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Bitcoin is teetering on another all-time high (ATH) as it crosses $70K for the first time in over one month.  Currently trading at $70.9K, market participants are stoked about the potential for another widespread crypto bull market rally. Bitcoin’s Momentum to Ignite the Next Crypto Rally With liquidity flowing back into risk-on crypto assets, analysts anticipate the market’s next leg-up is looming. At its current price of $71.1K, Bitcoin has soared 6.7% today, 13.9% this week, and 9.2% this month. It holds a $1.4 trillion market cap and a $50 billion 24-hour trading volume, up 146% today. Analyst RV Crypto noted Bitcoin’s accelerating momentum in a recent tweet, speculating that altcoins are poised to “go parabolic” as a result. In an earlier tweet, the analyst labelled the past month’s selloff as a “bear trap” and speculated that it may have marked the lowest prices until the next bear market. “I hope you didn’t fall for the bear trap. That was potentially the lowest price until 2025. Instead of adding more, many people got scared and (sold/stayed) sidelined,” he wrote. Meanwhile, well-known trader Captain Faibik noted that Bitcoin has broken out from a descending channel. This pattern is deemed bullish and often marks the beginning of a trend reversal to the upside. Based on the analyst’s prediction, Bitcoin could advance toward $86K in the coming weeks. While this is indeed bullish for the market leader, it could prove even more beneficial for altcoins. Market commentator Max Schwartzman noted that while Bitcoin’s price is rising, Bitcoin dominance is falling. Bitcoin dominance measures Bitcoin’s market share, so a falling dominance suggests altcoins are gaining strength. “Altcoins will moon. Sit on your hands and ride this. You earned it by holding through the recent price action. The best is yet to come,” he said…

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Filed under: News - @ May 22, 2024 5:26 am