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Bitcoin, after falling drastically, has hit over $21,000 USD, a mark which traders are referring to as some relief amidst the cryptocurrency winter. After struggling for weeks, Bitcoin is showing some signs of a minor rally, looking at a 5.34% increase in its trading value over the past twenty four hours. The cryptocurrency market overall is responding to the inclines, too, with green flashing across the industry.
Source: Coin360
Summer relief time.
— Michaël van de Poppe (@CryptoMichNL) July 15, 2022
According to cryptocurrency trader, and popular analyst in the industry, Crypto Tony, this might be the time for a positive trajectory in the industry. He continued, saying that if the market can get to $21, 700 USD, the altcoin market will continue to “enjoy a nice pump and relief rally“.
Stuck hovering around the EQ currently of the range. I am still in my long and looking for a flip so we can push up to my final range target of $21,700 🤝
Invalidation point now $19,600 pic.twitter.com/Q8e0oy4UuV
— Crypto Tony (@CryptoTony__) July 15, 2022
Crypto Tony’s prediction that the altcoins will continue to see a relief rally comes following a healthy increase in the altcoin market. As noted, the altcoins are responding to Bitcoin’s price increase. Ethereum (ETH) is looking at more than 12% gains in the past day’s trading. Binance Coin (BNB) is showing just over 4% increase in the past day, and Solana has increased by over 11%.
If the relief rally CAN continue and the market pick up once more, it means Bitcoin has either neared or hit its bottom. According to Glen Goodman, author of “The Crypto Trader”, Bitcoin might have hit the lowest value it will this crypto winter. Speaking on Bloomberg Crypto, Goodman noted that “we might be at the end of the crypto winter”, despite many pointing out that negativity and speculation could be an indication that things will turn soon, despite (or as a result of) the bearish outlook the market is currently showing.