Bitcoin price: Analyst predicts massive breakout in crypto, BTC to $10,000 or $29,000?


  • Crypto market capitalization excluding Bitcoin sustains above the $518.92 billion level, as analysts predict an explosive breakout. 
  • Bitcoin price showed signs of resilience despite the sixth straight week of decline for the S&P 500. 
  • Analysts evaluate whether the Bitcoin price breakout is towards the $10,000 or the $29,000 level. 

Justin Bennett, a crypto analyst observed the trend in the crypto market capitalization excluding Bitcoin and predicted a massive breakout. The analyst argues that it remains undecided whether Bitcoin will hit the $10,000 or the $29,000 level. 

Also read: Solana exploit alert: Exploiter behind $100 million Mango Markets hack issues warning

Crypto market heads towards a massive breakout - Rally or decline?

Justin Bennett, an internationally recognized Forex trader and crypto analyst evaluated the total crypto market capitalization chart excluding Bitcoin and predicted a massive breakout. Bennett believes that the quiet period for cryptocurrencies is about to end and the longer a market coils, the more explosive the breakout. 

Bennett’s prediction is based on altcoin market capitalization that hovers around $518.92 billion at the time of writing. The analyst has asked traders to prepare for the breakout. It remains unclear whether the breakout will be in the upward or downward direction, however Bitcoin has shown its resilience sustaining above the $19,000 level despite the decline in the S&P 500. 

Despite Bitcoin’s correlation with the US stock market, the cryptocurrency has remained steady in the face of declining stock prices and rising inflation. In the latest update from the US Federal Open Market Committee (FOMC), the monetary policy maker assured that higher interest rates are here to stay. This implies traders would remain cautious in their approach towards risk assets like Bitcoin and cryptocurrencies. 

Bitcoin price to $10,000 or $29,000?

DonAlt, a pseudonymous crypto analyst known for his accurate predictions has marked key price levels for Bitcoin, in a new video. While the analyst is unsure of a Bitcoin price rally to the $33,000 level, DonAlt believes BTC could either hit the area between $12,000 to $14,000, a common price target for Bitcoin bears or the $29,000 level. 

The $29,000 level is considered a key point in Bitcoin price trend as the asset will derisk at this point and DonAlt has revealed his strategy to shed his BTC holdings here. 

DonAlt's Bitcoin price targets

DonAlt’s Bitcoin price targets


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

This week could be explosive for ETH: Ethereum ETFs to debut in the US on Tuesday

This week could be explosive for ETH: Ethereum ETFs to debut in the US on Tuesday

Ethereum (ETH) is down nearly 1% on Monday as the Securities & Exchange Commission (SEC) confirmed via its website on Tuesday that it has given the final approval for spot ETH ETFs. Considering the ETH ETF launch and the upcoming Bitcoin Conference, this week could prove crucial for Ethereum.

More Ethereum News

SEC gives final approval for Ethereum ETFs to begin trading

SEC gives final approval for Ethereum ETFs to begin trading

The Securities and Exchange Commission (SEC) approved the S-1 registration statements of spot Ethereum ETF issuers on Monday, making it the second digital asset ETF to go live in the US, according to the latest filings on its website. The approval is also visible across the websites of the various asset managers that applied for the product.

More Ethereum News

Could Donald Trump and Elon Musk provide Bitcoin's bullish spark?

Could Donald Trump and Elon Musk provide Bitcoin's bullish spark?

Trump could use Justice Department's 200,000 BTC as headstart for potential Bitcoin reserve, says analyst. Elon Musk hints at potential Bitcoin endorsement after US dollar value destruction post and laser eyes profile picture. The bearish crowd has remained silent since Bitcoin's two-week rebound.

More Bitcoin News

Crypto investment products continue positive run after $1.35 billion net inflows

Crypto investment products continue positive run after $1.35 billion net inflows

CoinShares' weekly report shows that crypto investment products saw a third consecutive week of inflows. Bitcoin saw inflows of $1.27 billion, with short-bitcoin recording more outflows. Ethereum-based products outperformed Solana on year-to-date inflows.

More Cryptocurrencies News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis

BTC

ETH

XRP