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Bitcoin breakout imminent

2020.06.18

The popular crypto analyst “Hsaka” explained via Twitter that the breakout from the USD 175-180 zone was crucial and that historical movements at that price have always had substantial repercussions. When ETH rose above this level in January, it quickly recovered to USD 290. Ethereum (ETH) could resume this momentum, with Hsaka targeting USD 200 next.

Bitcoin has once again experienced a strong uptrend over the weekend so far. As could often be observed in the past months, Bitcoin is showing above-average performance on Saturdays and Sundays. This weekend thus confirms the momentum of Thursday’s pump, when the BTC price rose from USD 6,500 to over USD 7,000. Another bullish sign was recently reported by analyst “Galaxy” via Twitter. According to him, the price movement of Bitcoin in recent weeks bears a striking resemblance to those in late December and early January, when Bitcoin hit its lows of just over $3,000 and subsequently posted massive gains.

While Bitcoin is undoubtedly showing very strong upward momentum, Ethereum, Chainlink and Tezos have seen much higher price gains over the past week. With 17.6%, Tezos is the biggest winner within the top 20 by market capitalization, followed by Ethereum (+16.6%) and Tezos (+13.8%).

Thus, Grayscale Investments revealed in a recent report that Ethereum has experienced a massive inflow of institutional investors in the first quarter of 2020. The shows that the Ethereum Trust recorded $110 million in inflows in the first quarter, which is more than in the last two years combined ($95.8 million).

Author : Jake Simmons