Editor’s Note: We’re well past the peak of inflation and now nearing the Federal Reserve’s goal of 2% year-over-year inflation. The Fed has noticed too, and they’ve not only cut interest rates, but they just committed to the largest interest rate cut since 2007.

These are obviously big and important changes to the macro-economic backdrop for the entire economy. However, these are particularly important changes for the crypto market. In fact, the impact of these changes is pretty apparent and visible in the crypto market. Let’s take a deep dive into the state of crypto today…and what’s in store for the rest of 2024 and into 2025.

Crypto Prices Are Up

All across the board crypto prices are up compared to before the 50 basis points rate hike earlier this month. We’ll get into those changes as well as dive deep into Bitcoin in a moment.

Over the past months, we’ve delved into the complexities of the crypto world together. My aim has been to help you navigate the ups and downs, and better understand what truly drives the market.

Hopefully, through these sessions, you’ve gained insights into the excitement and depth of the crypto space. Though the summer has been slow, things are now looking up, and I can confidently say that we’re entering an important turning point.

As my final episode, let’s jump straight into the charts and review where things stand in the crypto market today. Catch my full analysis in the video below or continue on to read my summarization.

Bitcoin on the Verge of a Major Breakout

Ever since the Federal Reserve announced its largest interest rate cut since 2007 — a 50 basis point reduction on September 18th — Bitcoin has rallied. We saw a significant price jump, with Bitcoin moving from $58,000 to just under $65,000 in a matter of days, marking an 11% increase.

Currently, Bitcoin is sitting at a critical juncture. As of today, it’s testing the key resistance level of $65,000. This is a level that I’ve been talking about for the past week, and breaking it could signify a monumental shift in the entire crypto market.

Why is this important? If Bitcoin holds above $65,000, we will witness a higher high, surpassing the August peak. This would effectively end the downtrend that began back in March, and confirm that the recent low set in early September was, in fact, a higher low. What this signals is the start of a new uptrend and a positive confirmation that the crypto price correction that started in March is behind us.

In simpler terms, a confirmed breakout above $65,000 could propel Bitcoin towards $73,000 and beyond, potentially setting a new all-time high. This rally may take days, weeks, or months, but I don’t believe it’ll be too long before we see some significant upward momentum.

Of course this doesn’t mean that we’re heading straight for new all time highs. BTC may need to cool off after this push. The key is whether or not Bitcoin can flip $65,000 from resistance to support.

Bitcoin’s breakthrough won’t just affect its own price. Altcoins, which have been struggling, could start to recover in a big way. Many altcoins hit fresh lows in July, August, and even early September, but have shown some signs of life recently. Once Bitcoin firmly breaks $65,000, it will open the floodgates for altcoins to rally as well.

Take Aave, for example. Over the past few weeks, I’ve brought up Aave a ton, and for good reason. AAVE has been flat out crushing it lately. However, now it has been hovering around the $165 resistance level for the past week.

When Bitcoin confirms the end of its downtrend, I expect Aave to break through $165 and head towards $200 and potentially hit $250. And Aave isn’t alone — several other altcoins are showing similar setups, ready to move once Bitcoin leads the charge.

The $65,000 Level: A Clear Bullish Signal

I’ve spent a lot of time in this series discussing key price levels, but none are as significant as the $65,000 threshold for Bitcoin. If it breaks through and stays above this level, it’s a clear bullish signal for the entire market.

This is as close to a binary outcome as it gets in technical analysis. Either we see a bullish breakout, or we return to testing lower levels. But I believe in the former — that we are about to enter the next leg of the Bitcoin bull market.

Crypto recoveries are rarely slow. Especially mid bull market recoveries. They tend to be sharp, V-shaped bounces. This isn’t the end of a bear market; this is the end of a mid-bull market correction. And once we break through this resistance, I expect the recovery to be fast and explosive.

I’m filled with optimism for the crypto market. We’ve endured a summer slowdown, but I truly believe it ends now. We’re on the cusp of something exciting: the next chapter of the crypto bull market. We’re now right on the cusp of confirming the next stage of what I expect to be a very exciting crypto bull market.

While nothing is guaranteed in this volatile market, all the signs are pointing to an exciting future. I hope you continue to stay engaged and excited about crypto, because the best is yet to come.

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This article previously appeared on Investing Daily.