Bitcoin has made its first breakthrough this year by surging past the $30k mark. Market analysts predict that this could lead to even greater gains, with some speculating that the price could climb above $40k. Let's take a closer look at what's been going on in the crypto market.
Bitcoin's Unexpected Surge After consolidating around $28k for three weeks, Bitcoin's sudden surge to unexpected heights has reignited investor interest. This bullish start to 2023 has led to speculation about the potential for even greater gains in the future. The crypto market is making a strong rebound from the previous year's bear market, and this unexpected turn of events has only added fuel to the fire.
Impact of High-Impact News on Crypto Market As you may already know, the crypto market is known for its volatility. The coming days are expected to be no different, as high-impact news from top markets around the world could further impact crypto prices. For example, the United States Bureau of Labor Statistics is set to release the Consumer Price Index (CPI) data tomorrow. Additionally, the Bank of England Governor Andrew Bailey is expected to speak about the resilience of the global financial system at an online event hosted by the Institute of International Finance tomorrow. Meanwhile, the Bank of Canada is expected to release interest rate data tomorrow.
Given the high global inflation, Bitcoin's price is expected to lead the altcoin market in higher gains in the coming weeks. But as always, investors should exercise caution and approach the market carefully to avoid forced liquidations.
Crypto Market Cap Enroute to $2T According to a popular market economist Michael van de Poppe, the total crypto market capitalization is well positioned for a 100 percent run to $2 trillion in the coming months. Poppe highlighted that the total crypto market capitalization has stayed above the 200-MA and 200-EMA in the past four weeks. This is a positive sign that the bullish stance will continue as long as the market can break through a crucial resistance level.
Poppe's prediction of a rally toward $2 trillion in total market capitalization could see Bitcoin's price trading above $40k. "At $1.25T we need to break through, if we do, we'll be seeing a strong run to $2T," says Poppe.
Ethereum Shanghai Upgrade As exciting as all of this news may be, investors should keep an eye on the Ethereum Shanghai upgrade, which is expected to occur tomorrow. This could further heighten the crypto volatility and cause forced liquidations, so it's important for traders to approach the market carefully.
In conclusion, the crypto market is experiencing a period of growth and volatility that is likely to continue in the coming weeks. With Bitcoin's unexpected surge, market analysts predict even greater gains in the future, and a rally toward $2 trillion in total market capitalization could see Bitcoin's price trading above $40k.