MPost Markets: Bitcoin closes month in green; could reach 30k quickly, analyst says
For the first time since March, Bitcoin closed a month in green. While today cryptocurrencies are in the red, this may soon change. It seems we start each Monday with a price drop, no matter how cryptocurrencies are faring over the week. However, according to a crypto analyst from Genesis Volatility, we can expect to see some price increases soon.
Bitcoin is starting the week in the negative. Down by 2.45%, the coin is trading at $23,209.17, but the coin has still seen a price increase over the last seven days.
According to a Genesis Volatility analysis, bitcoin may be on the way to reaching $30k. “There’s a lot of pent-up buying pressure in risk assets, including crypto. Stock FANG charts look like they could explode higher, and crypto could do the same.
“Upside resistance is still being found in my opinion… and this means BTC could get back up to $30k (or near it) in a hurry, should this risk-rally continue.” This prediction goes hand in hand with the fact that the yields on U.S. inflation-indexed security, which have historically moved in the opposite direction to bitcoin, are dropping, CoinDesk reports. Ten-year real yields are near zero, while the two- and five-year real yields are already in the negative. All this bodes well for cryptocurrency prices.
Let’s have a look at other cryptocurrencies, though. Ethereum’s ether is also experiencing a slight price drop of 3.01%, trading at $1,662.55. Similarly, Binance’s BNB is down by 2.22%, XRP by 3.50%, and Cardano’s ADA by 3.26%. Solana SOL is doing even worse, experiencing a fall of 5.06%.
Metaverse cryptocurrencies are a bit of a mixed bag at the moment. While ApeCoin APE is seeing a price increase of 6.74%, Decentraland’s MANA is not so lucky, down by 4.16%. The Sandbox’s SAND and Axie Infinity are also in the negative, seeing falls of 3.86% and 4.79%, respectively.
ApeCoin is not the only NFT-related cryptocurrency in the green. Phantasma’s SOUL has seen a price jump of 20.38%; meanwhile, WAX WAXP and Star Atlas DAO’s POLIS are experiencing smaller price increases of 6.85% and 4.88%, respectively.
While the price of the Metaverse Index has dropped a bit over the last 24 hours, it’s still not lost all of its weekend gains. With the price down by 4.8%, the token is now trading at $44.85.
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