After a bad September that dropped back to $ 40,000 in value, October was a “sea of joy” for the value of Bitcoin (BTC), which has surpassed the $ 55,000 mark, appreciating more than 25% in the past 3 days.
According to Coinmarketcap, It is the first time since May that the cryptocurrency has been trading at this value.
The move has rekindled hopes that Bitcoin will break its all-time high of over $ 64,000 and start a big bull run that could bring the crypto asset to over $ 100,000.
“Bitcoin is the fifth highest currency for the past 7 days, up 21.35%, showing that it is far from analyzing the latest in the cryptocurrency segment that are still looking for the ‘next bitcoin’ where the truth is consolidated as: “Bitcoin is still a long way from the ceiling,” emphasizes Lucas Schoch, CEO and founder of Bitfy.
Highway to $ 64,000
For Schoch, the appreciation of Bitcoin is both linked to the global economic cycle, with a recovery expected after the Evergrande event, As for the expected increase in hashrate, the difficulty of mining and after the migration of miners from China to other places is stabilizing.
For his part, Lake Tasso, Cryptocurrency expert and founder of Financial Move notes that the recent appreciation could pave the way to a new all-time high.
“Bitcoin is currently trading near $ 55,000 and is breaking a very important resistance at $ 53,000. The trend is to stay sideways in this area between $ 55,000 and $ 50,000 and then look for an upward move. It is a very important move because there is a zone of resistance at USD 53,000 and the price is staying above that zone so it can seek new highs from the historic high of USD 64,000, ”he said.
So when BTC breaks the $ 64,000 level, the tendency is for the highest volatility to occur in the market, pulling BTC and altcoins towards the red. with investors migrating from altcoins to BTC.
Altcoins that can go up
However, both analysts point out that the price of BTC could also boost the altcoin market and some cryptocurrencies could tie in with BTC’s surge and increase by up to 30% in the face of a new one. Altcoin season.
“It is a key moment for the traditional investor to expose themselves to cryptocurrencies,” emphasizes the Bitfy CEO.
Schoch points out that one of the cryptocurrencies that has received a lot of attention is Tezos (XTZ), that has grown as an alternative to Ethereum (ETH) and is aiming for a share of the smart contract market together with Cardano (ADA), Binance Smart Chain (BSC), Solana (SOL) and other.
“After Bitcoin, many of the assets had a good week. Highlight, as predicted last week, for Tezos’ XTZ token, an intelligent contract-based blockchain that will serve as the infrastructure for development to correct the scalability problems of the Ethereum network and with a democratic enhancement mechanism where every holder of the XTZ token has the right to vote on the network enhancements. The currency has appreciated nearly 25% over that period, “he said.
Ethereum and Gamecoins
According to Schoch, with a rating near Tezos (24% per week), the project is VeChain has gained momentum in the cryptocurrency space, as has Axie Infinity’s AXS token, a play-to-earn platform that launched the AXS token staking service. Increase in the market value of the token by more than 75%.
It also underscores that the next few months will further strengthen the essence of Bitcoin as a store of value in the face of severe crises ahead.
“In the next 30 days, we will see strong economic moves due to the disclosure of US debt, bringing Bitcoin and cryptocurrencies into the super cycle. My bet is on platforms that focus on parking and peer-to-peer landing, as well as blockchains as infrastructure “that enable the look and feel of projects and improvements,” he said.
Tasso Lago, meanwhile He points out that both Ethereum and Polkadot are the main cryptocurrencies that should follow the upward movement of BTC.
“As a highlight, Ethereum, which tends to follow the Bitcoin movement with some lag, and Polkadot that the market has a parachain auction expectation from it and also tends to push the price down. Graphically, Polkadot is above the 200-period average on the EMA + MA on the daily chart as well as Ethereum and Bitcoin themselves, ”he concludes.