Bulls Are Already Around The Corner: Bitcoin Is Preparing For A Breakthrough
The lethargic state of Bitcoin has become a key topic of discussion over the past two months. But now the tone of the conversation within the crypto community has changed: many investors and traders are increasingly talking about the approach of the Bitcoin rally, which will lead the entire crypto market forward. What are the arguments in favor of this forecast?
Bulls are determined to win
The Bitcoin consolidation phase is already approaching its logical conclusion and will become a solid foundation for the growth of Bitcoin prices in the coming days. The trap Bitcoin found itself in has become an obstacle for many investors, so now is the ideal time to make a breakthrough and finally will say goodbye to the price range of $9,000. This assumption was put forward by a large investor Raoul Pal, who has long been following the Bitcoin price movement and the development of the crypto market as a whole.
The macro investor believes that Bitcoin has accumulated considerable technical strength in two months of “price downtime” to jump up. The bulls are already preparing to lead Bitcoin forward, as they failed to do this immediately after the third halving. A positive signal for the activation of the bulls is the growth of optimism in the stock markets, which run counter to the accumulation of the situation, which is associated with the emergence of new outbreaks of the pandemic.
“The Bitcoin rally is already very close. Bitcoin is ready to say goodbye to the current side trend and jump up. I’m sure many crypto enthusiasts will be surprised how far Bitcoin can go after a two-month stagnation. ”
Over the past 24 hours, the growth of Bitcoin amounted to 1%, and now the crypto asset is trading at $9,300. Despite a slight bounce forward, cryptanalysts see this as signs of increased bullish momentum.
How can a Bitcoin breakthrough affect altcoins?
Macro-investor Raoul Pal believes that the growth of the flagship cryptocurrency will positively affect the market condition of altcoins. He convinces that crypto rally is a matter that will be resolved in a few weeks, so already in July, we can see a leap up in many positions.
In particular, some of the altcoins have already received the first bullish signals. Dogecoin in just 24 hours has grown in price by 100%. But many analysts focused on Ethereum because, after the BTC breakthrough, this crypto asset almost always showed consolidation with the flagship crypto. Raoul Pal noted:
“Ethereum can take-off during a crypto rally and show incredible strength, like a crypto asset. I look forward to setting a new high for the price of Ethereum. ”
Thus, in the opinion of large investors, shortly, we can become witnesses to the rapid rally of the crypto market. It remains to hope that the bulls will play long to set new highs for Bitcoin and other cryptocurrencies.