A "healthy correction" is increasingly likely, says analyst Michaël van de Poppe as sellers dig in below the $40,000 mark. Bitcoin (BTC) climbed to fresh all-time highs on Jan. 7, coming within striking distance of $40,000.
Data from Cointelegraph Markets, Coin360 and TradingView showed Bitcoin getting yet another boost overnight on Wednesday as protestors stormed the Capitol in Washington D.C. After showing signs of continuing strength during trading the day before, BTC/USD abruptly headed north, reaching a new peak of $37,800.
By press time on Thursday, a subsequent retracement had sent the pair focus on the $37,000 mark, with Bitcoin still within 10% of hitting $40,000.
According to the latest updates for order books, significant resistance lay in wait at $38,000, with more selling pressure beginning at $39,500. Support was less decisive above $31,000.
“It’s amazing, an amazing year,” Cointelegraph Markets analyst Michaël van de Poppe summarized in his latest YouTube update. He added that while the current price action was something to be celebrated, a “healthy correction” was now getting more likely. “Would that be bad? No, as the higher Bitcoin goes, the more money is into the markets and the more money can flow towards the altcoins from this perspective,” he continued.
As Cointelegraph reported, the end of December was characterized by more funds entering long-term storage, with the remaining available supply subject to what Van de Poppe and others term “FOMOing in” from less experienced buyers.
These felt that they should seize the opportunity and buy Bitcoin at higher levels, having had no interest in doing so while Bitcoin traded at $10,000, he noted.
Across major altcoins, Ether (ETH) was up 2.3% on the day, hitting $1,180, while embattled XRP put in a surprise move to add 27%. Stellar (XLM) meanwhile continued its march upwards, hitting $0.34 on the back of weekly returns that topped 170%. Bitcoin’s market cap dominance stood at 68.5% on Thursday, down from 69.7% at the start of the week.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 78.8% | 43 | $70 549.88 | 3.00% | 8.27% | $1 387 494 788 714 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 76.8% | 48 | $3 558.87 | 2.67% | 3.84% | $427 320 303 389 | ||
3 | USDT | Tether predictions | 95.2% | 1 | $0.999961 | 0.05% | 0.02% | $104 450 060 275 | ||
4 | BNB | Binance Coin predictions | 60% | 80 | $581.56 | 2.48% | 6.11% | $86 964 779 028 | ||
5 | SOL | Solana predictions | 56.8% | 89 | $185.81 | 2.06% | 3.93% | $82 554 709 619 | ||
6 | XRP | XRP predictions | 79.6% | 30 | $0.629771 | 3.31% | -0.48% | $34 564 529 747 | ||
7 | USDC | USD Coin predictions | 92.4% | 2 | $1.000062 | 0% | 0% | $32 292 135 993 | ||
8 | DOGE | Dogecoin predictions | 64% | 68 | $0.219561 | 20.82% | 46.58% | $31 541 252 554 | ||
9 | ADA | Cardano predictions | 66% | 67 | $0.649764 | 1.83% | 3.99% | $23 119 704 162 | ||
10 | AVAX | Avalanche predictions | 59.6% | 88 | $54.41 | 1.81% | 1.88% | $20 533 847 583 | ||
11 | SHIB | SHIBA INU predictions | 56.8% | 94 | $0.000032 | 5.79% | 17.12% | $18 596 655 821 | ||
12 | TON | Toncoin predictions | 58.8% | 88 | $4.90 | -1.11% | 20.64% | $17 014 430 701 | ||
13 | DOT | Polkadot predictions | 71.6% | 52 | $9.46 | 1.54% | 3.44% | $13 498 790 542 | ||
14 | LINK | Chainlink predictions | 77.2% | 42 | $19.16 | 0.31% | 5.06% | $11 246 466 874 | ||
15 | BCH | Bitcoin Cash predictions | 69.2% | 60 | $569.65 | 6.10% | 38.03% | $11 211 669 006 |
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