Bitcoin‘s value has stabilized around $68,000, sparking anticipation for new highs in the market. Analysts suggest that while a 30% medium-term correction could occur, the general sentiment remains optimistic. Bitcoin’s surge above its previous high signifies a possible acceleration in the ongoing bull market, despite the expectation of natural price pullbacks.
Bitcoin’s Record Trading Volume
Bitcoin recently marked a significant milestone with a spot trading volume of $46.26 billion, indicating heightened market activity. This surge in volume contributed to Bitcoin reaching a new peak. Meanwhile, altcoins have yet to enter their anticipated bull run, although analysts predict this phase is on the horizon. Compared to potential future gains, the current increases in altcoin prices appear modest.
Future Potential for Bitcoin and Altcoins
Bitcoin’s latest all-time high was met with a quick profit-taking response, but if it manages to close above $70,000, it could potentially reach $76,000 and $80,000. On the downside, a drop below $62,500 could see Bitcoin testing support at $59,727—a figure that was previously unthinkable as a short-term milestone.
Solana’s Price Boost from Institutional Investment
Supported by Pantera Capital’s intention to invest $250 million in Solana, the cryptocurrency’s price benefits as selling pressure moves from the spot market to over-the-counter trades. If Solana maintains a price above $143, the asset could target higher price levels of $158 and $175. Conversely, a downturn below $126 may trigger a retraction to $107.
As for XRP, the price oscillates between $0.67 and $0.55. Despite Bitcoin’s new peak, XRP struggles to break the $0.67 resistance. Should it succeed, a rise to $0.74 and possibly $0.93 is anticipated. However, falling below the 20-day EMA could lead to a swift decline to $0.50 due to amplified selling pressure.