Major coins traded green on Sunday buoyed by renewed investor confidence that the Federal Reserve is managing inflation successfully without pushing the economy into recession.
What Happened: Bitcoin BTC/USD, Ethereum ETH/USD and other major cryptos continue to surge in weekend trading, recorded at 8:32 p.m. EST.
Bitcoin has been on a remarkable run this year, trading at $21,118 – up a staggering 25% over the course of the year, primarily due to its meteoric rise since last Tuesday, when it was just above the $17,400 mark. Ether followed a similar pattern to Bitcoin this weekend, surging to a two-month high of $1,550 before falling slightly. ETH was trading at $1,564, at the time of writing.
Meme cryptocurrency Dogecoin DOGE/USD was trading at $0.08, struggling to reach $0.10, up 2.38% in the last 24 hours.
US Equity Markets will be closed on Monday in observance of Martin Luther King Jr. Day—a holiday honoring the late revered civil rights activist. Before trading closed on Friday, major indexes advanced slightly. Technology-heavy indices such as the Nasdaq and S&P 500, which has a strong technology component, recorded gains of over 5% and 4%, respectively.
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“Unless we hear some strong hawkish pushback from the Fed or if commodity prices surge, crypto traders should not be surprised if Bitcoin is able to extend its recent gains. The $18,500 level was critical resistance for Bitcoin and if it can stay above that level over the next few sessions, that could awaken some dormant long-term bulls,” said Edward Moya, Senior Market Analyst at OANDA, in a note seen by Benzinga on Friday.
Crypto analyst Michaël van de Poppe is patiently awaiting for BTC to reach $21,299 before dropping to $20,586. In a recent graph, Poppe tweeted, that the trend of the coming months is still up, with altcoins gathering more volume to be traded. He commented that when a further short squeeze occurs, it will be time for the longs to be punished.
Still a thesis on #Bitcoin I’d be looking at.
Coming months trend remains to be up and #altcoins are gathering more volume to be traded.
In that way, one more sweep to get those shorts out and then it’s shortly time for longs to have some punishment.
CME gap at $19.5K too. pic.twitter.com/5igpIWZXyS
Despite the naysayers, crypto analyst ‘Kaleo’ stands firm in his prediction that ETH will reach the $2500 level.
When I posted this last week:
“Kaleo, you’re insane. $ETH running straight to $2500 from here is way too bullish.”
Posting the same chart this week:
“Idk man, I like the sentiment but the $2500 for ETH seems a bit too conservative.” pic.twitter.com/cPu5e5q49Q
Read Next: Crypto Analyst Issues Bitcoin, Ethereum Warning After BTC Explodes Over $20K: 'There's A Problem For Bulls'
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