Organization dedicated to providing digital asset research for wealth managers and cryptocurrency service providers, 10x Research shared a post on the social media platform X in which the company noted that Bitcoin’s price trend had seen significant improvement since last week. The price has rebounded to the resistance zone observed at the end of April, reaching $67,500. This exceeds the early May high of $64,000, surpassing the $67,500 mark could potentially lead to new all-time highs.
In addition, the $68,300 “line-in-the-sand” level has garnered renewed attention, as breaking through this threshold could potentially trigger a further significant rebound. According to 10x Research, the next key breakout level is $67,500.
Over the weekend, Bitcoin‘s price remained above the $67,000 mark, experiencing a slight decrease of 0.15% over the past 24-hour period to trade at $67,033 at the time of writing, according to data from CoinMarketCap. Meanwhile, its trading volume increased by 34.02% to $21.33 billion. Additionally, the cryptocurrency’s market capitalization was reported to stand at $1.32 trillion.
Our #Bitcoin Greed & Fear Index Turns Bullish, This Is Our Favorite Trade1-10) Event risk is high this week, with $800m of #PYTH (-38% last 30 days) supply becoming unlocked (May 20) and another $340m from #AVAX (May 21). #NVIDIA’s Q1 2024 earnings report will be released on… pic.twitter.com/bxLAuw3gja
— 10x Research (@10x_Research) May 20, 2024
Crypto Market Holds Steady At $2.5T, Analysts Predict Bull Run Potential
Since the end of February, the total market capitalization of cryptocurrencies has remained relatively stable at around $2.5 trillion. Market observers are divided on whether this marks the end of the current cycle or if further changes are anticipated.
Despite the fact that the cryptocurrency markets have been consolidating sideways for the past three months, some analysts suggest that the bull market may be just beginning. Recently, cryptocurrency trading firm QCP Capital predicted potential bullish momentum that could drive Bitcoin’s price back to the $74,000 level. The firm noted significant purchases of Bitcoin call options for December 2024, with strike prices between $100,000 and $120,000, indicating strong investor interest in this upward trend. Additionally, the recent release of the United States Consumer Price Index (CPI) report, which indicated declining inflation, could potentially spur a rise across various risk assets, including Bitcoin.
Furthermore, cryptocurrency analyst Willy Woo recently observed that the anticipated exponential bull market for Bitcoin has not yet begun. According to him, the upcoming cycle may structurally resemble a combination of the 2013 cycle, characterized by strong demand, and the 2017 cycle, dominated by spot trading.
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