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Low- and mid-cap altcoins gain traction as the cryptocurrency market prepares for a historic rebound to record peaks.
Bitcoin flourished over the past seven days, climbing from a weekly low of below $62K to trade at $67,200 during this publication.
BTC’s impressive performance catalyzed optimism in the altcoin space, and analyst Decilizer believes that’s a lucrative environment for Ravencoin (RVN) to skyrocket.
The crypto trader highlighted that RVN secured significant support at the $0.014 mark, and the massive volume sets $0.027 as the next stop for Ravencoin’s price.
$RVN is taking the lead again. After taking support at 0.014$, it is continuing its uptrend with a huge volume with a next target of 0.027$ in a shorter timeframe. Hope Bitcoin stays bullish in this period.
— Decilizer (@decilizer) July 21, 2024
We've tracked 380% gains in the previous rally. pic.twitter.com/o93txKwqoM
Decilizer added that continued Bitcoin surges could see RVN repeating its previous rally, which saw it soaring by a staggering 380%.
Meanwhile, enthusiasts should track overall market tendencies as RVN’s expected recovery remains contingent on Bitcoin’s performance.
Bitcoin current outlook
BTC displays an upward stance and seems ready to maintain this outlook amid bullish developments ahead of the July 25 – 27 Bitcoin Conference.
The event will feature top speakers from leading industries, and their comments will be vital in driving BTC prices higher.
Proponents expect ‘positive vibes only’ during the upcoming Bitcoin meeting.
Presidential candidate Donald Trump, known for his crypto-friendly stance, will attend the Nashville event for digital assets.
Moreover, the Tesla billionaire’s arrival in Tennessee created speculations about his appearance at the BTC Conference 2024.
Musk’s updated X profile features laser eyes, which reflects a heightened focus on Bitcoin, according to the crypto community.
Michael Saylor’s reaction to Musk’s new profile added optimism, with many anticipating explosive bull runs soon.
Laser Eyes are back in style. #Bitcoin pic.twitter.com/FZBztnkVhf
— Michael Saylor⚡️ (@saylor) July 21, 2024
Amidst the buzz, analysts expect Trump and Musk’s endorsement of Bitcoin during the conference to propel BTC in the coming months.
The prevailing market conditions suggest imminent rallies for Bitcoin. The upcoming BTC conference will potentially set the stage for solid cryptocurrency rallies.
That seems to bode well with Ravencoin’s forecasted 380% price surge.
RVN price action
The alt changed hands at $0.01987, down 1.22% in the past day. The slight dip follows a notable uptick that saw RVN soaring from the weekly low of $0.0186.
Bullish actions above the crucial $0.014 support will open the path towards $0.027.
Continued Bitcoin surges will help RVN attain its 380% surge target. That will propel the alt from its current price to the value area of $0.75583.
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