After the strong rise of the XRP price, Bitcoin bulls’ have work to do. Bitcoin saw new year highs. However, traders argue that BTC price performance still needs to prove itself with a range breakout.
Bitcoin bulls have some work to do!
BTC price action has returned to cement support after rapid gains the day before. Bitcoin immediately reacted to news that a US judge supported the idea that XRP is not a security. cryptocoin.comAs you follow, this has been perceived by the markets as a blow to the Securities and Exchange Commission (SEC), the regulator that has been trying to collectively label altcoins as securities in the past months. XRP has risen by over 100% in a short time, reaching almost $1. It last saw these levels in April 2022.
According to data from monitoring resource CoinGlass, Bitcoin has moved much quieter. However, it managed to short sell $50 million.
The bears still have the opportunity to gain the upper hand as the weekly options expire. On the other hand, traders were cautiously optimistic during the day.
Popular trader Jelle wrote in his latest social media post, “BTC couldn’t be broken overnight. So it’s possible that it goes back to the range here. Waiting to see how this 4 hour candle will turn out. But the bulls have some work to do. We can have a lot of fun this weekend if we push a little bit,” he wrote.
We can’t log into Bitcoin yet, because…
Other trader Crypto Tony expressed his disappointment at the fact that Bitcoin price has not made a clear break from the long-standing trading range. In this context, the trader made the following statement:
It’s being rejected from the high range so we can’t get into Bitcoin yet… We expect a solid return before we get into that. I will be disappointed if BTC doesn’t make a comeback.
Altcoins are now ready for the mega run!
Meanwhile, XRP’s staging of a comeback set the background for a sudden drop in Bitcoin market cap dominance.
The leading cryptocurrency previously accounted for almost 52% of the total. However, it fell below 50% overnight to a one-month low. Trader DaanCrypto said, “This did not last long. Let’s see what altcoins will do when everything calms down a bit,” he asked.
Traders had hoped that Bitcoin’s growing dominance would allow altcoin markets to reap their own gains as part of a broader crypto bull market. “Good things happen to those who wait,” Trader Mustache summed up that day. He also predicted that the altcoin boom would continue.
A catalyst could trigger a Bitcoin breakout!
Mike Novogratz, founder and CEO of Galaxy Digital, predicts that Bitcoin will end the year at a higher level than where it is now. According to Novogratz, the Federal Reserve ending interest rate hikes and possibly cuts is what could trigger a breakout for BTC. He explains his views as follows:
In my opinion, Bitcoin will finish the year higher. We are currently consolidating between $28,000 and $32,000. I think if you top out around $31,500, we’ll have a nice foot. This could be when the Fed really spins and wobbles.
Novogratz says spot Bitcoin ETF applications from institutional investors like Invesco and BlackRock are a net positive for Bitcoin. Based on this, he makes the following assessment:
BlackRock, Invesco… I think the group of ETF providers is a real signal that adoption is imminent. Think about it… Larry Fink travels the world talking to the largest pools of capital. The fact that he says Bitcoin is an alternative makes it really easy. If you’re worried about who your custodian is, an ETF is a really easy first step. And for many people it is the first step. I think if that happens, it will have a seal of approval from the SEC and the US government that this is an asset.
When will the next parabolic advance for BTC be?
The analyst, nicknamed Credible Crypto, predicts that things will go well for Bitcoin and other cryptoassets this year before the industry enters a “disruptive” bear market. The analyst thinks that Bitcoin will reach its all-time high this year. But he also acknowledges that this may not happen until 2024. The analyst comments:
I expect the next parabolic advance to take us to all-time highs this year. I don’t know where the parabolic progression will end. But it usually happens a few months after breaking old highs and should be below $300,000. This could mean that we will see the highest level of this move at 24. I expect this to be a multi-year peak once this parabolic advance ends.
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