Bitcoin and altcoins are showing signs of recovery after recent sharp declines. Bitcoin rose above $59,000 in the morning hours of July 10, 2024, giving investors hope. In this broad-based recovery, altcoins such as Ethereum, Solana, Avalanche, Aptos and Arbitrum also recorded significant increases.
Warning came from analysts as Bitcoin and altcoins rose
Crypto prices continued to create mixed market sentiment around the world today. While major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), Solana (SOL) and XRP were resilient, tokens such as Pepe coin (PEPE), Flare (FLR) and Akash Network (AKT) maintained the previous day’s gains. among others, it is trading in the red zone.
However, analysts are cautious about whether this rise will be permanent. 10X Research founder Markus Thielen predicts that BTC may continue to rise to $60,000, but the rally will be short-lived. Thielen states that the $55,000-56,000 range forms a technical base, but declines negatively affect BTC in the medium term. Therefore, Thielen says Bitcoin could rise again towards $60,000 before dropping to a low of $50,000, creating a complex trading environment.
Will volatility continue?
K33 Research senior analyst Vetle Lunde thinks that volatility in Bitcoin may continue until October. Lunde said third quarters have historically offered the weakest returns, which could be reflected in Germany’s BTC sell-off and Mt. He states that Gox also puts pressure on prices due to the ongoing refund distribution. Lunde says the market should absorb this selling over the summer, which could increase volatility through October.
Generally speaking, the cryptocurrency market is going through an uncertain period. Although a recovery is visible in the short term, analysts predict that volatility may continue in the coming months. Investors should do detailed research and consider the risks before investing in this market. It is also necessary to mention the following information:
- In the last 24 hours, Bitcoin’s market dominance increased by 0.22% to 53.76%. This indicates that there is weak activity in the altcoin market.
- Meme coins such as Shiba Inu also joined the uptrend. DOGE increased by 1.52% and SHIB increased by 2.53%.
- Some altcoins moved against the market trend and lost value. Flare, Pepe Coin and Akash Network suffered significant losses.
Interestingly, hourly timeframe charts showed significant upside momentum of 1%-3% for BTC, ETH, and top altcoins, fueling optimism about future moves. The cryptocurrency market has always been characterized by high volatility. Therefore, it is important for investors to be careful and consider the risks when investing in this market.
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