The Bitcoin market saw an increase in value of approximately 2.3% during the early Asian trading session on Friday, with the cryptocurrency trading around $30,795.
As the week comes to an end, the market has been impacted by high-impact news from around the world, including the United States CPI, FOMC meeting statement, and today’s Retail Sales Ex Autos, resulting in significant effects on both Bitcoin and altcoin prices. As a result, crypto volatility is expected to spill over the weekend as FOMO traders enter the market.
Related: Will Bitcoin Continue Its Bullish Surge? Analyst Maps Potential Levels For BTC Price – Coinpedia Fintech News
Bitcoin Approaching Resistance Level with Weekly Death Cross at Play
Despite the recent gains, Bitcoin is approaching a significant resistance level between $31k and 32k. Additionally, the weekly death cross is still at play, indicating that a Bitcoin price reversal could be underway in the coming weeks.
According to crypto content creator Trader Alan, Bitcoin price could reach as high as $200k by April next year, during the halving event. The crypto chartist implies that if history repeats itself, the bulls have the upper hand of rallying about 730 per cent.
Previously, the analyst had implied that Bitcoin is out of a logarithmic downtrend with the bulls on the upper hand, making them convinced that history will repeat itself in the Bitcoin market within the next year.
Bitcoin Market Dominance Dips
The Ethereum (ETH) breakout triggered by the Shanghai upgrade has significantly reduced Bitcoin’s market dominance. Having hit a major resistance of around 48%, Bitcoin’s dominance is expected to continue shrinking as more altcoins pump in the coming weeks.
Related: Ethereum Soars Past $2000 While Bitcoin Coinsolidates-Is This the Beginning of the AltSeason? – Coinpedia Fintech News
As the altcoin season continues to show early signs of materializing, the crypto cash flow is expected to transition from Bitcoin in the coming weeks.
This Will Interest You: Mini-Altseason Has Already Begun; Top Altcoins to Consider This Season! – Coinpedia Fintech News
Source: https://coinpedia.org/bitcoin/bitcoin-price-forecast-if-history-repeats-btc-price-will-hit-200k-by-2024-heres-how/