Bitcoin has surged beyond $116,000, temporarily halting the decline that started last week. Ethereum (ETH) 
$2,352 also briefly exceeded the $4,000 mark. Altcoin investors eagerly await the anticipated rise in their investments. How do experts interpret today’s market activity, and what are their predictions for cryptocurrencies?
Surge in Cryptocurrency Prices
The price of Bitcoin (BTC) 
$75,800 has shown strength, while Ethereum has experienced a notable increase. Despite supportive news like a $5 billion reserve announcement, the lack of severe measures regarding Russia has seemingly increased risk appetite. Additionally, the pathway to include cryptocurrencies in retirement plans was opened yesterday. These favorable developments contributed to the price uptick observed today.
Michael Poppe remarked on the new $4,000 test after 250 days:
“Congratulations, ETH has reached $4,000. It’s an ideal point for short-term profit if you’re planning to purchase the asset, but not so ideal. With all short positions being liquidated, it’s probable that long positions will experience a brief correction before stabilizing.”
In the past 24 hours, the largest liquidations occurred in ETH, with over $90 million in short positions being liquidated during the $4,000 test. The current price is above $3,960, and maintaining this level is crucial for testing $4,100.
Analysis of ETHBTC Pair
The ETHBTC pair experienced a breakthrough with the reclaiming of the 0.034 level. This long-awaited rebound suggests that if ETH remains strong against BTC, it could continue moving towards 0.04 and beyond. Such a rise is essential to decrease BTC’s market dominance and trigger losses.
DaanCrypto highlighted the significance of the ETHBTC pair:
“ETH has beautifully followed this notion against BTC. It is now attempting to rise higher and maintain this upward trend. As long as this rise continues, it will generally lead to stronger altcoins.”
Algo Coin Insight
In the midst of the surge, when seeking an analyst’s choice for a promising altcoin, Martinez’s prediction for ALGO stood out. Approximately an hour ago, the analyst shared the below chart, mentioning that the current region, at $0.47, is a good entry point for profit-taking. However, any losses or gains are the responsibility of the investor, not Ali Martinez.
Investors, particularly as they approach the weekend’s low trading volume, should remain cautious due to the possibility of a sudden bold move by Trump. Recently, he has been critiquing Putin, and unexpected deterrent measures, intended to press for peace with secondary sanctions, might ensue.
