The crypto market has moved to growth after a pause
Market picture
Total Crypto Market cap has increased by 2.8% in the last 24 hours to $3.07 trillion, reacting positively to the US-China trade talks scheduled for the weekend. The recent move above this round level was preceded by a two-week consolidation just below it. Technically, the market is also showing appreciation with a rise above the 200-day moving average. The next upside target is the $3.20 trillion area, where the market stayed for most of February.
Bitcoin has reached the $99K mark, last seen in early February. Technically, a Fibonacci extension has begun with a potential upside of 161.8% from the rally from 9 April to 2 May to above $112K. Reaching the April lows fits into a broader scenario of a correction from the global rally from last September to January this year, with a target in the $162K area and upside potential of over 60%.
News background
The current dynamics of BTC net realised gains do not indicate the formation of a macro top but signal the entry into the ‘zone of caution’, CryptoQuant reports. Investors continue to take profits after quotes recover, which is consistent with late-stage bull market behaviour.
New Hampshire has become the first US state to pass a bitcoin reserve law. The governor signed the law after approval from the state House and Senate. The document allows the Treasury to use up to 5% of the funds to invest in BTC and precious metals.
On 7 May, the Ethereum network activated a major upgrade to Pectra, including 11 key enhancements to improve usability and efficiency.
Standard Chartered forecasts the value of the Binance-linked token BNB to rise to $2775 by 2028, which implies a more than 4-fold increase in value.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
