The price of Bitcoin has just surged strongly, opening up new bull market prospects with many altcoins also rising in price.
Bitcoin rose from 113,000 USD to 117,000 USD in one day, currently fluctuating around 116,000 USD, indicating a solid growth trend. Major altcoins like Ethereum, XRP, and Solana also recorded impressive gains over the past week.
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Bitcoin has just broken through important resistance levels, paving the way for the price to reach 150,000 USD in the near future.
Altcoins are collectively rising sharply in line with Bitcoin's upward trend, indicating a liquidity rotation.
The upward price trend is reinforced by on-chain data, market indicators, and a favorable global financial environment.
What does a sudden spike in Bitcoin's price mean according to market experts?
According to reputable analysts, Bitcoin surpassing the 117,000 USD threshold signals the strength of the current price surge and the potential for a prolonged bull market trend. On-chain data along with sustainability on technical charts supports this view.
The founder of Alpha Blockchain investment company stated in 2024: "Bitcoin is showing very strong resilience after months of volatility, indicating that market sentiment is ready for the next bull run.
Bitcoin breaking through the long-term resistance level shows a sustainable upward momentum, making the possibility of reaching 150,000 USD in the coming months entirely feasible.
James Chen, CEO of Alpha Blockchain, June 2024
If the price maintains above the support level around 112,100 USD, it will further consolidate the upward trend; otherwise, the price may temporarily adjust to near 107,300 USD to reevaluate demand.
How do altcoins react to Bitcoin's price increase?
The altcoin market has shown a clear recovery as Ethereum surpassed 2,900 USD, rising 14% over the week, XRP increased 13% to 2.57 USD, while Solana also rose 8% to reach 164 USD. This is a sign of liquidity distribution from Bitcoin to altcoins according to a typical bull market cycle.
Cryptocurrency market analyst Laura Vuong stated: "The trend of capital rotation from Bitcoin to altcoins helps increase liquidity, thereby driving these coins to develop strongly." This contributes to enhancing the entire cryptocurrency market.
What technical factors are driving Bitcoin's strong price increase?
Bitcoin has broken out of important technical patterns, including a long-term downtrend channel and a cup and handle pattern on the 3-day chart. These are signals that allow for the prediction that the price of Bitcoin may continue to rise to the 150,000 USD range.
Technical model Influence Price forecast Long-term downtrend channel broken Trend reversal signals Continue to rise sharply Cup and handle pattern (3 days) Confirms upward price trend Aiming for 150,000 USD
Maintaining the support level of 112,100 USD is key to sustaining Bitcoin's upward momentum in the short term.
Sarah Kim, Market Analysis Director, CryptoInsights, June 15, 2024
How is the global financial factor affecting the cryptocurrency market?
Global liquidity is increasing as the U.S. stock market, such as the S&P 500, reaches new highs, and the USD weakens. History shows that this combination often positively supports cryptocurrency prices.
With a favorable financial environment, investors are tending to return to the cryptocurrency market, creating momentum for Bitcoin and altcoins to continue the current price surge.
Frequently asked questions
How high can Bitcoin go in this bull market? Based on technical analysis and current cash flows, Bitcoin could reach 150,000 USD in the coming months. How will altcoins rise alongside Bitcoin? Altcoins often increase after Bitcoin makes solid moves due to liquidity rotation in bull markets. What is the important support level for Bitcoin? The current key support level is around 112,100 USD, helping to maintain upward price momentum. What is the impact of the global financial environment on cryptocurrencies? An environment with abundant liquidity, peak stock markets, and a weakening USD often facilitates price increases for cryptocurrencies. What reliable technical analysis is currently based on? Models like breaking the long-term downtrend channel and the cup and handle pattern are recognized as signals of sustainable price increases.
Source: https://tintucbitcoin.com/bitcoin-pha-dinh-gia-xrp-tang-nhanh/
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