Bitcoin Reaches All-Time Highs in Almost Every Country, Analysts Predict Altcoin ‘Mania’
Bitcoin’s price has soared to all-time highs (ATH) in the majority of countries worldwide. The recent surge to $64,000 triggered new ATHs in several currencies, including the Swedish krona, Australian dollar, Canadian dollar, British pound, Russian ruble, Norwegian krone, and Chinese yuan. However, Bitcoin’s price in US dollars has not yet surpassed its 2021 milestone of approximately $69,000.
TechDev’s Analysis
Pseudonymous analyst TechDev suggests that the crypto markets may be entering a phase of “mania” based on past Bitcoin cycles. TechDev analyzes the supertrend indicator, which generates signals based on whether the price breaks previous open or close levels during a given period. According to TechDev’s analysis:
- Bitcoin broke above the seven-week supertrend.
- Historically, this breakout has been followed by a period of mania.
TechDev is also monitoring the Bollinger bands bandwidth (BBW) indicator, which measures price volatility. The analyst notes that the two-month BTC Bollinger bands have yet to start expanding.
Kaleo’s Perspective
Pseudonymous analyst Kaleo believes that Bitcoin’s recent surge is making him more bullish on altcoins. Specifically, he mentions Avalanche (AVAX), an Ethereum rival. Kaleo predicts that AVAX could potentially reach $100+, similar to Solana (SOL). However, Avalanche is currently trading at $38.42.
Hot Take: Bitcoin Breaks All-Time Highs in Nearly Every Country on Earth As Analysts Forecast Altcoin ‘Mania’ Phase
Bitcoin’s price has reached all-time highs in numerous countries, signaling a potential altcoin “mania” phase. Analysts are closely monitoring Bitcoin’s supertrend indicator and Bollinger bands bandwidth (BBW) indicator to gauge future price movements. The surge in Bitcoin’s price has also sparked bullish sentiment towards altcoins, with analysts predicting significant gains for cryptocurrencies like Avalanche (AVAX).
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