Cryptocurrency prices spiked their value significantly during afternoon trading sessions on Feb. 8 i.e. yesterday. The entire market cap recorded added over $15 billion in fiat value in just one hour yesterday. So now the question arises that, What next ?
$10 Billion surge From the Market Analysts
Bitcoin is not yet properly established and is still vulnerable to a short-term drop below the $3,000 level. Many analysts emphasize that Bitcoin has to recover to the $4,000 to $5,000 range to confirm a breakout above a key resistance level.
If the asset remains in the $3,500 to $4,000 range, there exists a low probability of BTC reaching its all-time high at $20,000 mark. Given the uncertainty of this short-term performance of BTC and whether it could enter into the mid-$4,000 regions, traders expect the asset to demonstrate a sideways action.
Maybe the low is in and it’s an uptrend from here to ATH. Maybe we form a range and go sideways. If you are worried about missing the next bull run because of today, chill. The goal is to catch the majority of the move, few will buy at or near the low and hold to ATH.Mayne, a cryptocurrency technical analyst wrote.
This week, Litecoin and EOS performed as the best assets in the global cryptocurrency market and the two blockchain networks saw significant progress in technology development and decentralized application (DApp) adoption.
If the technical indicators continue to show an increasing trend and are supported by fundamental factors, major cryptocurrencies are expected to maintain their momentum in the short-term.