The bulls took charge on Friday, marking a noticeable upswing in the market. The global cryptocurrency market cap experienced an impressive gain of 4.47%, reaching a total valuation of $1.13 trillion. At the forefront of this bullish trend was Bitcoin, which saw its price surge by more than five percent to reach $30,020 per token. The notable jump in Bitcoin’s price has garnered attention due to increasing speculation about approving a spot Bitcoin exchange-traded fund (ETF) in the United States.
Many investors and analysts have closely monitored Bitcoin’s price movements, seeking essential support and resistance levels.
Analyst Crypto Tony expressed confidence, stating, “I am now long while we are above $29,000 and will stay long while we hold above that position. The ball is now in the bulls’ court to show us what they are made of.”
Additionally, the price of Dogecoin experienced a positive move, gaining 2.97% to reach $0.06004 per token. The market capitalization of Dogecoin now stands at $8.49 billion.
Regarding Dogecoin, the analyst said, “Setting up for a big move soon as we reach the apex .. Something to keep an eye on legends.”
Analysts believe the market is setting the stage for a significant move shortly. Commenting on Bitcoin’s trajectory, analyst Rekt Capital discussed the historical patterns of Bitcoin’s bull markets and emphasized the importance of timing.
The analyst noted that Bitcoin tends to experience its peak roughly four years after the previous one. This cyclical pattern coincides with Bitcoin’s halving events, which occur approximately every four years. The previous peak occurred in 2021, and the next peak is anticipated in late 2025, a pattern that suggests a predictable market cycle. However, the analyst warned against trying to pinpoint the exact peak.
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