There are concerns that the crypto bull run has ended as Bitcoin and most altcoins plunge. Bitcoin has moved from its all-time high of $123,200 to $113,000, while Ethereum has moved to $3,540. This article explores why the cryptocurrency rally remains intact despite many altcoins experiencing a decline.
Crypto Bull Run to Happen as Bitcoin Price Chart is Still Bullish
The main reason the crypto bull run remains intact is that Bitcoin’s price has formed bullish patterns, potentially leading to a rebound. The daily chart above shows that the BTC price has formed a bullish flag pattern.
This is a common bullish continuation pattern comprised of a vertical flagpole and a descending channel. It has now moved to the lower side of the channel, which is also slightly above the key support level at $112,207, the previous all-time high.
Therefore, it is likely that the coin will surge and potentially retest its all-time high of $123,200 and then move to the psychological point at $125,000. The bullish Bitcoin price forecast will become invalid if it drops below the support at $110,000.
A strong Bitcoin price rebound will likely lead to another crypto bull run, similar to what we saw in July this year.
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Cryptocurrencies Always Rebound After Major Events
The other reason why the crypto bull run is still active is that it always bounces back after major events. As we wrote earlier, the ongoing crypto crash accelerated after the start of tariffs and after the US released weak jobs data.
For example, Bitcoin and most altcoins plummeted after the collapse of FTX in 2022, only to soar in the following year. Most recently, these coins plunged after Donald Trump’s Liberation Day speech in April. A month later, in May, Bitcoin was up to a new record high.
In this case, the tariffs and the weak job numbers will likely force the Federal Reserve to cut interest rates sooner. The odds of a September rate cut have jumped on Polymarket.
Cryptocurrencies Have Potential Catalysts Ahead
Meanwhile, Bitcoin and other altcoins have catalysts that will trigger a crypto bull run. For example, there are signs that American investors are interested in Bitcoin, Ethereum, XRP, and Solana as their ETF inflows jump.
The other major catalyst is that the odds of ETF approvals remain at an elevated level. Analysts believe that the SEC will approve top altcoin funds like XRP, Solana, and Polkadot by the end of the year. These funds will likely lead to more inflows and demand from investors.
Further, the industry is getting regulatory clarity in the United States. The GENIUS Act has already passed, and the Senate is considering the CLARITY Act that separates roles between the SEC and the CFTC.
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