Having risen back above $8k territory for the first time since May 22, some analysts are now stating that the technical signs suggest a further run to $10k over the next few weeks.
“The bulls seem to be maintaining the upper hand, after a significant shift in the price pattern last week,” states eToro analyst Mati Greenspan, adding that “…the short squeeze on the market that occurred after the pattern completed, caused some concern that we were seeing a repeat of what happened in April, when bitcoin failed to break $10k.”
Bitcoin trading volume on Sunday was itself 50% higher than the equivalent value registered the previous day, and was 20% higher than the overall average for July up until that point.
Alts Still Presenting Mixed Picture
The picture for Alts, on the other hand, appears mixed. Historically Alts demonstrate one of two behaviours, either rising with Bitcoin due to BTC’s own dominance of trading pairs on the exchanges or – during significant BTC bull-runs – they can undergo herd dumping.
“In the current climate, we are seeing some evidence of both phenomena,” states blockchain and cryptocurrency market analyst, Ali Yazbek. “The real test now is whether BTC can continue its bull run – and if a number of Alts break out on the back of their own momentum, then that likely will indicate a new wave of investors coming into crypto, and a resurgence of an interest in cryptos. The next few days are critical.”
The biggest winner from today’s Bull run is Nexty, having registerd a 25% gain, one of over a dozen Alts in the top one hundred by market cap currently showing double-digit gains for the last 24-hours.
[All data sourced from CoinMarketCap]