The Bitcoin price has been displaying a bullish trend, characterized by higher highs and higher lows, since reaching $24,000 last week. Despite current market indicators suggesting neutrality, potential volatility could drive the price to a new all-time high.
The bullish sentiment is on the brink of overtaking the weekly bearish momentum, should the upward trend persist in the coming weeks. Additionally, the cryptocurrency market has recovered to pre-FTX levels following a recovery rally in January.
Explosive Growth: The Rise Of Fetch.ai (FET)
Fetch.ai (FET) has seen a remarkable 300% increase in value year-to-date, according to recent crypto market data. Founded in 2017, Fetch.AI is an AI-focused organization that has developed an open, decentralized machine learning network with a cryptographic economy. The network has made significant advancements, including inter-blockchain communication capabilities with the Capricorn upgrade.
This progress has drawn significant attention from both the cryptocurrency community and institutional investors, leading to a significant increase in the FET price since reaching its low in November/December of last year. It is noteworthy that the price action of Fetch.ai (FET) has mirrored that of Bitcoin in 2021.
Should Bitcoin price action follow the footsteps of Fetch.ai, the popular crypto analyst CrediBull thinks an ATH by the end of this year is highly plausible. However, the analyst indicated a possible Bitcoin price correction before following the footsteps of Fetch.ai is likely to play out.
The Bitcoin market is, nonetheless, at a crucial period of its existence after trading for more than five months below the 200D MA. With the 50 and 200 WMA glaring at a possible dreaded death cross, the bulls have to push over $25k to invalidate a market crash.
Source: https://coinpedia.org/altcoin/bitcoin-price-likely-to-follow-fetch-ai-fet-footsteps-and-rally-to-ath/