Crypto Has Not Peaked Yet: 5 Reasons by Analyst

Fundstrat’s Mark Newton, a technical analyst, researcher and frequent marketing commentator, has indicated five reasons to be bullish on crypto currently. He is sure that no technical signal proves that the market witnessed its peak.

No, crypto has not peaked yet, analyst Mark Newton says

Various technical analysis metrics clearly demonstrate that the cryptocurrency segment — in particularly, Bitcoin (BTC) and Ethereum (ETH) — have not reached their peak prices for the ongoing cycle. The detailed analysis was published by Mark Newton, Fundstrat Global Advisors’ head of Technical Strategy, for his 110,000 followers on X.

The structure of Elliot Waves, a model of financial market dynamics demonstration through recurrent fractal wave patterns, has not given us any signs of a peak, Newton has pointed out.

DeMark Signals, indicators of divergences on price charts and potential trend reversals, are also positive at this stage — no breakout is in sight.

MACD, the Moving Average Convergence Divergence indicator, might not look optimistic, but this can happen when the chart is in a sideways channel. The MACD bearish signal is not confirmed by the aforementioned Elliot Waves model.

The higher lows trend — the most impressive and clear long-term trend signal — has remained unbroken since the FTX/Alameda collapse in Q4, 2022.

Bitcoin (BTC) is back over $110,000, but fear still prevails

Also, general sentiment is nowhere near the levels it can usually be when the market definitely reaches its peak, Newton concluded. Instead, he sees frustration and impatience caused by the pale performance of crypto in the last four months.

Today, after closing its worst October in years, Bitcoin (BTC) finally managed to return to over $110,000. As of press time, it is changing hands at $110,100, being 0.43% up in the last 24 hours.

Ethereum (ETH) is trading at $3,880, up by 0.8% overnight.

Meanwhile, the market as a whole still has not mitigated the effects of the Oct. 10 flash crash. The overall sentiment sits at 33/100, which is the “Fear” zone indicator.