Bitcoin Price to Explode at $4,200, Analyst: Bottom Reached
In the past 48 hours, the valuation of the crypto market increased by $13 billion as Bitcoin moved rapidly from $3,600 to $3,900 by 10 percent.
Raders are expecting a near-term pullback following a strong movement in the cryptocurrency market.
The overall cryptocurrency market cap is continuing to make robust gains. Source: Coinmarketcap.com
But, economist and analyst Alex Krüger foresees the Bitcoin price surging fast beyond key resistance levels if the dominant cryptocurrency is able to break out of the crucial $4,200 mark in the weeks to come.
The time frame during which Bitcoin can initiate a speedy rally from $3,900 to $4,200 remains unclear as the daily volume of the cryptocurrency market has noticeably declined since its initial spike on February 18.
BITCOIN TO $4,200 IS KEY, WHAT ARE SOME FACTORS THAT COULD FUEL IT?
As Su Zhu, the CEO of Three Arrows Capital, recently said, there currently is more than $2 billion in fiat sitting at exchanges, stablecoins, and crypto funds.
No additional capital from a new group of investors such as institutions is necessary for BTC to initiate a proper trend reversal in the foreseeable future.
Existing capital in the cryptocurrency market is sufficient to trigger a major rally that could allow BTC to revisit crucial levels in the $10,000 to $12,000 range.
