Bitcoin smashed through the $12,000 mark again a few hours ago and could mark the start of a fresh bull run.
Analysts say that Bitcoin could remain to increase in the long term, but that a correction is likely in the brief term.
BTC showed a plus of 2.18% in the last 24 hours. Bitcoin has been trending mainly sideways over the weekend, but the price broke through the $12,000 mark hours ago. The market capitalization has increased from $216 billion to nearly $220 billion and the Bitcoin dominance slightly to 60.7%.
Right now analysts are considering whether a new correction is coming or whether Bitcoin can initiate an additional upward trend. Josh Rager who is the Blockroot founder and Bitcoin trader tells on Twitter that Bitcoin has not shown a bigger weekly closing on the weekly chart since January 2018. With yesterday’s close of the week, Bitcoin marks a higher high on the weekly graph, but it does not rule out a potential correction. However, he is bullish for BTC and assumes the price to remain rising in the coming days.
The famous commodity and Bitcoin tradesman “Il Capo Of Crypto” is also bullish for Bitcoin, but he believes a correction to the $10,500 mark is necessary. Bitcoin has grown too quickly for its flavor, so another wave of big whale sales could follow. He encourages his followers to work with effectively set stop loss settings.
Though, “The Wolf Of All Streets”, says that Bitcoin must close up the $12,000 mark on the daily chart before BTC can begin on a further upward trend. Although the fundamentals look bullish in his view, he advises caution as whales could use some of their profits and pull out of the market.
A couple of days ago, Jonny Moe was asked whether Bitcoin can break through the $12,000 mark and thus achieve the bullish scenario. He told a few hours ago that BTC will remain to rise in his belief, as Bitcoin has even increased to $12,100 in the short term, thus defeating strong resistance.
Ethereum and XRP proceed to trend sideways without showing any significant value movements. The largest rallies are displayed by Chainlink with a price rise of 6.93% to $13.51 and Tezos from 9.34% to $3.67. Chainlink presumably rose to a new all-time high of $13.87 USD due to a small squeeze in the futures market. In the cause of Tezos, the great update to the Kiln application is assumed to be behind the price rise.
Number of Bitcoin addresses remains to increase
Companies could also be a factor in the popular trend. More and more institutional investors are joining the market. These involve companies that invest in Grayscale’s biggest crypto-fund worldwide, but also other heavyweights in the financial business.
Analyst Teddy has shared a graph that reveals that the number of addresses holding 1 Bitcoin or more has been increasing constantly.
This trend has resumed despite the sharp drop in price in March, also recognized as “Black Thursday“, as well as against the ongoing corona pandemic.
Smaller investors are joining the market as the adaptation remains to grow regularly according to Teddy. At the same time, Grayscale stated that it is beginning a TV campaign on cryptocurrencies on larger American TV channels.
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