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Bitcoin Tops $66,000! What’s Next for Altcoins?

Fri 17 May 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Crypto regulation

The crypto market has witnessed a bullish dynamic, with Bitcoin crossing the $66,000 threshold for the first time since April 2024. This increase came after the publication of lower-than-expected inflation data in the United States, thus reviving investor optimism.

Bitcoin Crypto

The incredible rebound of Bitcoin!

The recent surge of Bitcoin beyond the $66,000 mark has been closely monitored by analysts, who now anticipate a ripple effect on altcoins. The renewed confidence in the market could prompt investors to turn towards these alternative cryptos, potentially driving their prices upwards.

US Consumer Price Index (CPI) data for April showed a slight decline compared to March, accompanied by a moderately weak retail sales report. These indicators have eased fears of runaway inflation and an overheating economy, which could have pushed the FED to reconsider its accommodative stance and consider interest rate hikes.

Future prospects for crypto 

In the last 24 hours, the Bitcoin market experienced a significant increase in total liquidations, approaching $60 million. Bearish positions were the most liquidated, exceeding $48 million. Bitcoin (BTC) could aim for a return to $74,000 in the coming weeks, nearing its all-time high reached in March, stimulated by three bullish factors, according to the crypto trading firm QCP Capital.

QCP Capital has indeed analyzed the current market conditions and predicts an increase in Bitcoin’s price up to $74,000. They expect a bullish momentum in response to macroeconomic developments in the United States, including a gradual decline in inflation and subsequent interest rate cuts, which should support risk assets.

The recent rise of Bitcoin to $66,000 could very well be the catalyst for a new wave of confidence in the crypto market, with positive repercussions expected for altcoins. Investors and traders would be wise to closely monitor these developments to adjust their investment strategies accordingly.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.