Bitcoin, the top cryptocurrency of the market has performed above the expectation for over several weeks now. Currently, it is leading the crypto market by approaching $8,000 resistance level, further enabling other altcoins to surge.
Now crypto analysts have started sharing their views on the leading cryptocurrency and expect that Bitcoin has the ability to reach at $10,000 level in coming days, further believes it to be an important technical movement for Bitcoin.
Bitcoin is boosting its performance day after day; other altcoins failed to compete better than Bitcoin ever since it started surging in 2019. Regardless of this fact, one of the analysts shared his opinion saying, the other altcoins are also preparing itself to surge, and it could be due to Bitcoin strength.
Bitcoin Upward Movement
Bitcoin traders have noticed an upward trend in the previous week. Bitcoin successfully managed to reach $8,000 level and jumped from its previous level of $7,250. There were slight variations in its price within a week, starting climbing up from $6,800 to $8,300 before falling down back again to $7,000 mark.
Bitcoin, when it traded above 8 percent its price was $7,960, and this made altcoins to surge namely, Ethereum trading below 7 percent and its price is 4255, while XRP is trading well and near to 8 percent, valued at $0.40, Bitcoin Cash is also climbing up by 13 percent, valued at $410.
The crypto market opinions now having a positive approach due to recent continues upward trend of Bitcoin, and most of the crypto traders and analysts are now sharing bullish crypto views.
Joseph Young, a notable person within the crypto world, informed his followers that Bitcoin’s rapid surge to $8,000, is positive news to the market.
“Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations. Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.”
Observing over the 90 days, Bitcoin has jumped by 100 percent, and Ethereum and XRP also up by 72 percent and 20.5 percent respectively.
By looking at this data, it makes clear that altcoins are further going to surge in the days to come and may happen when bitcoin discovers a greater opportunity and starts creating a strong model.
The Cryptomist, a leading crypto analyst on Twitter, talked about the current opportunity in the latest tweet, mentioning that the big altcoins trend might be noticed at the end of May.
“BTC Flagged from on 4hr timeframe. I expect this to be broken by the end of this month, so approx. 29th May. Support low as 7.2, resistance high as 8080 regions”.
She further stated that if Bitcoin continues to maintain this upward trend till the end of May, then I hope altcoins will make a run.
Another leading cryptoanalyst, Crypto Rand, took over Twitter to inform that he hoped this upwards trend would help the cryptocurrency to reach 2019’s peak level of $10,000.