With a jump of 9.48% in the past 24 hours and a trading volume of $127.225 billion, the Bitcoin price has achieved a new all-time high of $89,604.50 during the early Asian trading hours.
Following this, the cryptocurrency market has recorded a new high of $3.10 Trillion. Amid increased bullish sentiment in the crypto space, will BTC price head toward $100k? Furthermore, what’s next for the altcoin market? In this article, we have covered the short-term possibilities!
The BTC price has recorded a bullish candle for seven consecutive days. This has resulted in its price retesting the $90k for the first time. Moreover, with the recent price pump, Bitcoin is now the 08th most valued asset in the market.
The Moving Average Convergence Divergence (MACD) displays a constant rise in the green histogram with its averages recording a steady uptrend. This highlights an increase in the buying sentiment for the crypto token in the market.
Further, the SMA indicator supports the Bitcoin price chart in the 1D time frame. This hints that the price may continue to gain value in the future.
With the currency market sentiments, the altcoin market has experienced a similar price action with top tokens recording a double-digit surge within a short period. Notably, altcoins such as Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have recorded exponential growth over the past week.
With Ethereum price retesting the $3.4k mark, the crypto market may soon experience an altcoin market season with top cryptocurrencies heading toward their new all-time highs (ATH).
If the bulls continue gaining momentum, the Bitcoin price will retest its $90,000 mark this week. Maintaining the price above that level could set the stage for the star crypto to head toward its target price of $100,000 in the future.
Conversely, if the bears regain momentum, the BTC price will retest its support level of $80,000. Moreover, if the bears dominate the crypto space, it may further plunge toward its lower support level of $73,000 this month.
To understand the long-term possibilities of the largest cryptocurrency by market cap, Read, our Bitcoin (BTC) Price Prediction 2024 – 2030!
With a potential surge, the BTC price may achieve the $350,000 mark by 2030.
Approximately, 18.9 million BTCs are now mined. This means only 2.1 million Bitcoins are now remaining.
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