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The Price of Major Coins to Surge This Week — Can Bitcoin Stay over $4,000?

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  • Jack Thomas
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    ⚡💣💣The cryptocurrency market looks prime for some movement this week, and a lot of analysts are predicting it to go up early on

The Price of Major Coins to Surge This Week — Can Bitcoin Stay over $4,000?
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The past week or so has seen the cryptocurrency market move quite sideways, but with a definite small incline across most coins. Some have been rallying on their own, such as Stellar and its XLM token, as well as Binance Coin and Litecoin, but on average there has been nominal growth.

However, with this sideways movement there is always anticipation of the market whether breaking in an upwards direction, or indeed collapsing again. This time around, the sentiment change in the past month or so, and the feeling that the cryptocurrency winter is coming to an end, means that many analysts feel the next break will be upwards.

Market analysts believe that the market will continue to surge this week, and with Bitcoin a few dollars short of the $4,000 mark – should it cross there – it will all become about trying to keep the major cryptocurrency above this resistance point.

A look at certain coins

With the positive sentiment creeping in across the markets, a number of the top 20 coins have had substantial rallies, and more importantly, they have managed to keep hold a lot of their gains. Litecoin is once such token that managed to grow as much as 33 percent in a 24 period this month.

Others, like Binance Coin, have shown the value of a true and useful utility token as the coin continues to rally through most of 2019 on the back of good news from its parent exchange, Binance.

At the moment, heading into this new week, Stellar is up 12 percent as it continues to gain traction thanks to good adoption of the token when Germany media company Börsenmedien AG acquired Stellar-powered startup SatoshiPay.

Can Bitcoin break $4,000 and stay?

A lot hinges on what Bitcoin can do this week, as it is very close to once again crossing the $4,000 mark after doing so in late February. The major cryptocurrency is managing to hold above the $3,900 mark, which bodes well for its next step to crack the strong resistance.

The last time Bitcoin went over $4,000 it only stayed there for around 24 hours before falling back down towards $3,800. If, however, it manages to break the mark, and stay above it for an extended period of time like other coins have managed to do with their own barriers, it could be a big surge for the cryptocurrency market.

Since the sentiment in the markets have changed, it has been because strong altcoins are able to drive the rest of the top 20, including Bitcoin. It may well be that this current rally from Stellar has enough power to push Bitcoin to a point where it can take over and drive the rest of the market forward.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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  • Alex Dovbnya
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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

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As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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