Bitcoin rose more than 10% in a day, and the crypto market sounded the bull market horn

According to Bitpush data, Bitcoin, the cryptocurrency with the largest market value, rose by more than 10% on Wednesday, breaking through $8,600. Other major cryptocurrencies also saw encouraging growth.

The current price of Bitcoin has reached its highest point since early March. Several crypto analysts told Forbes that the halving of Bitcoin block rewards, which will take place in two weeks, is an important factor driving up market prices.

Denis Vinokourov, head of research at London-based digital asset firm Bequant, said: “With less than two weeks until the much-anticipated Bitcoin block reward halving, the market is ready for a breakout. However, the direction was not very clear before. At this stage, the bulls have the upper hand and key technical levels have been broken.”

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, said that the price of Bitcoin has been trying to break through the 150-day moving average over the past week and finally succeeded in breaking through the resistance level of $8,200 today.

He added, “Looking ahead, the next resistance level is between $8,700 and $9,000, and Bitcoin is likely to consolidate and retest the $8,000 support level before attempting a breakout.”

Michael Collett, co-founder and chief marketing officer of digital asset management platform Stack, said it was a “pivotal moment” after Bitcoin rebounded as the market recovered from its recent sharp drop in March.

He mentioned, “We should avoid the bears from putting too much resistance on the current trend, and we can expect prices to rise further because of the upcoming halving, which bulls see as an opportunity to buy Bitcoin at a low price. Bitcoin is currently moving towards the $9,000 mark. We may see Bitcoin continue to rise because its gains this year have surpassed the S&P 500, Shanghai Stock Exchange Index and Nikkei Index, and even gold.”

“Against the backdrop of overly loose monetary policy and unlimited economic stimulus in major economies, these gains are likely just the beginning,” Collett predicted. “Current monetary policy can only benefit Bitcoin in the long run, as fiat currencies will undoubtedly depreciate as a result.”

Image source: pixabay

AuthorXiu Mu

This article comes from bitpush.news. Reprinting must indicate the source.