- Bitcoin surged over 6% on Monday, climbing above resistance at $66,000.
- Monday’s breakout could trigger Bitcoin’s next bull run.
- Bitcoin’s recent rally liquidated over $100 million in short positions.
Bitcoin (BTC) surged over 6% on Monday, climbing above resistance at $66,000. If sustained, Monday’s breakout could begin a much-expected bull run as analysts pay attention to the cryptocurrency’s behavior around this level.
Analyst Predicts Sustained Momentum
The Altcoin Buzz analyst stated that Bitcoin will maintain its upward trajectory by staying above this critical level. According to the analyst, the flagship cryptocurrency has returned below $66,000 after the past breakouts, leading to a sustained sideways movement in price.
The analyst anticipates that Bitcoin will confirm this breakout by remaining above $66,000 for the next few days. This action would be a departure from previous instances where the digital asset made false breakouts, only to quickly retreat below that level. A confirmed breakout would turn the resistance level into support, laying the foundation for the next leg of Bitcoin’s rally.
Read also : Bitcoin Breaks $65,000 Level: Bull Run Incoming?
Notably, Monday’s Bitcoin surge triggered the liquidation of over $100 million in short positions. This move caught many crypto traders off guard, especially given the low trading volumes typical after a weekend. The surge was unexpected as there was no significant macroeconomic event associated with it.
Solana Poised for Growth
Meanwhile, analysts are forecasting a significant rally for Solana (SOL), the blockchain solution focused on scalability. Many believe that Solana’s adoption will increase if Donald Trump wins the upcoming U.S. presidential election. This prediction stems from Trump’s openness to blockchain and cryptocurrency, which could lead to greater adoption for Solana.
The Altcoin Buzz analyst emphasized that Solana’s faster transaction speeds and support for decentralized applications will position it well in a crypto-friendly environment. Some analysts predict Solana’s native token, SOL, will rally 400% if Trump becomes the next U.S. President.
Read also : Solana Surges, PEPE Recovers, Dogwifhat Gains Traction
A 400% surge would push Solana’s price above $700. Analysts also predict Ether will surge 300% during the same period, reaching over $9,650. Market experts anticipate a massive price surge for Bitcoin, with the leading cryptocurrency potentially hitting an impressive $185,000 by the end of 2024.
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