Bitcoin managed to recapture some important key areas in the late evening hours yesterday: First, BTC was able to rise to over $34,000 and then briefly broke above $35k. Although there has subsequently been a renewed drop below this - the bitcoin bulls have been taking a run-up to $35,000 again and again for several hours. The number one cryptocurrency is demonstrating strength - but is it enough to trigger the next stage of the bull run? What do analysts say about Bitcoin's short-term prospects?Enter your text here...
Bitcoin facing an "overarching green week"?
It has been and continues to be an exciting few days in the crypto markets: Will the psychologically important $30K area hold? So far it has - and Bitcoin could be well positioned for further gains. The number 1 cryptocurrency has broken out of its tight trading range between 32,000 and 34,500 and has regained its weekly support, which had to be given away a few days ago.
Either way, most coins in the crypto top 100 are barely seeing red today, according to Coinmarketcap.com: bitcoin is up almost 5% in 24 hours, while Ethereum has even managed to recoup its losses by almost 11%. But is that already enough for the uptrend to continue?
Professional trader Michaël van de Poppe also sees strength in BTC, and his colleague @galaxyBTC, a pseudonymous analyst, comments: Bitcoin is on the verge of a breakout. He is therefore "ready for an overarching green week".
Trader and investor CredibleCrypto sees it similarly, writing to his 220,000+ Twitter followers:
"If we break 35-38k, I'm looking at a move towards 45k-55k."
PlanB, creator of the legendary bitcoin stock-to-flow price prediction model, is also positive about bitcoin's prospects. He posts an update to his latest prediction - and it still confirms a long-term uptrend.
Last week, the popular analyst wrote on Twitter that he felt a little "uncomfortable" because the bitcoin price had just touched the lower limits of the model. Now things are looking better again.
Winklevoss twins: $35,000 a "good buying opportunity"
When Bitcoin was trading around $10,000 just a few months ago, no one would have believed that a price drop to $30,000 could cause fear in the crypto markets. Cameron and Tyler Winklevoss, the twins behind US crypto exchange Gemini, therefore think Bitcoin is a "really good buying opportunity" in the long term, even at $35,000.
In an interview with Bitcoin bull Anthony Pompliano, the twins explain why they are convinced that buying Bitcoin will still be worthwhile when BTC is at $35,000:
"We think Bitcoin is gold 2.0. It will disrupt gold, so its market cap has to be $10 trillion or more, because that's the market cap of gold. Bitcoin is hovering around $1 trillion, we conservatively think it will be worth at least 10 times that here. Even at $35,000, it feels like a really good long-term buying opportunity."
"We think bitcoin will be worth $500,000."
And relatively soon - "definitely within the next five years", Winklevoss says of Bitcoin's medium-term development.