With the ongoing revival in the crypto market featuring a comeback from Bitcoin (BTC), XRP, and Shiba Inu (SHIB), a top market analyst has revealed an entry point for Bitcoin traders.
Michael van de Poppe is optimistic that the ongoing reversal in Bitcoin’s price is a great move. While he acknowledges the potency of the growth, he believes it is essential to wait for a slight drop before buying Bitcoin.
The Bitcoin Bullish Rally
Bitcoin is currently on a relatively massive swing, up 3.50% to $27,818.04. The asset’s trading volume has gone parabolic overnight, soaring 149% to $12.08 billion, fueling an uptick of 3.65% in market cap, now pegged at $543.6 billion.
The chart accompanying Poppe’s post shows the erratic motion of Bitcoin since Oct. 1. The coin started the month at $26,995. From this point, BTC went on a big jump as it breached the $28,000 resistance point on Oct. 2 and grew as high as $28,494 the same day.
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Since Bitcoin attained this monthly high, the trend has reversed, making the $28,000 region a very significant resistant level. Despite the emphatic rebound from the support at the $26,489 low recorded on Oct. 12, the coin is yet to breach the $28,000 resistance.
The rally is attractive and might fuel FOMO (Fear of Missing Out) among traders. However, Poppe noted that the “most optimal entry would be $27,300.” To act on this call, traders must wait for a slight drop in the asset’s price.
Altcoins Join the Rally: XRP and SHIB on the Spotlight
While the growth of BTC is emphatic, XRP and Shiba Inu are also acting on the rally. While XRP is up 1.06% to $0.4912, Shiba Inu bulls have pushed its price to $0.000007128, up by 1.28%.
Besides the correlation both altcoins maintain with Bitcoin, their ongoing rally stems from a build-up of positive fundamentals recorded in their ecosystems. While XRP has continued to see notable whale actions and a rapid rise in wallet addresses, Shiba Inu is set for mainstream adoption through its fast food chain Welly, Shibarium, Metaverse, etc.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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