Bitcoin’s brief movement above $19k, calms the market just a bit, as most cryptocurrencies turn green.
In a recent upwards movement, Bitcoin surpassed $20k, during the night hours of July 4th. As an impact the entire market is turned green. As currently every single crypto coin among the top 10 is up in the past 24-hours.
With a 1.76% increase during the day, crypto’s global market cap has risen to $893.26 billion. During the past 24-hours crypto market volume is $61.81 billion, up 55% over the day.
Currently trading at $19.3k Bitcoin is up 1.5% in the day. However, the premier cryptocurrency is still down by 6% over the week and 33% over the month.
According to a well known crypto analyst, Michael van de Poppe, if the Bitcoin remains above $20k, there is a chance of the coin reaching $23k. Sharing a chart Poppe tweeted:
“Bullish divergence on the daily timeframe for Bitcoin on the CME futures. Flipping $20K and we’ll be good to go towards $23K and the summer relief rally. Finally.”
Bullish divergence on the daily timeframe for #Bitcoin on the CME futures.
Flipping $20K and we’ll be good to go towards $23K and the summer relief rally.
— Michaël van de Poppe (@CryptoMichNL) July 4, 2022
Another crypto analyst anonymously named ‘Crypto Rover’ tweeted a chart promoting the sentiment that Bitcoin is turning bullish.
As ever, crypto enthusiasts are making far fetched predictions with very little research I.e. The coin entered 2023 at $35k and 2024 at a whopping $450k.
Now, these kinds of projections are nothing but products of people’s wishful thinking. Back in 2021, even the most modest of crypto analysts had projected Bitcoin reaching $100k by the end of the year. But obviously it does not come true.
At the moment reality however is that Bitcoin is down 71% from the all time high of $68.7k. Before Bitcoin moves any further, it must first surpass key psychological levels I.e. $30k, 40k and ahead.