Over the past day, bitcoin has risen in price by 8%, the cryptocurrency rate again exceeded $ 53.6 thousand. The price of the asset began to rise sharply after on the night of April 26, it updated the local minimum at around $ 56.9 thousand. Altcoins also showed growth over the past 24 hours, and the total market capitalization has risen above $ 2 trillion, writes RBC Crypto.
It is important that at night the bitcoin rate did not fall below $ 46.9 thousand, which could mean a deeper correction, said Nikita Zuborev, senior analyst at Bestchange.ru. According to him, the first positive signal was the consolidation of the cryptocurrency above $ 51 thousand, now the nearest targets for the asset are $ 53.9 thousand and $ 55.4 thousand, from which local rollbacks are possible.
“It is too early to talk about the end of the correction, but the risks of its strengthening are minimal. It will be possible to talk about stopping the fall when bitcoin consolidates above $ 55 thousand, ”Zuborev explained.
He advised to consider such corrections as a buying opportunity, as the market is still moving in an upward channel. The weekend showed that there is still unrealized demand for digital assets, added Janis Kivkulis, lead strategist at EXANTE. He recommended that significant attention be paid to what is happening in the traditional market.
“New statements from the Fed with hints of a reduction in stimulus, or any news about a significant increase in taxes can very easily provoke a correction in the stock market, along with which cryptocurrencies will fall,” – said the strategist.
Today it will become clear in what range the bitcoin price will move this week, said Vladimir Smetanin, CEO of the financial company Newcent. According to him, if the cryptocurrency rises above $ 54-55 thousand, then, most likely, in the coming days it will reach $ 57-58 thousand, otherwise it will begin to decline. The expert called it unlikely that the price of bitcoin will return to $ 60 thousand in the next 7 days.
What will happen to altcoins
This week, new price highs for altcoins are possible, as they demonstrate greater performance than Bitcoin, Zuborev noted. He advised to pay attention to projects Maker, VeChain, EOS and Stellar. Also, among the most promising tokens until the end of April, the expert singled out Ethereum, Binance Coin, Cardano and Uniswap.
Kivkulis also advised to follow Ethereum. Also, in his opinion, the price of Dogecoin may rise. The strategist warned that there is always a chance for a sudden turn in the negative direction. However, until now the market has shown that it has a margin of safety, and also demonstrates attempts to return to growth, the expert explained. In his opinion, if no force majeure events occur in the near future, digital currencies may try to renew historical highs again.
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