The global crypto market is back to the bullish trend. Bitcoin gyrated in volatility but managed to rise above the $41,000-mark. Other major altcoins, including Ethereum, made gains trading in green. The global cryptocurrency market cap rose to $1.82 trillion, up 1.42 percent over the last 24 hours.
BTC Price Analysis
Bitcoin has performed even better over the last 24 hours. The new increases have brought Bitcoin gains of 5%. BTC experienced a renewed rise above the $40K resistance and is currently trading at $41,098.85 Level.
The Kingcoin is on the verge to break the $41,500 resistance. The extended rally could be possible if the price moves above $41,600. In this case, the BTC price could rise to $42,500 and also hit $43,200 if bulls remain intact.
On the Downside, if it fails to break the $41,600 resistance level. The $40,500 area is a support zone for the downside. Bitcoin could even test $39,000 in an extended bearish trend.
Bitcoin Price Primed to Rally
After several months of volatility, a famous crypto analyst is taking a macro look at Bitcoin (BTC) to get a better sense of where the leading crypto asset is headed.
Benjamin Cowen assures his YouTube subscribers in a new strategy session that, despite short-term price changes, Bitcoin and the crypto industry, in general, will continue to grow for years to come.
“The understanding that I have is that Bitcoin generally trends higher with time. The asset class is growing. There’s obviously a ton of great news. The user base is growing.”
This is almost certainly going to be an asset class that continues to grow over the next few years and into the next decade, he added. The analyst goes on to talk about Bitcoin’s running return on investment (ROI), which takes into consideration the break-even price as a baseline indicator.
He asks to look at some of the longer-term running averages or running ROIs to have a better notion of how to recognize this in a more practical approach, rather than just saying two years ago the price was a tenth of what it is today. The three-year running ROI is one of the things we can look at. It hasn’t truly gone below one in a long time, he added.
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Source: https://coinpedia.org/bitcoin/analyst-maps-bullish-outlook-for-bitcoin/