Bitcoin price surge — The news of a possible recession due to the muted US jobs data seem to have posed well than harm to the crypto market. Despite concerns, Bitcoin and other cryptocurrencies continue to rally.
The world’s most popular cryptocurrency, Bitcoin may be experiencing a bullish breakout as its resistance level of $28,000 appears to weaken after several tests. General altcoin valuation in the very diversified crypto market is about $70 billion higher than Bitcoins’. However, Bitcoin could establish its dominance as a surge in its price is expected soon with global investors stashing the digital asset.
According to data from CoinMarketCap on Wednesday, Bitcoins’ dominance stayed around 47% which is about 0.2% below in the last 24 hours. The downtrend is attributed to Ethereum reaching its 8-month high of about $1,909.
Also, the data shows that the general crypto market cap rose to $1.20 trillion, increasing 2.54% over the last day. Furthermore, the rise in the general market cap could signal the start of an altcoin season. Coins like Dogecoin (DOGE), Avalanche (AVAX), Lido DAO (LDO), and Uniswap (UNI) are showing signals for a rally.
Popular crypto analyst @CryptoFaibik in the early hours of Wednesday analyzed in a tweet that Bitcoin is showing signs of a potential breakout. He also says that the rally is imminent since the 28.7k horizontal resistance weakens after each test.
He further stated that if the breakout goes above 28.7k, then Bitcoin could experience a surge of above 10%.
See the tweet below:
This means Bitcoin could rally and trade above $32,000 soon. So far, Bitcoin has had a strong first quarter in 2023. The momentum could push the digital asset further into the second quarter of 2023 before it experiences a bear run.
His analysis suggests that buyers may be more confident and are gaining strength which could in turn push the price even higher. In other tweets, he also mentioned that Bitcoin closed above SMA 500 and could signify the official start of a Bitcoin bull run.
Furthermore, he pointed out historical trends that suggest Bitcoin had experienced a significant bull run after it broke above SMA 500. He cited instances in 2012–2013, 2014–2015, and 2020–2021.
However, it should be noted that this is a prediction based on his own analysis. Other factors like the global cryptocurrency regulations could slow down the bull run.
Originally published at https://36crypto.com on April 5, 2023.