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Bitcoin is back above $40K after a dramatic fall below the long-held $30K support. The world’s leading crypto has re-taken the highs of its current range after institutions rushed in to buy the dip as miners evicted from China sold off their holdings to finance their relocation to friendlier destinations.
BTC is now trading comfortably above the $40K level after the general crypto market sentiment flipped bullish, suggesting that bulls are set to see more green days in the near term. Per the latest data from Glassnode, the number of strong BTC hodlers increased significantly over the past week as the king coin made a run from $29K to its current price of $41,271.88.
Lex Moskovski, the CIO of Moskovski Capital, argued that bitcoin was seeing bullish price action as the number of coins held by long-time holders rose to a new lifetime high. Prominent crypto analyst Charles Edwards struck a similar tune over bitcoin’s price outlook.
“This type of sharp rise never occurred in the early stages of prior bear markets, suggesting that there is a chance the Bitcoin bull-cycle is still intact,” he noted.
BTC Price Records 10 days of Consecutive Gains
Bitcoin price volatility is back after three months of lackluster trading, with the king coin holding on to gains to post over 20% gains in the past week.
After a $42,400 high appeared this weekend, talk of a bullish “supercycle” has started floating around in the crypto community. Top analysts are arguing that the flagship cryptocurrency could soon repeat its classic 2017 bull run.
As bulls tapped the $42K ceiling for the first time since the dramatic mid-May drop, analyst William Clemente reasoned that the existing supply shock could drive prices higher over the coming weeks.
Crypto advocate PlanB now sees the BTC price rallying to uncharted territory to hit a staggering price of $450K by the end of the year, with $135K being the worst-case scenario.
ETH Leads the Crypto Market Higher
ETH traders are eyeing $3K after the top altcoin surged over 35% off its $1,750 low seen last week. The world’s second crypto is now trading above $2,500 after reclaiming the critical $2,300 support, outpacing its bigger sibling BTC with gains of over 5% on the daily chart.
Ether’s remarkable resurgence can be attributed to the upcoming London hard fork scheduled to go live on August 4. The much-anticipated upgrade is expected to resolve much of the soaring gas fee issues plaguing the Ethereum network.
The broader crypto market also enjoyed a resurgence as altcoins such as LINK, UNI, and BNB mirrored Ether’s pace to log impressive gains. However, Polkadot (DOT) was the top performer of the weekend, registering gains of nearly 20% over the past 24 hours.