BTC may soon account for more than half the total crypto market cap.
“It has been a long, cold winter for Bitcoin and crypto. However, recent events have helped to catapult near-term price, and importantly have shifted the narrative from bearish to bullish,” contributor Miffy summarized.
Of particular interest is $21,800 should a retracement kick in, with Decentrader eyeing $30,000 as a potential upside target. “In the near-term the shorts have been squeezed, late-longs punished, and right now price is resting underneath the 200WMA. If price does need to drop down to generate enough momentum to take the next leg up to $30,000, the 1D support at $21,800 is a clear target. But for now 4H support is holding well at $23,900,” Miffy concluded.
“Importantly though, we have seen a major narrative shift for Bitcoin with a clear breakaway from traditional markets which continue to struggle due to their economic troubles and bank blow-ups. We may well see outside interest return to Bitcoin if its price rises further and its use case becomes clearer as the traditional banking system continues to implode.
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