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Analysts Expect Another Breakout as Bitcoin (BTC) Nears $4,000

Digital currency assets in key markets across the globe have shown a very remarkable performance in just less than two days.

The price of bitcoin (BTC) has now come close to the $4,000 mark as altcoins, in particular Ethereum (ETH) and EOS, breached their individual weekly peaks by double-digits.

Although bitcoin’s impressive climb early this morning looks similar to advances projected by the bears during the previous weeks’ sessions, what’s taking shape this time is something distinct.

Based on data generated by crypto investment analytics firm Skew Markets, Monday’s digital currency trading in a single day was the biggest so far for this year.

Proof of this heightened activity towards the green region are figures reported by well-known crypto exchanges BitMEX, Deribit, Kraken and OKeX, that all had surging BTC futures volume not seen in many years.

Strong ascent proves bitcoin’s resilience

e-Toro in-house crypto investor Mati Greenspan is among those who quickly shared his positive thoughts on bitcoin’s surprise ascent, saying that crypto volume across the board was pegged at $35 billion, a “level not seen since last April.”

While the reputed trading analyst disclosed “more meaningful moves” usually go hand-in-hand in terms of higher volumes, Greenspan hinted that this upward momentum surely resembles a bullish breakout.

Similarly, Canadian bitcoin analyst Kevin Rooke, concurs with Greenspan’s opinion.

In a tweet, Rooke emphasized that Bitcoin just witnessed nearly $10 billion in exchange volume last Monday, its most impressive reading of this magnitude since May last year.

Bitcoin’s current positive outlook have led many crypto advocates to believe that another breakout is in the offing.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)


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