During the early trading hours of the Asia market on Monday, May 15, the world’s largest cryptocurrency Bitcoin gained more than 2% with the BTC price moving past $27,400. With this recent price action, Bitcoin has managed to break past the crucial resistance of $27,200 and appears ready for further upward movement.
Popular crypto analyst Michael Van de Poppe has suggested that this recent price breakout paves the way for Bitcoin’s next rally to $36,000 and beyond. Van de Poppe mentioned that Bitcoin demonstrated strong movements as it swept all the lows in recent moves, and its ability to surpass $27.2K is the first serious trigger for further upward progression. If this happens, it could mean a temporary bottom is near, with new highs ranging between $36-42K still possible. However, the accuracy of the TD Sequential in forecasting local bottoms for Bitcoin in the past two months is something to be considered.
Another crypto analyst, Ali Martinex, explained that Bitcoin’s success will depend on its ability to maintain its value above $26,360. On a different note, Bitcoin accumulation has continued during each of the recent dips, with the total number of Bitcoin addresses with a balance greater than 100 BTC having increased by 200 just over the past four days. Interestingly, Bitcoin has also managed to surpass the US Dollar as the preferred asset in the market.
Additionally, other altcoins in the market have gained momentum along with Bitcoin. The world’s second-largest cryptocurrency, Ethereum, has gained more than 1.5%, surging past $1,800 levels and is currently trading at $1,830. Other altcoins, such as Cardano, Solana, and Polygon, have all gained between 1.5-2%. Litecoin has seen the most significant uptick, jumping by 7.5% in the last 24 hours, driven by the recently introduced LTC20 protocol and strong address activity.
While Bitcoin’s price rise and its surpassing the US Dollar as the preferred asset in the market might indicate a positive future for cryptocurrencies, fluctuations in the market are still a concern. Investors must carefully study market trends and consider the opinions of various analysts before investing in cryptocurrencies. Nobody can guarantee success, and personal financial losses incurred while trading crypto need to be considered as potential risks.
Source: Coingape
