Bitcoin jumped 7.61% – trading at $21,972 and Ethereum 6.80% to $1,251 in the last 24 hours as the crypto market rebounded. Over the past seven days, BTC surged 8.33% while Ether gained nearly 15%.
The altcoins are in the green light with much-needed significant gains. Wrapped Bitcoin and XRP are trading at 7.50%, and Polkadot is up by 5.66%. Solana gained 4.09% and Cardano 4.46%. The meme coins have also recorded significant gains – Shiba Inu 7.78% and Dogecoin 4.47%.
Jamie Cox, Harris Financial Group Managing Partner, is hopeful that the continuation of this trend could result in financial conditions that are tight enough to allow the Fed to throttle back on the scale of rate increases. Roman, a crypto analyst, says many are becoming euphoric and bullish. He highlighted that there have been repeated similar candle patterns for the past eight months. Other analysts believe BTC’s price is still down. Gilberto, a Twitter user, outlined that the popular cryptocurrency is bullish above $23k, for now, the daily trend is still downwards. The worst-case scenario is that Bitcoin could bottom near $12,000.
Crypto Tony feels the uptrend is not the start of the next impulse. There would be significant upward movement in 2023 and a new bull run peak until 2024 – 2025. He said Bitcoin is already positioned at $22,000 – $24,000 and a likely drop in the range $17,000 – $15,000.
Some analysts say the pain trade is not over and cautioned investors not to jump on everything that moves to the upside. They believe some unwinding of the bearish elastic band is underway, meaning that Bitcoin can move higher and make gains. This would pull the Relative Strength Index (RSI) out of oversold and encourage bulls to pull the trigger.
Meanwhile, there are forecasts for BTC to make a perfect swing trade.
