Bitcoin rate rises above $ 11,000 …
Bitcoin rate rises above $ 11,000, while analysts give optimistic forecasts
Having reached a minimum at around $ 10,350 on February 18, the bitcoin rate rushed to new local highs and rose above $ 11,000 this Monday..
The trading volumes in Bitcoin and other cryptocurrencies are relatively large: over the past 24 hours, traders have made transactions worth almost $ 20 billion. As before, Binance, OKEx, Bitfinex, Upbit and Huobi are leading in this indicator..
At the same time, in South Korea, the bitcoin trading volume reached a monthly maximum. In 24 hours, South Korean traders transferred over 80,000 BTC through trading platforms. One of the largest local publications HanKyoReh reports that the demand for cryptocurrency has started to grow for the first time since mid-January..
Dan Morehead, CEO of Pantera Capital, based on his analysis recently said that in the near future the bearish trend in the Bitcoin market should change to a bullish one. He noted that historical data suggests that negative dynamics in the cryptocurrency market does not persist for more than 71 days, with an average correction duration of 52 days..
“So it looks like there’s another two weeks left to wait, and everything will return to normal, and [bitcoin] will start climbing up,” Morehead said 10 days ago..
Analyst Ton Weiss also expects positive market developments.
“The daily chart remains bullish, but the weekly chart wants to roll over to bullish,” he told attendees of his seminar on Sunday..
Earlier, Weiss gave negative short-term forecasts. Now, according to him, bitcoin must indicate “clear support and resistance” to make the market behavior “more predictable.”.
Ronnie Moas, who previously gave moderately positive forecasts, in a conversation with NYPost said that a reasonable price for bitcoin this year is $ 25,000. However, he is skeptical about the statements of analysts expecting six-figure indicators.
“I don’t know how anyone can set and justify such a high price for this year,” he said..
The rest of the cryptocurrencies are also showing moderate growth, an average of 2-3%.
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