Bitcoin’s (BTC) value skyrocketed to over $31,400 on Friday, thanks to the growing interest from major financial institutions in the cryptocurrency. This price level hasn’t been seen since 2022.
Following a brief dip, Bitcoin quickly regained its footing and stayed above the $30,000 mark, a level it hasn’t seen since April. Throughout 2023, breaching the $30,000 mark has proved to be quite a challenge for the world’s leading cryptocurrency.
The ongoing rally in Bitcoin value has seen a remarkable surge of over 85 percent in the past 12 months alone. However, regulatory concerns and macroeconomic factors cast doubts over the sustainability of Bitcoin’s gains. This results in uncertainty for general market investors.
#Bitcoin made a nice high, through which it swept the yearly high.
I'm unsure whether we'll continue running from here, but during uptrends you'll most likely see price continuing to run rather than have deep corrections.
If we have a correction, $28,500 I buy. pic.twitter.com/xemLm2KHAI
— Michaël van de Poppe (@CryptoMichNL) June 24, 2023
Crypto trading expert and analyst Michaël van de Poppe shared his thoughts on Bitcoin’s ongoing rally in a tweet on June 24. While he doubts the cryptocurrency’s ability to sustain its rally, he highlighted a potential opportunity for investors.
According to van de Poppe, Bitcoin reached a significant high that surpassed its annual peak. His analysis suggests that Bitcoin tends to experience more price increases during uptrends than deep corrections.
Van de Poppe noted that if a correction does occur, he would consider purchasing Bitcoin if its price drops to around $28,500. It could be a favorable opportunity to accumulate the asset.
Growing interest from major institutions
The growing interest from major financial institutions mainly drove the recent Bitcoin value surge.
Notably, American multinational investment firm BlackRock (NYSE: BLK) has recently submitted an application for a Bitcoin spot exchange-traded fund (ETF) registration. This move signifies the increasing acceptance and adoption of cryptocurrencies within the traditional financial sector.
Adding to the buzz, this week saw the highly-anticipated launch of the digital asset trading platform by EDX Markets, a cryptocurrency exchange backed by industry giants like Charles Schwab, Citadel and Fidelity Digital Assets.
These moves have boosted investors’ confidence in crypto, particularly amid increased regulation scrutiny by the Securities and Exchange Commission (SEC). The SEC has been actively cracking down on alleged unregistered securities listed on exchanges like Binance and Coinbase.
The new initiatives introduced by reputable companies signal a commitment to compliance and regulatory standards in the cryptocurrency industry.
Bitcoin value overview
Bitcoin value evaluation shows a promising trend as it continues to trade above the $30,000 resistance level, currently valued at $30,621. This week, Bitcoin has witnessed a growth of over 15 percent, indicating positive market sentiment.
According to the technical analysis provided by TradingView, the one-day outlook for Bitcoin appears bullish. The sentiment gauges indicate a “buy” sentiment at 14, while the moving averages suggest a “strong buy” at 13. The oscillators remain neutral, with a sentiment score of eight.
#BTC in mid-April rejected from $30,000 resistance
— Rekt Capital (@rektcapital) June 24, 2023
Although Bitcoin has experienced significant growth this year, it still lags behind its previous all-time high of over $60,000 reached in 2021.
Last year, Bitcoin faced notable challenges due to the Federal Reserve’s rapid interest rate adjustments and the sudden FTX’s downfall. These events profoundly affected the overall crypto market, leading to a widespread sell-off and inevitably influencing Bitcoin’s value.
Top 3 altcoins to buy amid Bitcoin’s rally
Thanks to Bitcoin’s rally, the cryptocurrency market is buzzing with a short-term bullish trend. As a result of this impressive rally, the leading cryptocurrency has managed to recapture 50 percent market dominance. This achievement has caught the investors’ attention, who are now turning their gaze toward other digital assets that have the potential to join the rally.
Van de Poppe shared some exciting insights in a YouTube video posted on June 23. According to him, the altcoin market is expected to follow suit and experience a similar surge in the coming days, riding on the coattails of Bitcoin’s gains.
In anticipation of this altcoin surge, the analyst has even pinpointed three specific coins that he believes are the most promising for investment. These coins are touted as the top choices for investors looking to capitalize on the upcoming altcoin frenzy.
However, it’s important to note that despite the overall bullish trend, many altcoins are still struggling and remain in a state of decline, posing challenges for investors.
According to van de Poppe, Chainlink (LINK) is worth keeping an eye on despite its recent bearish market performance. While it has faced a decline since August 2020, there is potential for positive momentum once Chainlink reclaims the 2,300 satoshis mark.
Chainlink experienced a peak in May 2021, followed by a subsequent decline, and its future price movement is closely tied to the performance of Bitcoin. The analyst expects altcoins like Chainlink to gain momentum if Bitcoin enters a consolidation period and maintains its stability for the upcoming few weeks.
On the other hand, if Bitcoin undergoes another surge, altcoins could see an upsurge in USDT values, although it may not be as significant as Bitcoin’s surge. This pattern is common as investors tend to focus on Bitcoin during market expansion periods. As of this writing, LINK was trading at $5.99, with a weekly gain of over 12 percent.
Van de Poppe pointed out that Avalanche (AVAX) is currently undergoing a significant retest, signaling a promising recovery. The cryptocurrency has successfully bounced back from its low levels, indicating a positive market expansion.
According to his analysis, these expansion periods are highly volatile and typically last a few weeks. Historical data reflect a similar pattern in December 2020, followed by a peak in February. This acceleration phase typically spans six to eight weeks, with increased volume and momentum.
Consequently, it becomes crucial for investors to strategically position themselves during these periods in anticipation of potential upside momentum. As of now, AVAX is trading at $12.91. The token has profited from the overall market rally over the past seven days, gaining over 10 percent.
Curve DAO (CRV)
Interestingly, van de Poppe highlighted that Curve (CRV) is an asset worth considering, despite acknowledging that its price was still “underwater.”
While the analyst didn’t provide detailed insights into the asset’s price trajectory, he noted that the current state of CRV remains uncertain. The token is closely watched to see if it can hold steady at certain support levels or if it might drop further.
Similarly, the CRV value has also experienced gains amid the overall bullish rally in the crypto market. Currently, CRV is trading at $0.67, reflecting a daily loss of over four percent. However, Curve has increased by over eight percent over the past seven days.
The broader cryptocurrency market closely monitors how Bitcoin valuation unfolds in the coming days, considering prevailing factors like inflation and regulatory risks. These factors are expected to play a significant role in shaping the market dynamics moving forward.