Key Insights:
- Bitcoin may drop temporarily after reaching its long-term resistance level of $30,000.
- Analysts expect the current crypto advance to conclude between $30,000 and $40,000, with a six-month accumulation period before a new all-time high.
- The crypto market has grown despite the US government’s regulatory onslaught, proving that crypto is a worldwide asset.
Bitcoin has reached its long-term resistance level of $30,000 and peaked at approximately $30,097.78, resulting in a 6.49% gain as of the time of writing, according to CoinMarketCap.
It is worth noting that the current value of BTC is the highest since June 2022, a period marked by a significant decline due to the Terra/Luna collapse.
Bitcoin held this support level for a month before. However, the same level has become a resistance level, suggesting a value reduction. Market experts have forecast a retreat from this position, which might temporarily lower Bitcoin’s value.
CrediBULL crypto’s predictions unveiled
According to “CrediBULL Crypto,” a cryptocurrency analyst, it is widely believed that the current crypto rally will reach its conclusion within the range of $30,000 to $40,000. Additionally, he suggests that if the historical pattern of the halving cycle is repeated, individuals will have a six-month window to accumulate before the market experiences a surge to a new all-time high in either 2024 or 2025.
Here we go. The next 48 hours or so are very important and probably tell us what we need to know about the strength of the move this morning. A quick, 12 minute vid with my thoughts. Enjoy! $BTC https://t.co/Lwjle74YKm pic.twitter.com/BqAHhfB4du
— CrediBULL Crypto (@CredibleCrypto) April 10, 2023
The “WhaleWire” account attributed Bitcoin’s recent rise to Tether printers resuming. The account stated that billions of USDT without value caused Bitcoin’s rise, not market demand. The account also stated that Tether was intentionally inflating Bitcoin’s value to attract naïve investors who would panic and quit, enabling Tether to benefit from their misery.
While the assertion may appear implausible, it is undeniable that Tether has added a staggering $14 billion to its circulating supply since the beginning of this year. Nevertheless, the total market capitalization of stablecoins has decreased compared to last year’s period, primarily due to the reduced supply of USDC and BUSD.
Santiment, a provider of on-chain analytics, attributed today’s significant surge in Bitcoin’s value above $30,000 to the actions of Bitcoin whales.
🐳 Big whale moves have shown up on #Bitcoin's network today, as price is now on the verge of crossing $30k for the first time since June. A total of 11 separate 22k $BTC (a total of $655M) were moved in two simultaneous batches. Read our quick insight! 👇 https://t.co/OtnlENSjg1 pic.twitter.com/VNDMOaH1Gt
— Santiment (@santimentfeed) April 10, 2023
Bitcoin’s value has risen despite the US’s most thorough governmental assault on the cryptocurrency sector. Crypto, being a global asset, cannot be controlled or repressed by any nation.
Outlook for the Crypto Market
With a daily increase of 4.8%, the total market capitalization of the cryptocurrency market has surged to $1.29 trillion, marking its highest point in the current year.
BTC is leading the pack in terms of gains, while Ethereum is up 3.34% to $1,922.64 at the time of writing.
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