The Major Market Is Here Is the Bull Market Back for Good Bitcoin Is Gaining Momentum

CoinWorld reported:
Last night, the financial markets showed strong performance, with all three major U.S. stock indices closing higher. The Dow Jones Industrial Average rose by 0.2%, the Nasdaq surged by 0.56%, and the S&P 500 increased by 0.25%. Tech stocks were particularly robust, with Nvidia rising nearly 4%, while both Tesla and Intel saw gains of over 1%. Meanwhile, the cryptocurrency market continues to gain momentum!
Central Bank Liquidity to Boost Bitcoin Demand
On September 24, the People’s Bank of China (PBOC) announced a 50 basis point reduction in the reserve requirement ratio (RRR), injecting approximately $140 billion into the financial system.
The PBOC reduced borrowing costs and relaxed home purchasing regulations to support its struggling real estate market and the broader economy.
Jamie Coutts, Chief Cryptocurrency Analyst at investment management firm Real Vision, believes that China’s latest stimulus plan is favorable for Bitcoin and pointed out that it may prompt other central banks to follow suit.
“The global central bank liquidity cycle has bottomed. Just sit back and watch other central banks line up,” he noted, adding:
“In a credit-based fiat fractional reserve system, devaluation is a feature, not a bug.”



The PBOC’s recently announced stimulus plan was issued prior to significant increases in risk assets like Bitcoin. For instance, in October 2023, the PBOC injected $367.7 billion through reverse repos, and in January 2024, it injected $140 billion by lowering the reserve requirement ratio by 50 basis points.
Whale Investors Increasing Their Stakes
According to on-chain data analysis, wealthy investors have accelerated their accumulation over the past few days, driving a sustained rebound in cryptocurrencies. In the last 24 hours, three whales have accumulated over $270 million worth of Bitcoin from Binance.



Meanwhile, U.S. spot Bitcoin ETFs recorded approximately $136 million in net cash inflows, with BlackRock’s IBIT leading the charge. Additionally, U.S. spot Ethereum ETFs saw their highest daily cash inflow since August, around $62 million, with BlackRock’s ETHA also leading.
The significant cash inflows from whale investors have offset a $16 million sell-off by Bitcoin miners in the past 24 hours.
Positive Economic Outlook
The cryptocurrency market is gradually aligning with a bullish outlook seen in gold and major stock indices. The global economic outlook has brightened over the past few months, enhancing macro bullish prospects.
Notably, major global economies are cutting interest rates to stimulate economic growth. For example, the European Central Bank (ECB) has repeatedly lowered rates to around 3.5%. The Bank of Canada (BoC) has cut its benchmark rate by 75 basis points to 4.25% since June.
Last week, the Federal Reserve lowered rates by 50 basis points for the first time, highlighting expectations for further cuts amid declining inflation. Earlier this week, China announced several measures to stimulate economic activity, including rate cuts and reductions in bank reserve requirements.
Intraday Trends
Bitcoin continues to fluctuate in the $64,000-$65,000 range, currently facing minimal supply pressure, with the key factor being whether demand can strengthen. A multiple bottom structure has formed at high levels, with strong support below and a cleaned-up distribution of chips; the next focus is on the timing of a breakout. The critical resistance level is in the $68,000-$70,000 range, and if Bitcoin can reclaim around $70,000, it is likely to break new highs and potentially initiate a new upward trend. However, whether a genuine upward movement can be launched will depend on the strength of the breakout.
Currently, I personally believe the following assets are relatively worth considering:
GALA
The market capitalization of Gala token is $751 million, currently trading at $0.02161. It has risen by 4.32% in the past 24 hours and nearly 17% over the past 17 days.
Additionally, the daily chart shows that the consolidation range is surpassing a descending wedge pattern, gaining support at the critical level of $0.015. The bullish cycle within the consolidation range has surpassed the 50-day EMA and briefly exhibited a bullish breakout.
However, an oversupply led to a rapid price decline back to $0.21, delaying the breakout rebound. Nevertheless, with increasing bullish momentum, the trend reversal for this gaming cryptocurrency could reach the 50% Fibonacci level at $0.048.
Optimistically, based on a bull market assumption in March 2024, the potential target price could reach the 52-week high of $0.08737.
SAGA
With a bottom reversal on the daily chart, Saga token indicates a bullish reversal. The market capitalization of Saga token is $261 million, currently trading at $2.55.
Moreover, the gaming cryptocurrency has risen by 11.77% in the past 24 hours and by 30% over the past week. According to Fibonacci levels on the daily chart, the upward targets for the gaming cryptocurrency are $3.77 and $5.34, representing 50% and 78.60%, respectively.
Optimistically, Saga token reached an all-time high of $8.99 on its listing day on Binance. As seen after its listing in March 2024, the upcoming bull market potential may reach the psychological threshold of $10.
NOT
Notcoin has a market capitalization of $845 million and is an emerging gaming cryptocurrency based on the TON network. Currently, the NOT token is trading at $0.008256, with a 24-hour increase of 8.51%. Despite recent controversies following the arrest of the Telegram CEO, this gaming cryptocurrency has still risen by nearly 12% over the past week.
Nevertheless, Notcoin’s bullish recovery indicates that the upward cycle is challenging the resistance trend line of a descending wedge pattern. NOT displays intraday candlestick patterns, with prices retreating from the psychological level of $0.010.
With increasing breakout opportunities, the cryptocurrency may reclaim the $0.002 level. Furthermore, based on Fibonacci levels, the optimistic target for NOT is $0.03234, nearly tripling the return.