Key Takeaways
- The crypto market has corrected since its March 14 yearly high of $2.72 trillion.
- This correction is longer than those during the 2020-2021 bull run.
- Analysts debate whether the market retains upward momentum or has peaked.
Exclusive Interview: HashKey's Mark Wong on Market Dynamics
In a recent interview, Mark Wong, Head of Trading at HashKey Capital, shared insights on the current bull market’s drivers, including the impact of ETFs and macroeconomic factors.
Bullish Long-Term Outlook
Wong remains fundamentally bullish on crypto, anticipating new all-time highs within the next 1–2 years. However, he cautioned against timing the market, emphasizing key levels to watch:
- Bitcoin: FOMO likely if BTC surpasses $100,000.
- Ethereum: Breaking its all-time high could signal sustained bullishness.
“ETFs may push prices higher by establishing a baseline price floor.”
Risks and Opportunities
Wong highlighted potential triggers for market shifts:
- Stablecoin depegs (e.g., USDC in 2023) could drive investors toward BTC/ETH.
- Macro factors like interest rate hikes may boost crypto liquidity.
On memecoins:
“While memecoins divert funds from altcoins, they attract new investors—celebrity endorsements prove this, despite mixed perceptions.”
He also flagged DePin as a dominant narrative for the next cycle.
Comparing Corrections: 2021 vs. 2024
Duration and Depth
- 2024 Correction: 112 days (max decline: 25%).
- 2021 Corrections: None lasted >3 weeks (max decline: 56% over 42 days).
Technical Parallels
- Both cycles saw bearish MACD crosses and RSI divergences before corrections.
- Current RSI shows lower highs in overbought territory—similar to 2021.
👉 Read more about crypto technical analysis
Crypto Market Cap Prediction: What’s Next?
Wave Analysis
The market appears in wave four of a five-wave upward movement, suggesting:
- Scenario 1: A-B-C correction ending at ~$1.95 trillion.
- Scenario 2: Symmetrical triangle breakout post-consolidation.
Outlook
Another upward surge is probable before a long-term bear market begins, mirroring 2021’s cycle structure.
FAQ
Q1: Is the crypto bull run over?
A: Unlikely. Indicators point to another upward wave before a bear market.
Q2: What key levels should investors watch?
A: BTC at $100K and ETH breaking its ATH are critical milestones.
Q3: How do ETFs affect the market?
A: ETFs may stabilize prices and attract institutional capital.
👉 Explore crypto market trends
Disclaimer: This content is informational only and not financial advice. Invest at your own risk.
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