- The Bitcoin price has risen steadily over the last 24 hours from $8,900 to $9,450.
- Experts are currently discussing whether the last bull run before the halving will be continued in the current price movement.
Bitcoin has risen steadily by 6.1% in the last 24 hours from $8,900 to a current price of $9,500 and continues to show bullish fundamentals. The total market capitalization of the crypto market has increased from $241 billion to $256 billion, also showing a positive development.
Experienced Bitcoin trader Josh Rager describes how it’s just fun to watch Bitcoin grow over the last few weeks. BTC has to close above the $9,500 mark in the daily chart to initiate a new bull run. However, since Bitcoin is showing a high degree of volatility, it is imperative to be aware of upcoming liquidation waves and work with a stop loss, as Rager warned.
Big Chonis Trading confirms Rager’s analysis, stating that Bitcoin faces strong resistance along the $9,500 mark and needs to break this level to make new highs. He also points out that many traders could ‘short’ Bitcoin and therefore a short-term setback could occur.
Analyst Teddy pointed out that Bitcoin has broken many important resistances and now shows strong fundamentals, so his forecast for the coming weeks and months is bullish. He exaggerates a bit by setting the next target at $250,000 after the successful halving, but admits that the target is still a long way off.
The cryptotrader Il Capo of Crypto has shared a chart with his community that shows that the market capitalization of Tether has risen from $4.3 billion to $8.8 billion since March 30 this year. Tether has even pushed XRP from third place in the short term, showing rapid growth.
Tether has long been suspected of influencing your Bitcoin price. Tether is a stablecoin that is tied to the dollar at a ratio of 1:1 and should be fully covered by fiat reserves. Tether is the subject of numerous legal proceedings, among other things due to a lack of funds in a bank account. The analysis service Whale Alert has also recently observed numerous transactions by Tether.
Meanwhile, the Altcoin market follows the current trend of Bitcoin but cannot benefit to the same extent. Ethereum’s price increased by 5.34% to a price of $200.34, breaking through the psychologically important $200 mark. XRP rose by 2.86 % to $0.20, Litecoin by 2.13 % to $43.10 and Cardano by 3.6 % to $0.05.
Is the halving followed by a never-ending bull run?
Bitcoin bull and financial expert Anthony Pompliano believes that the policy of “infinite money” currently practiced by numerous central banks around the world, such as the FED or ECB, will have a positive influence on the price of Bitcoin. The helicopter money is intended to contain the effects of the coronavirus, which is still present, and to stimulate the economy.
According to Peter Schiff, a long-time critic of Bitcoin, there will now be a collapse of the Bitcoin market because investors and traders are disappointed with the halving and will gradually exchange their capital into Fiat. Willi Woo, on the other hand, recently described that the further increase of Bitcoin will be slower than before.