On Tuesday, the price of Bitcoin (BTC) soared by 17 percent within 30 minutes. It reached the highest level in four months. The bulls gained ground against the bears and pushed the coin from $4,200 to $4,800 in a span of a few minutes.
Bitcoin broke the $4,200 resistance level after a long struggle. Technical indicators finally turned and allowed BTC to break through and go green. Bullish predictors like Alex Kruger, a global markets analyst, and an economist, had stated that once Bitcoin’s price goes above $4,200, it would mark the end of the bear market trend.
A Rolling Stone
If the reign of the bears is over, the next few days are bound to be interesting. Bitcoin is like a rolling stone, gaining speed. After breaching the resistances at $4,200, $4,300, $4,400 – all the way to $4,800, analysts predict that it could soar as high as $5,500 within the next few days.
Although it is pure speculation at this point, Bitcoin could either keep correcting upwards or retrace downwards. In the near-term, the $5,000 to $5,500 range looks like a reasonable price in the hot market.
Other Coins Follow Suit
In a legendary show of influence, Bitcoin’s good news also brings good news for most of the major altcoins. According to data from Coinmarketcap.com, 94 percent of the coins on the top 100 capitalization list are on the green.
This goes to show that plenty of money being injected into the market at the moment. It is a knee-jerk reaction. As Binance’s Changpeng Zhao states:
I guess this was true. Plenty of money ready to jump in, and in full FOMO mode.
Everyone will be in Crypto. Don’t get left behind! https://t.co/rfvRS7uhGK
— CZ Binance (@cz_binance) April 2, 2019
At the time of going to press, the biggest gainers were Enigma, Qubitica, Dogecoin, and IOST. These four coins and tokens saw their prices rise by more than 20% in the past 24 hours. Ethereum (ETH) rose by 6 percent, while Ripple (XRP) rose by 7%. Litecoin also made significant strides, rising by 10 percent.
Six coins which did more than $100 million volume in trades – Bitcoin, Ethereum, Binance, EOS, Ripple and Litecoin. These are surely good news all around. The market is getting warmed up for something akin to a wild ride!
Do you think Bitcoin will reach $5000 within the next 24 hours? Let us know in the comments section below!
Image Courtesy of CoinMarketCap