After posting 5 consecutive weekly green candles, the price of Bitcoin finally broke the $50,000 mark. That big move brought the price level back to the level seen on May 15, when the asset quickly fell from its previous high.
At press time, Bitcoin’s transaction price was $50,249, according to Binance exchange, up by 2.33%. This move exacerbated the sharp rise in prices that began on June 21st. Since then, BTC has risen 66%, or $20,000, to hit current levels.
Bitcoin Getting Close to 2021 ATH
At current prices, BTC is now only 22.5% away from the all-time high of $64,800 set on April 14th. It is now trading above the 200-day moving average and there is little resistance between the current level and around $57,000.
Cryptocurrency YouTuber Lark Davis predicts that Bitcoin could triple during this cycle, which could push the price to six digits.
Also, analyst “CrediBULL Crypto” advised caution as resistance approaches, adding that this area is the most likely place for a correction.
Last week, analyst PlanB updated its infamous stock-flow model, which is still going on, confirming its forecast of $100,000 in Bitcoin by the end of 2021. He added that the graph shows the second phase of this bull market is imminent and seems to be in line with today’s momentum.
Updates on the Crypto Market
According to data from CoinGecko, the total market value of all crypto assets rose 3.2% to $2.22 trillion. This means that altcoins have outperformed Bitcoin in the past 24 hours.
Ethereum rose 3% on the day to $3,342 and is now only 23% away from ATH $4,357 on May 12. However, as the long-awaited smart contract upgrade approaches, Cardano has become one of the biggest winners lately.
After rising 11.5% that day to jump to third place in market cap, ADA hit a record high of $2.84 a few hours ago.
The cryptocurrencies that are doing well today also include Binance Coin, Terra, Avalanche, and Monero.