Will crypto continue to rise? What’s Next for Bitcoin and Altcoins?
With a jump of 9.48% in the last 24 hours and a trading volume of $127.225 billion, the price of Bitcoin hit a new high of $89,604.50 during the first Asian trading hours.
Following this, the cryptocurrency market hit a new high of $3.10 trillion. Will BTC price head towards $100k as bullishness grows in the crypto space? Also, what's next for the altcoin market? We have covered short term opportunities in this article!
Bitcoin Price Reaches New ATH!
BTC price has recorded a silver candlestick for seven consecutive days. This price made it retry $90k for the first time. Moreover, with the recent price pump, Bitcoin is now the 08th most valuable asset in the market.
Moving Average Convergence Divergence (MACD) shows a steady increase in the green histogram. This indicates an increase in buying sentiment for crypto tokens in the market.
Additionally, the SMA indicator supports the Bitcoin price chart in the 1D time frame. This indicates that the price will continue to gain value in the next period.
Impact on the Altcoin Market!
Along with currency market sentiments, the altcoin market has experienced similar price action to higher signals, registering double-digit gains in a short period of time. In particular, altcoins such as Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and Cardano (ADA) have made significant gains over the past week.
With the price of Ethereum retesting the $3.4k mark, the crypto market may soon experience an altcoin market season.
Will BTC hit $100k this week?
If the bulls continue to rally, Bitcoin price will retest the $90,000 mark this week. Sustaining the price above that level could pave the way for the star crypto to head towards the target price of $100,000 in the near future.
Conversely, if the bear recovers, BTC price will retest the $80,000 support level. Moreover, if the bears dominate the crypto space, it may drop to its lowest support level of $73,000 this month.
Read our Bitcoin (BTC) Price Forecast 2024 – 2030 to understand the long-term prospects of the largest cryptocurrency in market value!
Questions to be asked
As it may rise, the price of BTC may reach the $350,000 mark by 2030.
Approximately 18.9 million BTCs are currently being mined. This means that there are now only 2.1 million bitcoins left.
Hoping that Donald Trump will support cryptocurrencies upon his return to the White House, the price of BTC surged more than 33% after his victory.
