Bitcoin is Leading a New Expanded Bull Market

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  • Bitcoin has made some big powerful moves that show a new cycle is underway
  • Alts have moved with Bitcoin, bringing back echoes of 2017
  • We are in the middle of a cycle which started in March

Bitcoin has been showing incredible strength in recent months, and this has led me to believe that we are experiencing an expanded bull market where Bitcoin and alts have the potential to run together for some time. We have experienced huge growth since the 51% crash in March, but we are still far from the top of the market, all of which signifies potential strength for a prolonged period.

Bitcoin Cycle Repeating

Like many things in nature, markets are cyclical. Trends repeat just as charts do, relating to each other over time, taking into consideration outside factors and working projects. Given what we’ve seen since March, I’m convinced that we are actually in the middle of the latest of these cycles.

Bitcoin has and will lead the cryptocurrency market in comparison with how larger assets do in the traditional markets. The move to $14,000 last year was an echo bubble, which we can discern because it was isolated – no new money entered the market and all alts and other assets in the space generally suffered as it moved.

Things are different this time round though, with the cryptocurrency market cap rising as Bitcoin and alts have moved in tandem:

Cryptocurrency market cap 1


Bitcoin broke $12,000 yesterday in what was a sustained, powerful move that would likely have happened sooner had it not been for COVID-19, taking key weekly levels with it:

Bitcoin price 2


If we compare the March-August 2020 move from Bitcoin to the 2019 and 2017 bull runs, we see the crucial difference that Bitcoin dominance has dropped as the Bitcoin price has increased, similar to 2017:

Bitcoin dominance 3


This has led to the alt coin market cap breaching significant levels even though Bitcoin is making strong moves:

Alt coin market cap 4


All alt sectors are showing strength, particularly the new paradigm of DeFi led by Ethereum, and yet we have seen nothing in the mainstream media and no real influx of new buyers yet. This is a clear sign that we are nowhere near a blowoff top yet, meaning that there is plenty of room for both alts and Bitcoin to run and take us to new highs.