As of April 26, 2021, Bitcoin is about to make its new record weekly close. Perhaps this surge will help to spark a concurrent boom in the rest of the cryptocurrency market. The top digital asset reached a high of $106,693.69 and hit a 24-hour gain of 1.36%. Despite ongoing geopolitical tensions and a short-lived drop under $100,000, Bitcoin managed to hit an all-time high of $107,414.50. Analysts also highlight the historic nature of the bullish breakout by Bitcoin above key resistance at $109,000, which could unlock routes to all-time highs.
Bitcoin’s recent market surge came amid escalating Ukraine/Russian geopolitical tensions, proving it as the ultimate decentralized safe haven asset. This bullish trend isn’t limited to the crypto space, with the overall markets closing in the green, as well.
Here’s how Bitcoin’s possible highest weekly close in many months could affect the ongoing altcoin season. Looking back at historical data from 2021 and 2024, we can see the pattern where prior record closes for Bitcoin were quickly followed by massive altcoin rallies. This setup would lead to altcoins getting a similar relief rally if Bitcoin continues on its current path.
Experts are eagerly eyeing developments in the Bitcoin market, noting the significance of breaching the critical resistance level of $109,000. Getting past this threshold would likely be an initial strong indicator that the bullish trend continues on. This bullish movement could push Bitcoin to new all-time highs! Of course, the market sentiment remains exuberant – many investors are expecting the party to continue and for stocks to keep rising.
Dore noted that if the market closes at the highest weekly close above that all-time high, the effect would be huge. And sure enough, the market typically sees these milestones as a green light, luring in even more investors and fueling even more growth.
