Bitcoin (BTC) reached an all-time high (ATH) of $90,030 on November 12, pulling other cryptocurrencies into a bull market. According to an analyst, data suggests this could be “the biggest crypto bull run ever,” with a robust market setup.
Miles Deutscher shared a list with ten signals pointing to the strongest and most liquid market crypto has had. The analyst, who has years of expertise in the cryptocurrency landscape, posted the list on November 11, before the ATH.
“This is the most obvious bullish setup any liquid market has had in YEARS. That isn’t an exaggeration. I have the data to show you how the stars are aligning for the biggest crypto bull run EVER.”
– Miles Deutscher
On that note, TradingView’s Crypto Total Market Cap Index (TOTAL) broke out of a seven-month downtrend a few days ago. Right now, TOTAL marks $2.875 trillion in capitalization, slightly retracing after reaching $3 trillion earlier this morning.
Signals for “the biggest crypto bull run ever,” according to analyst
First, Deutscher blames the breakout on Donald Trump’s victory in the United States, bringing regulatory optimism to the crypto industry. He referenced bullish “second-order effects” from Trump’s win, posted by Aylo on November 6, which may play their role.
Furthermore, the analyst shared Bernstein’s recommendation letter welcoming investors to “the crypto bull market,” recommending they “buy everything [they] can.” This serves to illustrate how even wealth fund managers are pitching cryptocurrencies, not only Bitcoin, to their traditional finance clients.
Bitcoin microeconomic data is also bullish
In closing, Miles Deutscher mentioned three microeconomic data from Bitcoin and the crypto market that help sustain his bullish thesis.
Essentially, he pointed out the Bitcoin ETFs’ growing demand – which Finbold also reported about, looking at BlackRock’s IBIT volume. Moreover, BTC’s supply on centralized exchanges has reached historically low levels, diminishing the potential selling pressure.
“Timeline wise, everything lines up,” the analyst concluded. “We’ve entered the 3rd phase of the bull run, which is the most parabolic market phase.”
As you can see, we have a unique set of factors all combining at once.
And all of them point towards explosive upside.
It’s probably going to be a crazy next 6 months in crypto.
— Miles Deutscher (@milesdeutscher) November 11, 2024
Nevertheless, while lots of data suggest we could indeed experience “the biggest bull run ever,” investors should remain cautious. Having a solid plan, avoiding FOMO, and remembering to realize profits frequently are really important to navigating the following months.
