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Bitcoin targets $8,000, Ethereum and Litecoin follow suit

  • The Bitcoin price is about to break through the strong resistance at the $8,000 mark.
  • Altcoins such as Ethereum, Litecoin and Bitcoin Cash are following the leading currency and are also showing significant price increases.

Bitcoin currently seems to continue to be dominated by the bulls, with the Bitcoin price showing an outward trend of 1.62% to a price of $7,956.71 within the last 24 hours. Bitcoin close to break through the $8,000 mark, which is considered to be the next major resistance level that Bitcoin must overcome in order to confirm the bullish momentum.

The Bitcoin Halving is just under 2 weeks away and is creating a bullish mood among investors. Experienced Bitcoin trader Josh Rager describes that Bitcoin will soon reach the $8,000 mark, thus once again tackling this important mark that was lost on March 12. One factor that can further drive the $8,000 rally is Bitcoin Futures. Both their trading volume and fundamentals are showing a bullish trend.

However, Bitcoin Trader SalsaTekila warns that there are many sell orders in the $7,800 to $8,000 price range, so he is still hesitant about whether Bitcoin can break through the $8,000 mark directly:

Both stalling at their respective rally’s highs, not what I expected to be bearish. That said, what’s bothering me from going long are the spot sell walls up to 8k. 7’800$-8’000$ is a tough nut to crack.

Data analysis company Glassnode states that Bitcoin’s NUPL (Net Unrealized Profit/Loss) has entered bullish territory, which could mark the start of a bull run. NUPL is the difference between the relative unrealized profit and the relative unrealized loss and is used by Glassnode to assess market sentiment.

Data from Infotheblock describes that a total of 43,06 % of all circulating Bitcoin has not been moved in the last two years. This figure has risen by more than 10.6% in the last 2 years, showing a bullish attitude of many investors, as they consider Bitcoin a long-term investment and have not moved or sold BTC.

The prominent Bitcoin trader Big Cheds describes that although the overall mood on Twitter seems to be negative, Bitcoin, in his opinion, continues to trade in a bullish territory as BTC continues to trade above the EMA 8 (on the 6 hour chart), thus creating the conditions for BTC to break the $8,000 mark.

The Altcoin market is currently following the bullish trend of Bitcoin, with the result that the Ethereum price has risen by 2.20% to a price of $204.93, which, according to some analysts, could lead to a price of $220. Within the top 10 largest cryptocurrencies, XRP has seen the largest increase with a rise of 8.65% to $0.2148 due to this bullish news. The Litecoin price has also risen sharply by 5.03% in the last 24 hours, to a price of $45.94.

Is Tether or Bitcoin Halving responsible for the price increase?

Bitcoin Halving is seen as the supposed catalyst for the current bullish development and is now just under 2 weeks away. The opinions of the experts differ widely, so that no common consensus can be found as to whether the Halving is already priced in or not.

The printing of new Tether and its alleged influence on the Bitcoin price has been controversially discussed in the past. In the last 30 days, Tether has printed more than $1 billion, so that the market capitalization of Tether at $7.13 billion is not far from XRP ($9.41 billion). Whether there is a direct causal link between the printing of tether and the BTC price remains controversial, however.

About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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