Investors take refuge in cryptocurrencies: Bitcoin had another abrupt jump

Investors take refuge in cryptocurrencies: Bitcoin had another abrupt jump

After a low start to the week and yesterday’s euphoria, the Cryptocurrencies remain at firm levels, with highs since the middle of last year.

He Bitcoin It had a sudden jump this Thursday, March 30, which took it to close to US$30,000, a value that could be key if it manages to become a new support price. But then it moderated back to around $28,600.

For his part, Ethereum remains close to $1,800.

Investors seem to seek refuge in cryptocurrencies when the tremors that caused the financial crisis of the banks in recent weeks have not yet finished.

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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