The weekend, which started with the prediction that Bitcoin prices could reach 70,000 dollars from below 68,000 dollars in the early hours of Saturday, brought the expected rise. While Bitcoin price is up to 69,652 dollars, altcoins also achieved double-digit gains. The rise of BTC, the biggest cryptocurrency by market value, paved the way for altcoins to target new highs.
Bitcoin’s Status and Expectations
Events such as the cessation of Genesis’ GBTC sales had an impact on the rise of BTC. However, concerns were raised in the market with the awaited inflation data for March. Although data from the first two months did not worry Fed members, high inflation figures could damage interest rate cut expectations.
However, if inflation drops in March and interest rate cut expectations are supported, a new uptrend movement may occur in the market. This could further excite investors with important events such as the Fed meeting and halving.
The Future of Altcoins
For altcoins, it was important for Ethereum (ETH) to regain the $3,400 level, and if the recovery continues, prices may continue to rise. Other important altcoins such as Binance Coin (BNB), Solana (SOL), XRP, and Dogecoin (DOGE) are also experiencing positive price movements.
Useful Information for the Reader
It is important to maintain the support at $64,500 for BTC, and a rise above this level indicates a target of $70,000.
If the ETH price regains $3,400 and the recovery continues, a rise to $3,700, 4,000 dollars is expected.
Closing above $595 for BNB is seen as a critical level.
The recovery of the 181 dollar support for SOL Coin and the reclaiming of the 0.18 dollar support for DOGE could lead to price increases for these altcoins.
If the inflation figure is low, it is possible for the Bitcoin price to rally to levels of 73,777, 76,000, and even 80,000 dollars.
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