Bitcoin Price an Inch Away from Price Discovery
Bitcoin price, currently heading strongly towards its peak by smashing all the upper barriers, despite a healthy pullback. The price is very close to form a new all-time high above $61,000, aiming high above $70,000 by the end of this month.
Numerous green candles boosted the price to the current levels, however, slight pullbacks also were noted. The major contributor for the current bull run that fueled up the price by adding nearly $2000 is the liquidation of shorts.As per reports, more than $550 million bitcoin shorts were liquidated which assisted the price to rally close to $61,000.
Moreover, the rally is likely to hit more highs as predicted by a Bitcoiner, ChartsBTC. The analyst came up with an interesting analysis that compared the BTC price movement of the previous bull run to that of the current one.
#bitcoin cycle bottom index – It's remarkable how similar the current cycle (white) is to the prior cycle (red). If this continues, it implies a peak of $350k with a drawdown back a price similar to today. Unlikely but who knows? pic.twitter.com/jLOUJfdlGa
— ChartsBTC (@ChartsBtc) April 10, 2021
And according to the comparison, bitcoin is following a similar path to that of the previous bull run of 2015. Where-in the price rallied more than 112 times in more than 1000 days. If a similar price surge is witnessed during the current rally, then Bitcoin may probably be priced above $350K by the end of the bull run. However, a pull back is also expected post to the uptrend!
How will Bitcoin Smashing ATH Impact on Altcoins?
Majority of altcoins have already gained momentum as the top 100 cryptos are a ‘billion dollar asset’. However, the market cap is calculated by pairing the altcoins with USD. But if Bitcoin smashes its peak, then the altcoins paired with BTC will also get stronger.
And therefore, as predicted by analysts, cevo, most of the altcoins are expected to make new highs amid the bitcoin bull run!
90% of the alts will likely retrace on btc pairs when #bitcoin makes a new high. It's just temporary. Alts will make a new high after btc.
If you have very low entries, the best thing you can do is hodl. But wait for btc to cooldown if you want to trade alts on btc pairs. https://t.co/XLCTFfz3TV
— cevo (@cryptocevo) April 10, 2021