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Bitcoin after a brief consolidation period along the 11,000 USD mark made an upsurge to currently trade at 11,723 at press time, which is calculated to be about a 3% price increase in the last 24 hours. This has raised multiple reactions among prominent heavyweight crypto investors who now nurse the hope that BTC will in a short while break past the 12,000USD mark to reach a new all-time high of 14,000 USD.
Crypto enthusiast and founder of on-chain data metric, Blockroot, Josh Rager, predicted that Bitcoin might surge past the 12,000 USD within the next 24 hours, Rager pointed out that the last golden opportunity to buy BTC was when the king coin briefly fell to 11,000 USD or when it was stable along with the 10,500 USD.
Furthermore, renowned investors in the tech industry such as experienced technical analyst Byzantine General, opined that Bitcoin will very soon follow the successful price development of gold to hit a new all-time, while multiple billionaire Mike Novogratz describe BTC as the new digital gold.
In the same vein renowned cryptocurrency trader “il Capo of Crypto” also took to twitter to posit that BTC will narrowly move within the 11,500USD and 11,700USD price range in the next few hours and days after which it will likely go down to test the 10,400 – 10,500 zone, he reiterated that Altcoin will perform well as long as Bitcoin trade above 10,500USD.
Similarly, crypto baron, Jonny Moe in his own view explained that he is currently experienced the bullish feeling which he had experienced before the 2019 BTC rally, a time when the noble coin rose from below 7,500USD to almost double at 13,000USD in less than four weeks.
Altcoin Market to Rally with BTC
The Altcoin market at the moment seems to follow trends in the BTC market, as Ethereum, Cardano, and XRP subsequently displayed increasing volatility in response to the BTC price surge in the last few days.
Newcomers Altcoins in the DeFi market is gaining attention from numerous investors who have been realizing huge profits in the past few days, however, crypto mogul and founder of the Ethereum Blockchain, Vitalik Buterin, had recently issued out a note of warning that the price trend are frequently not sustainable due to over-hyped expectations.