Since reaching a high of nearly $69,000 in November 2021, Bitcoin has experienced a massive price drop, marking the cryptocurrency’s most prolonged bear market so far.
The world’s largest cryptocurrency by market cap has remained in a bearish state for almost 490 days, a fact emphasized by Michaël van de Poppe in a post on the platform X, previously known as Twitter.
Given Bitcoin’s ongoing consolidation and uncertain path, what are the best cryptos to buy now?
Today, the price of Bitcoin is down by more than 50% from its historical high, underscoring the volatility and hardships the cryptocurrency sector has experienced in recent times.
Poppe made comparisons between the present market conditions and those of 2015, which also saw a period of stability, even as confidence in cryptocurrencies waned, though the sector displayed consistent fundamental growth.
Poppe also shared thoughts for those who are navigating their first intense bear market. He mentioned that these tough times present a learning curve for investors.
“And just because it hurts, you’ll learn. You’ll keep moving forward and you’ll identify new opportunities and experiences you’ll be using later in the cycle or the next cycle,” Poppe observed.
Several recent events could have served as positive indicators for Bitcoin’s value, yet they seem to have minimal impact on its current price.
For instance, global governments and traditional institutional investors have shown increased interest in Bitcoin.
BlackRock, among other institutions, applied to introduce Bitcoin exchange-traded funds (ETFs) earlier this year.
Additionally, the first BTC ETF was recently launched in Europe. The Sultanate of Oman revealed its investment strategy for Bitcoin mining infrastructure, committing over $1 billion.
Likewise, Hong Kong took steps to regulate cryptocurrencies, seeking to establish itself as a hub for digital asset companies.
Despite these potential catalysts, Bitcoin’s price remains unaffected, leading some to describe the market’s current state as a ‘bear market modus’ due to the persistent decline over the past two years.
Poppe highlighted the market’s ongoing ‘time capitulation’ phase, emphasizing that transitioning between market cycles often requires a considerable amount of time in the cryptocurrency sector.
He advised investors to maintain their composure during these trying times and to assimilate the lessons they’re learning for future market trends.
As of writing, Bitcoin’s price stands at $25,994 marking a decrease of 0.40% so far today. The cryptocurrency has seen a reduction of over 0.48% in the past week and has plummeted by more than 11% in the last month.
Considering the prevailing cryptocurrency market condition, THORChain, Wall Street Memes, dYdX, Sonik Coin, and Bitcoin SV are some of the best cryptos to buy now, given their firm fundamentals and/or promising technical analysis.
THORChain’s (RUNE) Bullish Trend: A Continuation or a Break?
THORChain (RUNE) has demonstrated a stellar performance for the past month, with a remarkable uptrend for the first 19 days of August, amassing gains of over 116%.
However, since registering a year-to-date high of $2.029 on August 19, RUNE has been charting a retracement, losing almost 30% from its peak.
RUNE has currently found support at the 20-day EMA and is attempting a potential breakout from the Fib 0.5 level at $1.468.
Looking closer at the technical indicators, the 20-day EMA stands at $1.426, just below the current price of $1.439.
This suggests that the EMA is providing immediate support for the price, helping to prevent further downward movement. If RUNE manages to hold above this level, it could indicate a continuation of the bullish trend.
Additionally, the 50-day EMA and the 100-day EMA stand at $1.259 and $1.204 respectively. These levels represent additional layers of support that could potentially halt further price depreciation, should the 20-day EMA support be broken.
The RSI currently sits at 54.28. This level, while above the midline, is relatively neutral. It implies that neither the bulls nor the bears have a firm grip on the market. However, the fact that it’s more than 50 signifies a slight bullish bias.
The MACD histogram currently stands at -0.031. This negative figure indicates that the bears have been in control recently.
Yet, the relatively small magnitude suggests that it may not be a strong bearish trend and could possibly reverse with the right market stimuli.
The next major resistance level stands at the aforementioned Fib 0.5 level at $1.468. A successful breakout above this level could signal a continuation of the uptrend.
However, should the price fail to break this…
Read More: Best Crypto to Buy Now August 28 – THORChain, dYdX, Bitcoin SV