Tuesday began for the digital asset market with a positive movement. The Bitcoin exchange rate broke the level of $ 9,000. At the press-time, the main cryptocurrency is trading at $ 9,032.
The total market cap of the ecosystem has exceeded $ 248,5 billion, and the Bitcoin dominance index is 66%.
The maximum growth indicator was recorded by a new participant in the TOP-10 CoinMarketCap capitalization rating – Cardano (+ 8.26%).
Yesterday, the last position in the TOP 10 belonged to the Stellar cryptocurrency. At the moment, the asset has moved to the 13th position. Other changes were led by the growth of the recently ranked 16th cryptocurrency Ethereum Classic, and Justin Sun’s project – Tron. Both of the assets came close to the TOP 10 CoinMarketCap capitalization rating having demonstrated a huge growth.
In par with the positive movement of the digital assets market, the well-known cryptocurrency analyst PlanB continues to insist on approaching a new Bitcoin growth phase.
I ❤️ cointegration pic.twitter.com/WVvCqMFr5R
— PlanB (@100trillionUSD) January 27, 2020
According to the analyst’s statement, a positive movement will be implemented in the first half of 2020. In his opinion, and Bitcoin price will be able to rise above $50,000 by March 2020. PlanB reveals that for this to happen, Bitcoin would have to cross the $10,000 psychological point by February.
At the same time, LunarCRUSH researchers drew attention to the growth of BTC’s “social activity”. According to the observations of experts, users generally use BTC for financial transactions in everyday life.
4/6 #bitcoin social engagement just pushed to a new 2020 high with 361,076,500 unique engagements. This includes deeper social activity such as likes, retweets, and comments. https://t.co/NPMoLfqZLr $btc pic.twitter.com/QLD7Sqy0JN
— LunarCRUSH (@LunarCRUSH) January 28, 2020
CEO of the popular digital asset exchange Binance, Changpeng Zhao and co-founder of Morgan Creek Digital, Anthony Pompliano, in turn, drew attention to the responsibility for such forecasts.
Now is the time to unfollow people who predicted btc to 5000 in the last couple months, and btc to 1000 a year ago.
Removing bad influences in life is essential for success! https://t.co/bpYD13i1rR
— CZ Binance (@cz_binance) January 28, 2020
Experts called on participants in the crypto community to differentiate analysts by the effectiveness of their predictions. In particular, Changpeng Zhao asked subscribers of his Twitter to unsubscribe from those who had previously predicted a drop in Bitcoin price to the level of $ 5,000 and lower.
Is It Worth To Buy Bitcoin Now Or Is It Too Late?
BTC/USD rebounded after several attempts to test the three-week trend line. Thus, the “bulls” made it clear to the rest of the market participants that they still have the strength and the upward trend has a chance of remaining.
BTC/USD is forming an upward wedge potentially, which will serve as a signal to fall.
Also, Bitcoin is trading is under the resistance level of $ 9,200. Until traders overcome this level, there can be no talk of further growth.
If you go above $ 9,200 the next resistance is at the level of $ 9,700 – 9,800 -10,000, $ 10,400 – 10,500. In case of breakdown of levels $ 8,600 – $ 8,700, we can expect the formation of the second peak.
At this stage, it makes sense to stay in a long position with a stop below the trend line. Therefore there are no other landmarks, as well as reasons for changing the strategy at the moment.
Recall, earlier, an analyst who predicted correction of Bitcoin in 2017 shared his opinion on the possibilities for the further movement of the rate of the most capitalized cryptocurrency.