The crypto market has received pains in the neck after its bullish years. Looking from the angle of the alpha crypto currency Bitcoin which gained its highest market dominance two years ago. To be precise it was on November 10, 2021 (2 years ago) that bitcoin hit its all- time high of $68,789.63 according to Coinmarketcap.
This dominance appeared futile when it dropped below the $20,0000 mark. The month of January 2023, hold its all-time low after reaching the famous $68k mark. Yes bitcoin dropped to $16,500 price mark, we all know what this means for investors. At this stage it may seem beyond HODLs.
But it has been gradually bouncing back. That resistance Bitcoin showed in the $16,500 mark is worth noting. The bull woke from sleep, and it will charge any time soon. It will not be charging alone, its fellow bulls (altcoins) will accompany it. This is not raising investors' hopes, It is fact.
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You heard it right, it may reach a new all-time high. I will say that the financial market is a repeated process that needs careful following. No one believed bitcoin would soar to $68k but it did, no one believed it would drop to $16.5k yet it did. The bull is awake, does anyone believe it will make a new all time high?
Bitcoin price has been exhibiting an interesting trend I must say, despite increased regulatory scrutiny in the United States, Bitcoin stands strong at $26,305, reflecting a 0.48% increase over the past 24 hours.
Bitcoin price is currently in a consolidation phase, as it awaits a catalyst to trigger a decisive move in either direction. A weekly close above $26K could signal a bullish reversal, while a weekly close below $25K could confirm a bearish continuation.
Glassnode Co-founder 30k Mark forecast
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This seems like wonderful foresight from a market expert, Yann Allemann who is also co-founder of Glassnode, an analytic firm. On September 15, he took to his X (formerly twitter) handle to portray his market visions. The resistance at the 26k mark is indeed a sign that the bull is up to something, and has also added a positive market sentiment.
Yann Allemann analysis sees these temporary resistance and profit-booking pressure to pop up around $27,400 and $28,200, these are viewed as stepping stones before Bitcoin reaches the psychologically significant $30,000 level. Steadily, steadily wins the race I must add.
The Altcoin Surge
When I say the bull is awake, mark my words. Despite the challenging market, many investors are embracing this bullish upcoming run. The cryptocurrency world is witnessing a resurgent wave of altcoins breaking out and defying market expectations, signaling the arrival of a robust bull market. I must say that crypto enthusiasts are done facing the toughest phase of the market cycle.
The three altcoin which have led the race this week are; Hifi Finance (HIFI) increased by 122.90%, STORJ price increased by 37.40% and Metal DAO (MTL) price increased by 27.52%.
Wrapping things up I will add, flinking a red cloth before a bull is a dangerous thing to do. The bull is awake and he is coming. It's time for the red flags to leave the market. I must say it has overstayed its welcome. Let us join hands in this seeming bullish market to push together.