pictures, Kim Kardashian shilling EthereumMAX \u2014 who was later fined $1.26 million for her promotion of the crypto \u2014 and former teen heartthrob Justin Bieber forking over $1.3 million for a Bored Ape Yacht Club NFT.<\/p>\n
Paris Hilton and Jimmy Fallon\u2019s shilling their Bored Ape NFTs on The Tonight Show<\/em> was also a major top signal for White.<\/p>\nOther indicators she pointed to were the huge brands such as Adidas and Coca-Cola \u201cjumping on the crypto bandwagon\u201d and the \u201cincredibly cringy social media posts\u201d of brands adopting crypto slang such as \u201cWAGMI\u201d \u2014 short for \u201cwe\u2019re all gonna make it.\u201d<\/p>\n
She shared X (Twitter) posts of big beverage players Budweiser and Pepsi as an example that\u2019s \u201cseared into my brain.\u201d <\/p>\n
\u201cThat was a crazy time,\u201d she said. \u201cIt was pretty clear that the bubble was overinflated.\u201d<\/p>\n
Simpson said, for him, that such sentiment signals are \u201cthe final piece of the puzzle,\u201d and eyeing on-chain indicators is a larger part of estimating the market top.<\/p>\n
\u201cOnce they start to sell or take chips off the table, that\u2019s a good indication it\u2019s time to start taking profits.\u201d<\/p><\/blockquote>\n
Related: <\/em><\/strong>The \u2018WAGMI\u2019 mentality is undermining crypto<\/em><\/strong><\/p>\nIG Australia analyst Tony Sycamore prefers to stick to technical analysis \u2014 looking at past activity to predict future activity \u2014 which \u201ccan be useful in assessing future market direction.\u201d<\/p>\n
\u201cNo one wants to be that person who buys the high before it snaps back.”<\/p><\/blockquote>\n
One tool he considered useful is the Relative Strength Index (RSI) indicator \u2014 which measures momentum by comparing the closing price with a 50-day moving average to indicate if an asset may be overbought or oversold \u2014 to see \u201cbearish divergence.\u201d<\/p>\n
Upward RSI momentum is typically thought to point to an impending rally. \u201cBearish divergence occurs when higher prices are not confirmed by a higher reading of the RSI indicator,\u201d Sycamore explained.<\/p>\n
Simpson added it\u2019s also fairly easy to see when new money is moving into the space by watching the amount of crypto held by exchanges and the volume and supply of stablecoins.<\/p>\n
\u201cStart to take chips off the table earlier than everyone else,\u201d he said. \u201cOnce the music stops, it ends pretty abruptly.\u201d<\/p>\n
Magazine: <\/em><\/strong>This is your brain on crypto \u2014 Substance abuse grows among crypto traders<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Celebrities hocking nonfungible tokens (NFTs), big-budget crypto ads, and mainstream brands adopting crypto slang \u2014…<\/p>\n","protected":false},"author":4,"featured_media":196814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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