The post Bitcoin News: BTC Price Might Surge 10% In Coming Days appeared first on Coinpedia Fintech News
The Bitcoin market has demonstrated stability above $30k over the past five days, indicating a higher likelihood of bullish momentum in the days to come. Additionally, the completion of a bullish six-month candle for Bitcoin is expected to initiate a bullish trend in the upcoming years. As Bitcoin trades around $30.3k during early New York market hours on Monday, the bulls face a final hurdle at approximately $31k to secure a new all-time high for this year.
Prominent crypto analyst, Captain Faibik (@CryptoFaibik) on Twitter, has projected that Bitcoin’s price is poised to rally towards $33k in the near future. The analyst has identified a bullish pennant formation on the 1-hour Bitcoin market chart, suggesting an imminent price surge. With positive fundamental factors, such as increased institutional investor demand and favorable crypto regulations, the analyst expects Bitcoin’s price to increase by around 10% from its current level.
Altcoin Market Signals Sell: As Bitcoin’s price prepares for further gains following its recent upward momentum, the altcoin market finds itself in a bearish state. The inflow of cash into crypto investment products is comparatively lower than during bull markets, indicating a challenging period for altcoins. Moreover, the total altcoin market cap has encountered a strong resistance level, potentially leading to further market capitulation in the upcoming weeks.
Optimism for Altcoins:
Nevertheless, experts believe that the altcoin industry will have its time to shine before the end of the year. They anticipate a scenario where Bitcoin’s market dominance could decrease below 50% again before next year’s halving event, allowing the altcoin market to flourish.
With Bitcoin displaying bullish momentum and a projected rally toward $33k, the market is poised for new heights. Altcoins, on the other hand, face a bearish outlook in the short term but hold the potential for recovery later in the year. Factors such as institutional interest and regulatory developments continue to shape the trajectory of the cryptocurrency market.