Numerous altcoins have recorded more impressive gains today, led by Ripple’s XRP.
It’s hard to believe that just 48 hours ago, there was no clear indication of what was going to happen next. The reality, though, is quite promising as bitcoin has added over $11,000 within this timeframe, and blasted through $75,000 hours ago for the first time since late May.
Naturally, analysts have shifted their market perspective, with Ali Martinez indicating that the next bull phase has commenced.
New Local Peak
The primary cryptocurrency stood still for weeks (or even months, depending on your explanation of the word ‘still’) and failed to move past $65,000 despite multiple attempts. The latest rejection came just last week, and the subsequent correction pushed it south to its lower boundary of this tight trading range at around $62,000-$63,000.
Then came the Wednesday afternoon rally that changed the game. Bitcoin skyrocketed in a God candle by 12% in 24 hours and surged first to $70,000, before it broke down that wall and tapped $71,000-$72,000. It stalled there for a few hours, but the bulls were a lot more persistent this time and initiated another leg up. This time, BTC rocketed to almost $76,000 (earlier this morning), and it has settled at $75,000 as of press time.
This means that bitcoin has jumped by roughly 18% in less than two days – something that we forgot was possible after the recent sluggishness.
The reasons continue to be debated, but the most obvious ones seem to be related to the US. As reported on Wednesday, the US Treasury Department said it will double the maximum size of liquidity-support buybacks for longer-dated government debt, which was regarded as good news for risk-on assets.
In addition, Trump held a major crypto event in the White House with industry execs and pushed for the CLARITY Act approval. He added that his administration was mulling purchasing more BTC.
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Meanwhile, many altcoins have produced mind-blowing gains over the same period, with ETH rocketing from $1,900 to almost $2,400. XRP has successfully defended the $1.00 support and now sits 30% above it.
Bull Market Is Here?
Popular analyst Ali Martinez weighed in on BTC’s major move and said the asset has “no resistance” after building strong support between $62,000 and $63,000. If it manages to break $75,733, the next major supply cluster appears all the way up at $83,300.
As such, he reiterated a previous post from earlier this month in which he declared that the “bitcoin bull market is here.” If that’s the case, then we can take a look at some of the major predictions for BTC during its next cycle. Interestingly, the targets set by Anthony Scaramucci and Standard Chartered had the same number in mind – $100,000. However, their timeframes are slightly different, as the bank expects it to happen as soon as this year.
Another analyst, going by the X handle Crypto Patel, outlined a historical pattern for BTC that has previously played out with a massive 1,000% surge and hinted that the asset could be on the verge of a similar rally.