After a low start to the week, everything is euphoric this Wednesday, March 29 for the cryptocurrencies. Bitcoin and Ethereum, the two with the highest market value, have been trading at highs since June and August 2022, respectively.
In the last few hours, the bitcoin almost 5% and surpassed the barrier of US$28,000. So far in March, the queen of cryptocurrencies accumulates gains of 14% and in the year more than 60%.
For his part, Ethereum broke the resistance of $1,800. It is its maximum since August of last year.
What will happen to the price of Bitcoin and Ethereum?
The gurus foresee that both Bitcoin and the rest of the cryptocurrencies are entering a bullish cycle, although it is still premature to think that the so-called “crypto winter” has passed.
The popular trader and analyst Rekt Capital considered in the last few hours that the cryptocurrency market is about to leave its problems behind and is about to enter a bullish cycle.
“Next Saturday, the BTC monthly candle will have closed above the downtrend macro to confirm a new bull market,” Rekt Capital commented. For now, Bitcoin finds resistance to take $28,000 as support.
Fausto Botelho, a trader and financial analyst with more than 40 years of experience in the market, spoke to BeInCrypto during Bitconf 2023, saying that the market is “about to see Bitcoin break free from the shackles of the traditional market.” In his opinion, a major global economic crisis could be the catalyst for this separation.
For his part, the CEO and founder of the investment firm Capriole, Charles Edwards, has described the behavior of the Bitcoin price this year as a “bump & run” reversal and considered that it could shoot up to the u$ $100,000.
“The bottom of a bump-and-run reversal is a bullish reversal pattern that begins with a series of descending peaks. Excessive speculation drives prices down to extreme lows,” explained the Cointelegraph portal. “The price action then reverses the direction to the upside and marks the end of the downtrend,” he added.
Source: Ambito
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