Bitcoin Soars Above $21,000, Ethereum, Dogecoin Rally Intact — Analyst Says This ‘Could Wake Up Some Dormant Long-Term Bulls’

Major currencies traded in the green on Sunday, buoyed by renewed investor confidence that the Federal Reserve is successfully managing inflation without pushing the economy into recession.

cryptocurrency Gains (% in 24 hours) Price (recorded at 8:32 PM EST)
Bitcoin +2% $21,118.80
Ethereum +2.7% $1,564.75
Dogecoin +2.4 $0.08

What Happened: Bitcoin BTC/USD, Ethereum ETH/USD and other major cryptocurrencies continue to rise in weekend trading, recorded at 8:32 PM EST.

Top Winners (24 Hours) Profits the price
Frak Share +26.1% $8.45
Decentraland +20.2% $0.70
The whole thing +19.6% $0.74

Bitcoin has been on a remarkable run this year, trading at $21,118 – up a whopping 25% on 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, jumping to a two-month high of $1,550 before falling slightly. ETH was trading at $1,564 at the time of writing.

Cryptocurrency memes Dogecoin DOGE/USD traded at $0.08, struggling to reach $0.10, up 2.38% in the last 24 hours.

The U.S. stock market will be closed Monday for Martin Luther King Jr. Day — a holiday honoring the late revered civil rights activist. Before the close of trading on Friday, the major indices advanced slightly. Technology heavy indices such as Nasdaq and S&P 500which has a strong technology component, posted gains of over 5% and 4%, respectively.

See more: The best crypto day trading strategies

“Unless we hear strong hawkish pressure from the Fed or commodity prices rise, crypto traders should not be surprised if Bitcoin is able to extend its recent gains.” The $18,500 level has been a critical resistance for Bitcoin and if it can hold above that level over the next few sessions, it could wake up some dormant long-term bulls,” he said Edward Moyasenior market analyst at OANDAin a note he saw Benzinga on Friday.

Crypto analyst Michael van de Poppe patiently waiting for BTC to reach $21,299 before dropping to $20,586. In a recent chart, Poppe tweeted that the trend in the coming months is still up, with altcoins gathering more trading volume. He commented that when there is a further short squeeze, it will be time for cravings to be punished.

Despite the naysayers, the crypto analyst ‘Kaleo’ stands firm in his prediction that ETH will reach the $2500 level.

Read the following: Crypto Analyst Issues Warning on Bitcoin, Ethereum After BTC Explodes Over $20K: ‘There’s a Problem for the Bulls’

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