The price of Bitcoin in the last hours has been the subject of a rally strong enough to overcome the trend line on the 4-hour chart. In addition, a double minimum was formed in this same time frame, two technical signals that indicate the beginning of a larger uptrend movement, a hypothesis supported also by the increase in trading volumes. In contrast to these positive graphic patterns, the technical indicators suggest that the decline may still be resumed.
Bitcoin has risen by about 10 percent over the last two days, and this price increase has been hypothesized due to the bullish observations of BitMEX co-founder Arthur Hayes, who predicted that the market will reach $ 50,000 by the end of ‘year. Arthur said we could definitely see a minimum of $ 3,000 and $ 5,000 and then increase the price to over 20,000 or even 50,000.
While in today’s trading day the price of bitcoin moves into the area of $ 6,340, unchanged compared to yesterday, altcoin cryptocurrencies do not show interesting movements in line with the daily trend.
The cryptocurrency market, which currently capitalizes $ 255 billion, seems rather undervalued for investors who have a long-term vision, which is most likely an excellent opportunity to buy cryptocurrencies.