Altcoins Have Entered A Rally Phase, While Bitcoin May Decline Again: Cryptanalyst Analysis
In the cryptocurrency market, for the past few days, bullish impulses have been steadily held. Among the altcoins, Ethereum significantly advanced. Over the past day, the price of this token has increased by 20%.
Bitcoin also went into the growth phase: its value increased by 10%. The upward movement positively affected the market behavior of other cryptocurrencies. In particular, this has become a driver for many tokens that have already managed to overcome the upper level of resistance. trading volume in the cryptocurrency market is now estimated at $200 billion.
As of today, the price of Ethereum is $160; XRP is trading for just above $0.20. Bitcoin was also able to bounce off the bottom and holds the value at $7,200. Traders note that now the flagship cryptocurrency is at critical levels of resistance. If bullish impulses increase in the future, accordingly, we can expect an increase in the cryptocurrency rate.
If a new maximum of the upper resistance level is set, there is a high probability that cryptocurrency will be able to raise the lower resistance level. In this case, an uptrend will prevail in the cryptocurrency market. In particular, the optimal level of support for Bitcoin is $7,100, for Ethereum – $160.
Some cryptanalysts believe that Bitcoin may again fall to the level of $5,600 shortly. This will negatively affect the market condition of altcoins and as a result, they will again fall to critical lows.
Bitcoin could fall to $5,600
In particular, forecasts about a possible fall of Bitcoin in the next few weeks are supported by cryptanalyst Michaël. He believes that the flagship cryptocurrency has not yet strengthened its position after the collapse in March to $ 3,800 and is now in uncertain condition. On Twitter, Michaël posted a chart that demonstrates the risk of Bitcoin price declines. He noted the following:
In support of the forecasts of the cryptanalyst Michaël, a reduction in Bitcoin mining volumes is advocated. The market behavior of Bitcoin can also be affected by whales, which can resort to manipulations in the cryptocurrency market. If Michaël’s predictions come true, Bitcoin could reach a serious fall.