Bitcoin and other altcoins to resume bullish trend amid positive news


Bitcoin is likely to regain bullish trend after yesterday's announcement that Apple may implement cryptocurrency into its e-wallets as a payment method. Besides, Elon Musk is not going to sell off bitcoins. Not long ago, there was a meeting with crypto miners about making the mining eco-friendlier.

Although a lot of different institutions and other types of investors have stayed bullish on BTC over the past few years, many analysts still believe that there is room for growth. The crypto industry has not fully reached its potential. According to Harry Hellman, the cryptocurrency niche is still developing. Some assets are more in demand and well-developed, while others are slightly behind their counterparts.

A high level of bitcoin decentralization will help prevent the strong influence and interference of various regulatory authorities in different countries. Central banks may soon adopt permitted blockchains, replacing settlement networks with more efficient ones. Crypto assets reached their peak. So, there was a boom and outflow of various investors, which led to a bear market and a long correction. This is an important step in the evolution of bitcoin, which will help significantly accelerate its mass and global acceptance.

In addition, such reputable investors as Ray Dalio, Michael Saylor, and Kathy Wood, as well as a member of the Board of Governors of the Federal Reserve System, Lael Brainard, are vocal supporters of crypto assets. Yes, the price of bitcoin instantly changes from various kinds of signals from different countries, both positive and negative. The tweets of various holders or institutions, e.g. Musk or Saylor, may also trigger volatility.

Ray Dalio said that he owns bitcoins, without specifying the exact amount in his portfolio. Nevertheless, bitcoin rose amid this statement. This is why it may soon break above the resistance zone of $ 42-45,000. If so, bulls are likely to take the upper hand. Bulls also need to consolidate at the support level of $42,000. Otherwise, bears will again take control over the market.

The trajectory of BTC will depend entirely on the stock market in the next couple of weeks.

The material has been provided by InstaForex Company -