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After weeks of falling market with declining cryptocurrency gains, the crypto market has finally recovered from the neutral market conditions. 2024 started with a super greed zone, which initiated the weeks-long bull market conditions before witnessing a fall last month. The declining conditions continued till a day earlier, while today, the market has again entered the greed zone with the recovery in multiple cryptocurrency prices.
So is it the start of a bull run or what? Let us discuss that in this blog.
Overall Crypto Market Conditions
The crypto market has received its boost today after the reveal of the Consumer Price Index (CPI) data, highlighting the decline in the inflation rate. Moments after the CPI report, the Bitcoin price started to boom, and it rose to a high of $66,458. Bitcoin is currently trading at $66,184.23 while maintaining bullish sentiments. The direct impact is also visible on the altcoins, including Ethereum, which has surged to $3,019 after its yesterday’s decline.
The Bitcoin price surge has aided the entire market recovery as the crypto market heat map is all green. The global market cap has also surged to $ 2.38 trillion, jumping 5.3% from yesterday. More importantly, the trading volume is about to hit the $ 100 billion mark with a 40% jump, the highest position for this month.
The meme market already had steady growth even in the sluggish market conditions, but today, the market cap has surged 6.34%, and the same is true for its trading volume. Talking of the Solana network, the trading volume is up by 24%, but the market cap has declined a little. However, the demand is still for the Solana meme coins.
Is It The Start Of The Bull Run?
Today marks the first day of a greedy zone after weeks, but concluding it the beginning of a bull zone will be going too far. However, this is the first all-green day for all cryptocurrencies, and if the trend continues, the upcoming days might mark the beginning of a bull rally for cryptocurrencies.
More importantly, the RealVision founder and CEO, Raoul Pal has hinted toward the upcoming banana zone, which is a phase of a Bull run. He believes that the super bullish banana zone is just weeks away and will begin by June middle. And the banana zone will make the cryptocurrency prices go crazy for good. He also claimed the market cap will quadruple by the end of this bull cycle in 2025.
Get ready for the Banana Zone 🍌… pic.twitter.com/sgn5AqAzYj
— Raoul Pal (@RaoulGMI) May 11, 2024
Raoul Pal says that Bitcoin halving is usually followed by a consolidation period where the market drops around 20%. But then a free rise occurs, which is the transition of the crypto market from macro spring to macro summer. This transition period is what brings the banana zone.
Final Thoughts
The historical evidence does support Raoul’s prediction, but the exact movement of the crypto market is hard to predict. The summer rally hasn’t continued every single year, but in 2013 and 2017, the crypto market followed this banana zone. If 2024 turned out similar to the following two, a bull rally might be witnessed by the investors.
Also, Read 5 Signs to Look for When the Bull Run is Over
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