Bitcoin, Ethereum, Cardano and Solana Fly High As Crypto Markets Show New Vigor
The crypto market is making a bullish reversal this week. The red lights are being replaced with green as Bitcoin and altcoins recover. At the time of this writing, many altcoins are up over 5%. Bitcoin, although still recording gains, is moving at a slower pace. Regardless, market analysts are excited for the week ahead.
Bitcoin climbs $49,999, poised to finish the week strongly
After Bitcoin S2F model founder PlanB recently asserted that Christmas will see Bitcoin at $100,000, other proponents have aired similar sentiments, with Kraken’s Dan Held tweeting “Bitcoin airlines preparing for departure to $100K! Did you get your seat?.”
With Bitcoin crossing $49,000, the crypto asset is on the right path to revisiting the nearest resistance. This was noted by analyst “Rekt Capital” who, while closely following the market, revealed where he thinks Bitcoin’s price is headed in the following week.
“BTC is enjoying a nice bounce after successfully retesting the top of this previous breakout triangle. And while $BTC wasn’t able to Daily Close above the high $47000s yesterday. Perhaps today will be that day. That’s what’s needed for a revisit of red above.”
In the last 48 hours, Bitcoin did revisit the red area in the above chart, after retesting the previous breakout triangle. Keep in mind that Bitcoin has successfully retested major support areas for three weeks in a row. However, in order to enjoy further upside, the dominant cryptocurrency must close above the immediate red resistance area in the chart below.
“If BTC is able to stay above the $49000 level for the rest of the week. It would set itself up for a phenomenal Weekly Close.”
Ether, Cardano, and Solana bulls are up and running
Ether being one of the best performing altcoins at this time, analysts reckon it is well on its way to hitting new highs. Collective sentiments maintain the altcoin has a chance at retesting its all-time high of $4,362 from May 12 this month. At press time prices are settled at $3,957.
ADA and SOL have also led the altcoin market’s recent shakeout, with ADA losing more than 2% after hitting a price high of $3.10. However, ADA bulls are looking ready to retest resistance, as bulls sustain prices above $2.99.
Solana (SOL) has also been one of the weekend’s highest gainers. At this time the asset has seen gains cross 30%, as prices are very close to surpassing $150.
Both assets are also seeing a rise in investment from institutions. Digital asset investment products saw Solana (SOL) and Cardano (ADA) as most favored.