Bitcoin has not stopped rising after breaking through $10,000. According to the data, the bitcoin price was $12,738 as of the time of publication, hitting a 17-month high. Bitcoin has risen 13.34% in the past 24 hours and has risen an astonishing 43% in the past seven days. Analyst Mati Greenspan said that the upside is driven by traders who have already entered the market, and new funds have not yet entered the market, and the rise will continue.
Technical analysis shows that the current support and resistance levels for Bitcoin are $1,1500 and $13,700, respectively. If the market conditions continue to maintain its current trend, it may try to reach above $13,500 in the next few days. If the price falls below $11,500, it will support near $11,000, but the overall market trend is still bullish.
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Earlier this week, senior crypto-trader Peter Brandt said bitcoin bitcoin is currently in the fourth parabolic rise phase with a target price of $100,000. His prediction coincides with the view of Enthony Pompliano, founder of the encryption company Morgan Creek. As Barry Silbert, founder of the Digital Money Group, said in an interview with Bloomberg, "We are coming out of the encryption winter, we have come to the encryption spring."
As bitcoin prices have risen, its dominant rate in the encryption market has also reached more than 60%, the highest level in two years. However, the current market environment is completely different from two years ago. eToro analyst Mati Greenspan said that
“When Bitcoin reached this price for the first time, the world just understood this new digital asset, and FOMO (missing fear) pushed the price up. At present, this rise seems to be more due to the increase in awareness and application. Sustainability, the current price is more reasonable."
Greenspan also said in an interview with CCN that most of Bitcoin's trading volume comes from the reconfiguration of existing trader funds in the market, indicating that "new funds" have not yet entered the market. This means that with the launch of a large number of Bitcoin investment tools on Wall Street, a large amount of money will still enter the market. (than push)