Bitcoin prices have been rising for several days and were able to increase by around 15% within ten days. Due to the Bitcoin increase, many Altcoins, such as Axie Infinity or Cardano , were also able to rise sharply. But how could things continue with the biggest cryptocurrency, Bitcoin?
Bitcoin Price Prediction – How far will Bitcoin go?
Let’s be straight to the point and look at figure 1. In the short term, we expect Bitcoin price to test the top of the triangle to confirm it. Thus, the price could rise another 3% before it encounters resistance. If the trendline is not considered resistance, which could happen as the trendline is not yet confirmed, then we expect a move up to the $45,560 resistance. This would mean an increase of about 6% for the Bitcoin price. However, this would also mean that the price could drop from that point. This decline could continue down to the trendline, so if you are long, consider taking profits at the $45,560 resistance. Should the price fall, the target would be around $40,000.
Bitcoin or Altcoin? Which investment is Better?
A few days ago, Bitcoin dominance over the crypto market broke a trend line that had caused prices to rise. Now that this trendline has been broken, bitcoin’s dominance may decrease further. As a result, various altcoins could rise more sharply and thus outperform the Bitcoin price. Based on this, we would say that an investment in altcoins could be more worthwhile at the moment.
We recently saw the surge of many altcoins such as LRC, ADA and AXIE. Those altcoins rose by more than 30% while Bitcoin increased by 8% within that same timeframe. Of course, it is always good to diversify, so now is the time to do so and increase the invested capital into those smaller altcoins.