Bitcoin Enthusiasts Believe that Bitcoin will Claim Another All-Time High

Bitcoin has been out of the $30K price mark for the last two weeks. Since then, the price of the flagship cryptocurrency has been moving upwards. Last Friday, the comments from the Federal Reserve of USA created a massive positive sentiment for the Bitcoin market and allowed it to get to $49K on Aug 28th. Many analysts believe that if the downward pressure is broken, Bitcoin bulls will cross the final hurdle this week.

Date projection from TradingView indicates that Bitcoin and USD pair has started to experience relaxation from the high resistance level of $49K. According to speculators, the remarks by Jerome Powell, the head of the Federal Reserve, have made a positive impact on the asset purchase and shed light on the money supply effects in inflation.

With the Federal Reserve confirming the increasing inflation and the value of the dollar going down, the stock market started to perform optimally. In the same manner, Bitcoin added $1,500 to its price tag in the matter of one hour. Thus, the bears have lost their chance to take control of the market for the next week as well.

Crypto trader and market analyst, Rekt Capital, told the media provided that the flagship cryptocurrency can remain above the $49K mark, it will remain intact for the rest of the next week. He further added that for the current weekend, Bitcoin set itself up for a bull-friendly finish. However, if the bears can gain control of the market, Bitcoin price can move back to the price bracket of the last two months in Q1, 2021.

Altcoin Market is also Booming

The bullish impact from Bitcoin has trickled down to the altcoin market. Several altcoins have performed very well in the current month. On the other hand, Binance is one exception that has been facing backlash from regulators all over the world. The biggest gainer in the current altcoin market domination is the Cardano token, ADA.

In the last 24 hours, the price of the token has increased by 10%, positioning the ADA at $2.85 per unit. The main reason ADA is performing well is the highly anticipated Alonzo upgrade that is going to go live on the network in September. Meanwhile, silver cryptocurrency, Ethereum, has also increased by 4% in the same time, fetching a price market of $3,240 currently.

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