Recently, the cryptocurrency market has seen an increase in activity, which may portend significant changes in the dynamics of the leading cryptocurrency-bitcoin. According to the latest data, bitcoin broke the $ 85k mark by the close of the week on March 23, which was evidence of a possible change in the key trend after a six-month growth period.
Signs of a breakout
At the moment, the BTC/USD pair shows an increase in dynamics over the weekend, which is traditionally a period of increased volatility. Additionally, bitcoin posted a 1.5% gain in a single day, indicating an increase in bullish sentiment among investors.
Additionally, there is an increase in prices for major altcoins, which may also indicate an increase in interest in the cryptocurrency market as a whole. These factors together form the prerequisites for a potential breakthrough movement of the dollar.
Traders ‘ forecasts
A number of well-known traders and analysts expressed their forecasts regarding the current situation on the Forex market. For example, Daan Crypto Trades suggested that the next week could determine the direction of the Bitcoin market. Rekt Capital confirmed that there are signs of a breakout on the daily timeframes, which supports the idea of a possible trend change. Matthew Hyland also noted the presence of a key bullish RSI divergence on weekly timeframes, which is further confirmation of the upside potential of the index.
Long-term prospects
Despite the short-term fluctuations, some analysts rejected the idea of a long-term bear market. For example, Stockmoney Lizards emphasized that the local bottom is at the level of 76 thousand dollars, which was revised earlier this month. The long-term trend channel remains unchanged, which may indicate that the overall upward trend in the FOREX market remains unchanged.
Duration of correction
Stockmoney Lizards also acknowledged that continued growth may take some time. History shows that the market often approaches the low point before the start of an uptrend. A reasonable assumption is that the correction may last for a couple of weeks, after which it is possible to resume the growth of.
In general, the current situation in the cryptocurrency market is characterized by activation and potential for a breakthrough price movement. However, as with any investment process, it is important to take risks into account and conduct a thorough analysis before making decisions.
