Solar 26 Might 2024 ▪
3
min of studying ▪ by
Bitcoin not too long ago crossed an important threshold by surpassing $69,000. This development, supported by a collection of optimistic information, comes after a protracted interval of consolidation. Because the queen of cryptos appears to be gearing up for brand spanking new bullish makes an attempt, this latest rise raises questions on its sustainability and the accompanying dangers.
Bitcoin Bounces Again
Bitcoin’s price reached $69,000, a big milestone that comes after a collection of makes an attempt to interrupt out of its long-standing consolidation. This rise was supported by a collection of optimistic information all through the week.
Regardless of this surge, market volatility stays palpable. Bitcoin seems to be getting ready for one more bullish try after a slight drop of three to 4 days. Traders stay attentive, able to react based mostly on closures above the important thing stage of $67,900.
The state of affairs of altcoins stays comparatively steady, with some notable performances. Ethereum, the most important altcoin by market capitalization, noticed its worth improve by 20% in per week, surpassing $3,700. Among the many high 100 cryptocurrencies, PEPE Coin stood out with an increase of over 57%, reaching a brand new all-time excessive. Conversely, some altcoins like AR, AKT, FTM, JUP, ORDI, and TRX recorded drops starting from 7% to 14%.
Bitcoin Out of the “Hazard Zone,” However For How Lengthy?
In keeping with Rekt Capital, a famend crypto analyst, Bitcoin has not too long ago escaped what he calls the “post-halving hazard zone,” a crucial interval the place the cryptocurrency tends to expertise important drops after the halving of mining rewards. Rekt Capital explains that, though this hazard section has handed, Bitcoin might nonetheless expertise a correction of round 13% from its present worth. “Because the finish of the post-halving hazard zone, Bitcoin reached $71,500. Nevertheless, this stage represents important resistance within the macro reaccumulation vary, resulting in a worth rejection,” he explains.
The analyst factors out that, traditionally, Bitcoin at all times rejects the primary breakout try after a halving. This reaccumulation section might last as long as 160 days after the halving, which suggests the cryptocurrency may not cross the $70,000 threshold earlier than September 2024. “Consolidation ought to proceed for a number of weeks, oscillating between $60,000 and $70,000,” provides Rekt Capital.
Whereas historical past reveals that the trail to new highs is fraught with obstacles, Bitcoin’s latest rise to $69,000 and its exit from the post-halving “danger zone” are encouraging developments. Nonetheless, warning is warranted!
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Diplômé de Sciences Po Toulouse et titulaire d’une certification advisor blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse goal de l’actualité, de décrypter les tendances du marché, de relayer les dernières improvements technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, ideas, and opinions expressed on this article belong solely to the writer, and shouldn’t be taken as funding recommendation. Do your personal analysis earlier than taking any funding selections.
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