Bitcoin and the crypto markets have made significant progress over the last 24 hours. Does the correction follow – or does a new bull run begin, as analysts suspect? That and more in our overview.
bull or bear? Is bitcoin on its way up again?
Photo: Panthermedia.net/Taut (YAYMicro)
For weeks, Bitcoin and the crypto markets have been fighting for upward momentum: Although there are always short bursts, BTC always retreats afterwards and stays in its range below $ 40,000. This may change now. At yesterday’s Federal Reserve meeting, Fed Chairman Jerome Powell announced a half percentage point rate hike for the first time in 22 years.
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This is now causing a huge recovery in digital assets. Bitcoin, for example, has risen about 4%, while Ethereum (ETH) has risen almost 5%. In addition, more than 20 altcoins in cryptotop 100 are currently in double-digit growth: Zilliqa (ZIL), for example, achieved gains of as much as 38.2%, Waves Coin (WAVES) was able to win an impressive 33.9% since yesterday registered THORChain (RUNE) gains of around 20%. According to Coinmarketcap.com, the total crypto market value has increased by 5% in the last 24 hours – such a sharp daily increase has not been seen for a long time.
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Still, investors are hesitant. For example, the Crypto Fear & Greed Index, a tool that measures investor sentiment, is still on “fear”. Many people wonder: is there a risk of a collapse in the short term, will BTC fall again like last time? Or is the cryptocurrency now out of the woods and ready to start a new bull run?
Analysts expect new bull run
Several industry observers are optimistic in this regard and expect the upward trend to continue. Bitcoin is fighting in the local resistance area at $ 39,000 and needs a further boost in the near future to ensure sufficient momentum for higher targets. Because: The key cryptocurrency is still within a macro range between $ 36,500 and $ 47,800.
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But analysts are confident: Bitcoin will trigger a new bull run when it recovers $ 41,000 and breaks out of its rising channel. The critical price range that cryptocurrency number 1 now has to break: $ 41,198. The highly quoted chart expert CRYPTO₿IRB comments: “Until the bulls regain this region, the bears will maintain their dominance in the market. The bulls need a daily or weekly closing outside the said $ 41,198 stop level to regain control of the market.” If that happens, potential price targets of $ 45,478 and $ 46,572 will be activated.
Keep time for efforts and lending from the table
Bullish for the crypto industry in Germany is also a new regulation for cryptocurrencies used for betting or lending. As the Federal Ministry of Finance (BMF) has just announced, their holding period will not be extended from one to ten years. To the great surprise of many experts. So far, it has been discussed that the sale of staked cryptocurrencies such as Avalanche (AVAX) or Solana (SOL) will not be taxed until the coins have been held for ten years. The following applies now: if you own a cryptocurrency that is used for betting or lending for more than 365 days, the sale is tax-free. In the near future, the Ministry would like to publish a similar draft of BMF letters, which will then serve as a guideline for the tax administration. The crypto community is already counting the minutes.
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