criptomoedas-grafico-pexels.jpg

Bitcoin (BTC) above $20K; see technical and fundamental analysis of cryptocurrency

(Image: Pexels/DS Stories)

After two weeks below the milestone, the Bitcoin (BTC) is traded above US$ 20 thousand this Tuesday (25). THE cryptocurrency has not exceeded this price since October 6th, and today, it was driven by the high Nasdaq in the United States.

Bitcoin even traded as high as $20,342 at 4:32 pm and appears to be looking for strength to continue rising. O Ether (ETH) is up 11.37% this afternoon at $1,500.

– Advertisement –

According to fundamental analysis, the rise is not sustainable, and represents more of the same as the correlation between cryptocurrencies and the traditional market. For technical analysis, the cryptocurrency can reach up to $22,000. Check out:

Bitcoin (BTC) Fundamental Analysis

For André Franco, chief analyst at the Bitcoin Market, the market movement is just the same as it has been observed for a while.

– Advertisement –

“SP500 going up, Nasdaq going up, Bitcoin going up and Ether going up too. Ether is rising a few percentage points more than expected, but the rest is normal,” he explains.

The sudden rise is a normal day in terms of the correlation of the crypto market with the traditional, as the analyst points out.

He also says that he does not believe it is a sustainable movement, “first that it is just one day, and then that the correlation is very high with Nasdaq and with the SP500”, he says.

For him, it is natural that after a rise in one of these indices, the crypto market follows the movement, but that optimism can be discarded since it may be “just a day in the middle of a sea of ​​things”.

“[A alta] cheers people up who see Bitcoin pass $20,000, but I see zero sign of consistency from now on,” he concludes.

Bitcoin (BTC) Technical Analysis

According to Tasso Lago, founder of Financial Move, Bitcoin broke the $19,600 barrier and has room to grow to the $22,000 region.

“This positive rebound tends to cheer up the entire market, causing appreciation of the entire cryptocurrency ecosystem. The high is invalidated if it falls below $19,100”, he evaluates.

Bitcoin Ethereum review
(Image: Tasso Lago/Disclosure)

The analyst also highlights the cryptocurrency AAVE and LDO, which is from the DEFI niche.

“At the moment, quoted at U$85, it can reach the level of U$95, an appreciation of about 11%. LDO, which is a second-tier cryptocurrency on the ETH network, has an appreciation potential of around 25%,” he says.

Bitcoin Ethereum review
(Image: Tasso Lago/Disclosure)

Lago says that LDO, a cryptocurrency priced at $1,668 at the moment, could reach the level of $2.11.

Follow Crypto Times on Instagram!

Stay on top of everything that happens in the crypto universe in a simple and practical way! Every day content filled with images, videos and lots of interaction. From the main news in Brazil and in the world to the current discussions. You will have access to the world of cryptocurrencies, decentralized finance (DeFi), NFTs, Web 3.0 and much more. The crypto universe is ageless, it’s for you! Connect with Crypto Times! Follow our profile on Instagram now!

Disclaimer

O Money Times publishes informative articles of a journalistic nature. This publication does not constitute an investment recommendation.

Want to stay on top of everything that happens in the crypto market?

Receive the main news and analysis from Monday to Friday. It’s free!

By clicking on the button, you authorize Money Times to use the data provided to forward informative and advertising content.


Source link

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *