With the recent bull run that saw the price of bitcoin above $50,000 once more, cryptocurrency forecasts are on the increase. Now, market expert Mike McGlone lays out the road for Bitcoin and Ethereum to reach new highs. It would see them both rise by at least 100% from their present levels. It is the result of a resurrected bull market that began as the second quarter of 2021 came to a close—setting the stage for massive success for both digital assets and the crypto industry as a whole. Even though bitcoin is lagging as decentralized finance gains hold, the analyst believes the price will skyrocket.
Charging With The Bulls
Bulls still have complete control of the crypto market, according to recent patterns. Bears have suffered enormous losses as a result of liquidated shorts. But it hasn’t always been this way. When it comes to corrections, the recent bull market has been no different than any other. The current advance has been riddled with numerous downward corrections, which have typically brought prices down. However, recoveries have been plentiful, with cryptos using these downward corrections as springboards for new rallies.
The most recent downturn propels digital assets such as bitcoin and ethereum to new highs before correcting back down. At this point, the likelihood of a pullback down to the lows seen in the second quarter is relatively low. Right now, cryptocurrency is on the rise, and there isn’t a single impediment significant enough to slow it down.
With time, the market has demonstrated that it is not a bubble. As a result, it indicates that it is here to stay. The cryptocurrency market may be nothing more than hype and speculation,” adds McGlone. Or it might be a revolution in money and banking that is still in its early stages of price discovery. According to McGlone’s analysis, the bias is usually with the notion that crypto is merely hype and speculation. However, the rise of cryptocurrency would suggest otherwise.
Bitcoin Price Fails to break above $48,500
Throughout the week, the price of Bitcoin has remained in a narrow range, failing to break above $48,500. According to Santiment data, the amount of BTC in circulation has increased since the beginning of September.
During last week’s selloff, Bitcoin’s price interrupted its upward trend. In this regard, the analyst observed parallels between this occurrence and the market behavior in May, when Bitcoin experienced the first of numerous capitulation events. The $48,000 to $50,000 region is critical for the bulls; if BTC’s price can take over the latter, Bennet anticipates the bullish momentum to restart. Otherwise, Bitcoin risks reverting to its $40,000 lows. Aside from a surge in profit-taking by investors, the current week has witnessed significant setbacks infamous crypto projects and crypto-based businesses. Tether has to clarify rumors regarding the assets underlying USDT in addition to facing legal action from the Securities and Exchange Commission (SEC).