With Bitcoin solidly above $4,000, we are entering a potentially bullish pattern. Bitcoin has broken out of its technical bearish pattern, and looks to be headed skyward, along with the Cryptocurrency Market as a whole. Bitcoin blasted through its $3,900 support level and is headed upwards. Since Bitcoin has a market dominance >50%, we will see the altcoin market follow suit.
Bitcoin itself is up more than 8% this week. The greater Cryptocurrency Market is also up nicely, with Ethereum leading the pack, up 17% from $123 to over $140 today. The altcoin market will follow Bitcoin higher.
Great news is helping drove this solid move. Institutional investors like Fidelity and the NASDAQ are preparing to support the Cryptocurrency Market with financial products and services on the stock market itself. The Bitcoin ETF is under review by the SEC, and if the market sees sustained bullish momentum, further adoption will take place. The stock market looks overvalued with a P/E >24, and if it falls, investors will likely head to cryptocurrency as the "digital gold".
What is your take? Are you anticipating a bullish trend upwards in the Cryptocurrency Market or a retracement?