For the first time since January and February, Bitcoin has been rising for about four weeks in a row. Other cryptocurrencies such as Ether, Dogecoin, and Uniswap have also seen significant gains in recent days.
The price of Bitcoin (BTC) exceeded USD 46,000 after breaking the stiff barrier of USD 40,000, which has remained for weeks. The first cryptocurrency on the market had not reached a value above that mark since last May 17th.
According to TradingView, after touching USD 46,000, the price of BTC went down a little bit. The cryptocurrency is trading at around USD 46,300 and has grown by about 16.1% in the last week, according to Coingecko.
Since the beginning of the crash of May 17th, the value of BTC lost 50% in a couple of weeks. The price recovery became elusive, managing to exceed USD 40,000 only momentarily.
If the recent trend held, this would be the fourth week in a row with BTC on the rise. Besides, it would be the first time that has happened since the rally between January and mid-February. In that period, the price of the cryptocurrency went from USD 29,000 to USD 58,000.
After three months in the red, the price of Bitcoin has resumed its bullish trend. It rose by 18% between early June and late July and has increased by 10% in August. That reinforces the thesis of various analysts who expected an imminent recovery in the market.
Bloomberg recently predicted that the cryptocurrency could be heading towards USD 100,000 in a new rally.
Ether, Dogecoin, Uniswap, and the Rest of the Altcoins Are on the Rise
As usual, the major altcoins, as usual, have responded positively to the current rise in the price of Bitcoin. The value of the Ethereum cryptocurrency, Ether (ETH), recently exceeded USD 3,000.
The cryptocurrency is trading at around USD 3,160 and has gained more than 23% in the last week, according to Coingecko.
Other prominent coins in the last week include Dogecoin (DOGE), the Internet Computer Protocol (ICP) currency, and the Uniswap DeFi token, UNI. Their prices have increased by almost 24%, more than 58%, and 28%, respectively.
New All-Time Highs in the Price of Bitcoin Are on Their Way
The weekly chart for Bitcoin indicates that the forecast is increasingly optimistic. There seems to be no more resistance to the rise in the price of Bitcoin to USD 58,000.
There has been a continued rejection of low prices and a resumption of the medium/long-term trend. Therefore, it is not at all unreasonable to think that new all-time highs will come.
Everything seems to indicate that the upward trend will continue and could go much further in the coming months. Fundamentals encouraging the accumulation of a scarce asset amid a turbulent global economic situation support this vision.
The recent price action of the pioneering cryptocurrency leads many to expect gains, at least in the short term. The data shown above indicate that there is little chance of losing that strong support at USD 30,000.
By Alexander Salazar
