Bitcoin breakout imminent – Ethereum, Tezos, Chainlink extremely bullish

  • The entire crypto market has gained further momentum over the current weekend, with the Bitcoin price currently facing a very important resistance in the range between $7,400 and $7,470.
  • Ethereum, Chainlink and Tezos are recording the strongest price gains within the current momentum due to strong fundamentals.

Bitcoin has once again experienced a strong uptrend over the weekend so far. As could often be observed in the past months, Bitcoin is showing above-average performance on Saturdays and Sundays. This weekend thus confirms the momentum of Thursday’s pump, when the BTC price rose from USD 6,500 to over USD 7,000. At the time of writing, the Bitcoin price has climbed to $7,208 USD and is thus facing another important resistance.

As crypto analysts on Twitter unanimously acknowledge, Bitcoin is now trading in a very important zone that could support a larger break-out if breached. As Rosh Roger and also Big Cheds have noted, this zone is between $7,400 and $7,470. If Bitcoin breaks through this area, it could recapture its April 7th high and target the $8,000 mark that fell as a result of the massive crash of March 12th.

Another bullish sign was recently reported by analyst “Galaxy” via Twitter. According to him, the price movement of Bitcoin in recent weeks bears a striking resemblance to those in late December and early January, when Bitcoin hit its lows of just over $3,000 and subsequently posted massive gains.

Ethereum, Chainlink and Tezos outperform Bitcoin

While Bitcoin is undoubtedly showing very strong upward momentum, Ethereum, Chainlink and Tezos have seen much higher price gains over the past week. With 17.6%, Tezos is the biggest winner within the top 20 by market capitalization, followed by Ethereum (+16.6%) and Tezos (+13.8%).

At the time of writing, the Ethereum price has risen to over USD 180. This puts ETH not far from its price before the crash on the “Black Thursday”, where ETH fell from 194 dollars to a low of 90 dollars within 24 hours. The strong momentum for Ethereum is currently being driven by numerous factors, as reported by CNF.

Thus, Grayscale Investments revealed in a recent report that Ethereum has experienced a massive inflow of institutional investors in the first quarter of 2020. The report shows that the Ethereum Trust recorded $110 million in inflows in the first quarter, which is more than in the last two years combined ($95.8 million).

In addition, the CEO of Three Arrows Capital, Su Zhu, indicated in an interview that Ethereum could suffer a supply shock if the new EIP-1559 proposal is accepted. The proposal is to burn ETH with every transaction processed. In addition, Zhu also pointed to an increasing interest in Ethereum from Asia.

The popular crypto analyst “Hsaka” explained via Twitter that the breakout from the USD 175-180 zone was crucial and that historical movements at that price have always had substantial repercussions. When ETH rose above this level in January, it quickly recovered to USD 290. Ethereum (ETH) could resume this momentum, with Hsaka targeting USD 200 next.

The Chainlink price has risen to $3.70 at the time of writing and could also stage another rally, according to analyst “Big Cheds”. The current 11th largest cryptocurrency was highly praised this week by Gemini co-founder Tyler Winklevoss. Winklevoss called Chainlink a project with “real potential”.

Tezos has also entered an important zone and is trading at $2.31 USD at the time of writing. Analysts noted a “Golden Pocket Retrace”. As a result, Tezos (XTZ) faces a key resistance that could prove to be a “make-or-break” level for the cryptocurrency, according to analyst “ESCO₿AR”.

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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