Good morning, crypto enthusiasts! Global equities continued to climb as optimism surrounding a potential Fed interest rate hike this month lessened. This optimism is also lifting the cryptocurrency market, which is experiencing positive movement. While there is potential for further advancement, we must stay vigilant regarding possible pullbacks as we await today’s crucial NFP (US jobs) report. The comprehensive market capitalization for crypto is climbing back toward previous highs after a noticeable retracement in wave (4), suggesting it is now advancing in wave (5) of 3 with potential to reach the $2.8 trillion mark before a new higher wave 4 correction sets in. The bulls remain dominant as long as the stock market maintains a positive outlook, particularly if decreasing yields drive the US dollar down further.
Bitcoin is experiencing an upward trend. Pay attention to the price as it surpasses the upper boundary of a base channel, confirming our position within the wave three extension; further gains could follow. Following the anticipated black wave 4 correction, Bitcoin is now on the ascent within wave 5 of (3), with potential to reach the 83k-88k range before the next higher-degree wave (4) correction occurs.
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