Major cryptocurrencies experienced mixed trading on Sunday evening as East Asia marked the beginning of the Lunar New Year. According to the Chinese Zodiac, the current period is called the Year of the Dragon. Bitcoin experienced a 1.72% increase, reaching $48,535, while Ethereum saw a 0.22% increase, reaching $2,516. On the other hand, Dogecoin dropped by 0.18%, with a value of $0.081. The global cryptocurrency market cap now stands at $1.70 trillion, showing a 2.90% increase in the past 24 hours.
Based on the latest analysis by 10X Research, Bitcoin is forecasted to surge to as much as $48,000 in the upcoming days, aligning with the historical trend of gains noted around the Lunar New Year. Bitcoin is gaining the attention of institutional investors and financial analysts, resulting in positive forecasts and potential high returns. The U.S. stock futures held steady on Sunday night after a historic week for the S&P 500. Traders are now monitoring the Consumer Price Index (CPI) and other economic data scheduled for release which will impact future trading sentiment.
Cryptocurrency analyst Michael Van de Poppe noted the resistance that Bitcoin is currently encountering in the $48,000-50,000 range, although he remains optimistic about the market strength and possible surge to $53,000-57,000. On the other hand, analyst Ali Martinez shared that Bitcoin whales have engaged in a major buying spree, accumulating 140,000 BTC over the last three weeks, amounting to $6.16 billion. The CEO of analytics platform CryptoQuant, Ki Young Ju, predicted $112,000 per bitcoin this year. This forecast aligns with CryptoQuant’s market forecast, taking into account the impact of investments on Bitcoin’s realized cap, while also presenting a “worst case” for BTC estimation ranging from $55,000 to $59,000.
