Bitcoin has surged to over $21,000, reaching levels not seen since November. The market dominance of Bitcoin has also increased considerably in the past few days, with other cryptocurrencies struggling to keep up. A popular cryptocurrency analyst has warned investors about the current situation and urges them to take action now. The analyst suggests buying from a trusted exchange, getting a hardware wallet, staying informed by watching videos, using a VPN, and even opening long positions to minimize future regret. However, the analyst also cautions that even with the recent surge, there are still major resistances to overcome, and caution should be exercised.
The Shocking Rise of Bitcoin: Is the Bull Market Here to Stay?
Bitcoin has been making headlines once again as it surges to levels not seen in months. With its current price at around 21,000 dollars, many are curious about the implications of this sudden uptick. In this article, we will explore what’s behind this sudden rise and what implications it may have for crypto investors.
The warning signs
In his recent videos, our expert has been warning viewers about the sudden price increase. In his videos from 12 days ago, he talks about his predictions for the future of crypto in 2023 and outlines what he thinks is a smart move to make right now. He also urges viewers to be prepared for what’s to come. In his videos from three and four days ago, he talks about how holders should prepare themselves and about the crazy bonuses available for getting in on the action.
Crypto market performance
Bitcoin’s current performance is mind-bogglingly crazy. It is outperforming many altcoins and leaving them far behind. The rise in price has also caused the entire market cap to break, making it difficult to compare performance over the last 24 hours. Decentraland Mana is up 35% and Tron is up 5.6% in just one hour. Even XRP hasn’t seen the craziest of breakouts yet.
The implications of the recent rise
While the current rise is exciting, we need to remain cautious because it doesn’t necessarily mean that we’re completely out of the woods just yet. There are still several major resistances that have formed, including the closest resistance at around 21.3 thousand dollars. Many people were caught off guard when Bitcoin broke the major bottom at 17.7 thousand dollars a few months ago and we can’t discount the possibility that it might happen again.
The importance of volume
One important thing to keep in mind when analyzing the recent rise in Bitcoin’s price is the volume. While there is a lot of FOMO driving the uptick, the volume isn’t astronomically high compared to some previous sell walls. This might indicate that while people are excited about the possibilities, it might be a bit of a relief rally for some who have been burned by previous issues like the FTX situation.
In conclusion, while the current rise in Bitcoin’s price is exciting, we need to remain cautious. There are still major resistances to get through, and we don’t know what the future holds. However, by keeping up with the advice of our expert and staying informed, we can make decisions that minimize regret and maximize our investments.