The cryptocurrency market appears to be preparing to rally again, as Bitcoin (BTC) has flirted with the $ 60,000 mark for almost a week now. However, despite its optimistic outlook, the major cryptocurrency failed to deviate from the aforementioned price range with any conviction, despite having been breached once, albeit for a short period.
However, analysts like Philbfilb, co-founder of the DecenTrader trading package, and Willie Wu believe that Bitcoin appears to be targeting big things in the near future, with a massive initial public offering on Coinbase, especially as the leading cryptocurrencies continue to post seven gains today on more than 13%. …
In this regard, Philbfilb recently stated: “We can see increased volatility around this time period on April 14th. I really think we are on the verge of making a strong breakout.” Later he also indicated that bears are still in the game so the volatility can’t just go up. .
Likewise, Wu believes Bitcoin will continue to rally at least for a while before the old holders dump their assets to make a decent profit. Not only that, regardless of what may happen in the future, Wu believes Bitcoin will not be closing below $ 46,400 anytime soon.
So where is the market going next?
Payment giant Visa recently announced that it will allow users to complete cryptocurrency transactions using a U.S. dollar stable currency (USDC), an ERC-20 token powered by the Ethereum blockchain. Many consider the news to be another indication that the cryptocurrency is now a focus of many major players.
Additionally, just a few days ago, PayPal announced that it would allow its customers to facilitate commercial transactions on its 30 million trading network using a variety of cryptocurrencies, including BTC, Ether (ETH) and Litecoin. (LTC) and Bitcoin Cash (BCH).
Regarding whether the market is moving in line with the price action and where BTC can find support next time, independent analyst CryptoYoda told Cointelegraph that he believes there will be more acceleration and steeper parabolic combinations that are likely to be seen. In the near future by adding:
“I don’t think a score of 65-73K will have any meaningful value. I see the 100-120K area as an interesting next price zone. This is really the point of no return. I don’t think the cryptocurrency can be stopped here – especially in the coming weeks and months, everything It will be greatly appreciated, which will generate a lot of interest and awareness of this space. ”
Likewise, Anthony Trenchchev, CEO of cryptocurrency platform Nexo, believes that Bitcoin is entering a growth phase in its four-year business cycle, especially as the global economy begins to recover from the pandemic.
He added that announcements regarding the merger of Visa and PayPal with the cryptocurrency indicate further upside is expected. According to Trehnchev: “Any violations on the road in 2021 will not lead to a significant drop in BTC – it will return again to the next stop in price, and I would say it is about 75 thousand dollars.” He also expected to enter the six-digit range soon after.
Finally, Ben Zhou, CEO of cryptocurrency exchange Bybit, told Cointelegraph that $ 73,000 is the Fibonacci level to watch out for if BTC is to have net storage above $ 60,000. However, he believes that some announcements in the spirit of Visa, PayPal, Goldman Sachs and Teletubbies news could be a catalyst for the market to make a clean shift above the aforementioned price threshold.
Is Bitcoin at that point without a comeback?
With so much corporate activity going on in space at the moment, many believe that the industry has matured enough to reach the point of no return, so most people are now starting to wake up to the technological proposals presented by the cryptocurrency rather than just learning about the potential for profit in the short term. .
For example, Todd Crossland, CEO of cryptocurrency exchange CoinZoom, believes that the heavy adoption of Bitcoin and other digital assets is just beginning, adding: “All companies in the world are either already adopting Bitcoin or are exploring strategies for how to do so. Join the movement.”
According to him, since many of the largest companies in the world are buying Bitcoin as part of their government bonds, and also accepting Bitcoin as part of their e-commerce solutions, there will be a growing upward trend. “We see a very clear path for Bitcoin to reach $ 100,000 by the end of 2021,” says Crossland.