By Hassan Mehmood (Saudi Arabia)
Over the last days and weeks, Bitcoin has performed extraordinary and registered an exponential increase. But on the other hand, the majority of altcoins are not so bullish as Bitcoin.
Some crypto experts claim top cryptocurrency will achieve a $14,000 level if altcoins start portraying a bullish picture. Many times, Bitcoin faced bearish blows, but buyers also try to maintain the price value above $13,000.
Bitcoin Decouple from Altcoins
However, most altcoins have shredded a significant portion of their value over the last couple of days. The decoupling of altcoins from the top digital asset is very unnatural and is a very bad indicator for those who are interested to invest in altcoins’ markets.
Crypto analyst with Twitter name “light” predicts $14k for Bitcoin if altcoins stop losing their price values. “BTC is behaving in an incredibly strong fashion, up 0.9% l24hrs while alts hemorrhage and derisking continues in equities,” he added.
Two Important Levels: $14,000 and $20,000
For the primary cryptocurrency, $14,000 is a very important psychological level that will decide the next path of Bitcoin. The same position witnessed in 2019 when the price reached peak values, and Bitcoin also stopped its yearly candle at $14k at the end of 2017. According to Real Vision CEO Raoul Pal, two major technical positions, $14,000 and $20,000 can stop the world’s leading digital assets from claiming highs.
Ethereum (ETH), the second-largest coin by market cap, has lost 5.32% of its value over the last seven days, but it performs well over the timeframe of 24 hours as it has surged by 3.01%. Ripple (XRP) and Bitcoin Cash (BCH) have also underperformed over last week as both decreased by 4.87% and 3.16%, respectively over a weekly timeframe.
At press time, Bitcoin is exchanging hands at $13,899 after surging by 4.53% over the last 24-hours and 7.18% over the past seven days. Bitcoin’s dominance has also shown significant growth over the last couple of days and is currently standing at 63.77% after an increase of 0.47% over the day. According to CoinMarketCap, the global market cap of crypto has surpassed $400 billion after surging by 3.49% over the last seven days.
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