20.8 C
New York
Tuesday, October 26, 2021

Buy now

why it is the ideal time to buy Bitcoin, Cardano and Ethereum




“In a bullish case, BTC could extend this run to retest the next psychological level at $ 60,000 or the all-time high at $ 64,854,” he said.

Also according to him, the miners’ position index (IPM) adds optimism to the analysis. CryptoQuant defines this index as the proportion of BTC leaving all miners’ wallets relative to their 1-year moving average. Values ​​greater than 2 indicate that most miners are selling. “A low IPM suggests that miners are not selling their Bitcoins as they expect an optimistic outlook,” he emphasizes, noting that the IPM is currently low.

Another positive outlook for the price of Bitcoin is Transfero, issuer of the main Brazilian stablecoin BRZ, which notes that the sell-off by miners last week triggered the market’s “fear sentiment” regarding the rise of Bitcoin. As a result, the Fear & Greed index reached 30 points (the lowest level in the last 30 days) in the week between September 10 and 17.

However, according to an analysis by Transfero, investor concern has opened up new buying opportunities. “The support of $ 42,700 has not been broken and, depending on the buying force, we may have a U-shaped bounce in the coming days, characterized by a sharp decline, going through a period of lateralization. and then a strong recovery “, evaluated the team of the company. If that happens, BTC will go back to the $ 51,200 range.

According to Transfero, this rapid recovery may occur due to some obvious graphical factors such as the beginning of the “Golden Cross” (crossing of the moving averages of 50 and 200 periods) and the decreasing volumes, which reinforce the loss of strength of the correction.

Although expectations and optimism in the market remain high, the Transfero team warns that it is important to be attentive to the main developments in the global market. For example, the crisis in China Evergrande Group, China’s leading real estate developer, lights a warning signal that could end up affecting the cryptocurrency market.

“There could be an avalanche of liquidity to raise funds and stop losses on major stock exchanges. It would be something similar to what happened in March 2020, with the onset of the pandemic ”, highlights the team of analysts. However, the big difference is that, since then, the cryptocurrency market has been growing and strengthening. The world market capitalization in March 2020 was $ 260 billion; it currently stands at more than $ 2 trillion.




Another interesting detail pointed out by Transfero is the loss of dominance of BTC, which currently stands at 41.4%. This represents a drop of almost 30% compared to the beginning of the year.

“Altcoins have been gaining more space in the cryptocurrency market, mainly due to the growth of crypto assets such as Ethereum, Solana and Cardano, and their respective decentralized ecosystems (DeFi),” concludes Transfero.

Analyst Michael van de Poppe indicates that the moment is a buying opportunity not only for Bitcoin but for Ethereum (ETH) and Cardano (ADA) which, in addition to the main cryptocurrency on the market, are ready for a new record.

“Recently, in the price of Bitcoin, we did a good retest, so the price was again above the range ($ 47,000- $ 50,000) and we retested the levels that we wanted ($ s47,000), and that’s pretty normal at this stage where we get some consolidation in the Bitcoin markets, “he said.

According to him, keeping the value of BTC between $ 46,000 and $ 47,000 is essential to pave the way for $ 50,000 and more.

“After hitting $ 50,000, I guess we will have a side action where altcoins will be absolutely great. And once we break above $ 50,000, I think Bitcoin will go back to a new all-time high,” he said . he pointed.

The analyst also predicts that ETH may hit new highs in this new bull cycle, especially on its Bitcoin pair. “So the critical level for Ethereum is this whole region that we have around 0.072 BTC ($ 3,394) and if that holds up, I think we’re going to have new highs relatively soon.”

As to Cardano, the strategist says that despite the poor performance of ADA last week, he expects more advantages for the price of the cryptocurrency after it establishes a new level of support after the launch of smart contracts on its blockchain.

“As long as Cardano stays above that $ 1.90 level, I think it will continue to rise. At the moment, a new balance is only being found after the fact that we have launched the smart contracts, and that is usually done with a slight corrective move before we have a continuation of the bullish move. “




TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
2,997FollowersFollow
0SubscribersSubscribe

Latest Articles