Bitcoin and Altcoins Start the New Week in the Green Zone as Crypto Rally Resumes

Although many cryptocurrencies, especially Bitcoin (BTC), completed the past week with a decline, Bitcoin and many altcoins started the new week in the green zone, and hopes that the crypto rally will resume have increased again.In particular, Bitcoin's recovery from $61K gave great hope to the markets that the bull market would resume.

Bitcoin (BTC) Daily Chart

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Bitcoin (BTC) is currently trading at $69,727. Even though it tested $ 70,000 today, it failed, but if it continues to stay above $ 69,000, it will test it again in the following sessions.

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While Bitcoin (BTC) increased by 6.18% in the last 24 hours, Ethereum (ETH) increased by 5.64%, BNB increased by 5.67%, and Solana (SOL) increased by 9.23%.

Cryptocurrencies appear to have now overcome the recent correction period, with cryptocurrencies starting the new week strongly and Bitcoin trading close to its peak prices. The rise has expanded to include almost all cryptocurrencies, indicating that the crypto rally is resuming.

Bitcoin Halving

Bitcoin halving is now less than a month away, and it is expected to happen on April 20, 2024, approximately 26 days later. Investors, especially new investors, are following the relationship between the halving and Bitcoin very closely with curiosity. Bitcoin halving will increase mining difficulty and investors hope that the price of Bitcoin will increase after the halving. Frankly, I also believe that Bitcoin will rise even higher, but it is beneficial not to ignore short-term risks. I think volatility will increase even more during the halving period, so I think we need to be more careful about volatility. Especially harsh movements and fluctuations in futures can lead to large liquidations. Therefore, in short, I think increasing precautions for the crypto market during the halving period will reduce the risks. However, I think there is nothing to worry long-term investors and I have no doubt that Bitcoin will explorer new highs in the long term. However, while it is possible to earn a lot of money in the short term, it is also possible to lose a lot of money.

Bitcoin is trading at $69,727 and I think it will test $70,000 in the coming sessions and the resistance at $70,000 does not seem very strong at the moment so I think it can break it. And if it manages to stay above $70,000, it could move towards $72,600. And if it can break the $72,600 resistance, it will not be difficult for Bitcoin to hit a new ATH. However, if it fails and falls back, it may retreat to $68,000.

In short, if you are a short-term investor, I recommend you to be more careful in April, but if you are a long-term investor, I think there is not much to worry about. There has been a significant increase in institutional and wealthy investors, especially recently, and I think they will increase even more towards the end of the year. Additionally, I think it is noteworthy that the interest of institutional companies in the crypto market is increasing day by day. And I believe Bitcoin will reach $120,000 this year. I believe that not only Bitcoin but also many cryptocurrencies will reach new ATHs.

Thank you for reading
@rtonline

This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.

Posted Using InLeo Alpha