The bitcoin price has broken back above $40,000 per bitcoin as traders welcome the Federal Reserve’s steady approach to raising rates and despite the looming threat of increased regulation. Ethereum, BNB, XRP, solana, cardano have also rallied, with recent challengers Terra’s luna and avalanche making outsized gains.
Interest in bitcoin and other cryptocurrencies like ethereum, BNB, XRP, solana and cardano has surged over the last few months as inflation fears engulf investors. In the U.S. prices have increased by 7.9% in the year through February—the highest rate of inflation in 40 years.
However, Beard’s bitcoin price prediction requires bitcoin to break out of its current niche.
Bitcoin price rallied roughly 13% after setting up Monday’s low at $37,524 on March 13. This move albeit slow is aimed at retesting the bearish breaker, extending from $42,867 to $43,755. This setup contains a Market Structure Break (MSB) aka a higher between February 28 and March 2 followed by a flip of the demand zone formed between the swing highs.
“For [bitcoin’s] price to take off [it] needs to graduate from its strong correlation to the Cathie Wood crowd and high-priced, high-tech equities,” said Beard. Bitcoin’s price has moved in tandem with technology stocks over the last two years as lockdowns and Covid stimulus measures pushed up prices.
Ethereum
Although the Ethereum price looks bearish right now, the coin had made some good performance over the weekend. The current price of Ethereum price $2,928.70, and this is after the recent gains. However, this price growth is slower than what Bitgert has posted in the recent past. Ethereum is still slow and looks like plunging again when the likes of Bitgert (BRISE) are doing very well right now. However, if the bull run resumes, Ethereum might reach $3k, which will be big for the ETH investors.
BNB
Will BNB start its bull run soon, or has it started already? Well, the BNB coin has been bullish for most of this weekend, where the price reached $405. At the time of this writing, BNB price had started dropping but still doing well at $398.21. However, Binance coin is one of the crypto projects to do very well in the market. However, BNB will need to beat the Bitgert competition to reach the projected $600+ by the end of the year.
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