Expect To See Bitcoin Breaking $14,000 Once Market Bleeding Ends

According to an analyst, we should expect to see Bitcoin surpassing the $14,000 price range once the market bleeding stops as over the past few days the altcoins were beaten up. Some of the top digital assets aside from Bitcoin plunged by a few percent against the US dollar even as Bitcoin hit the new year-to-date highs as we read more today in our bitcoin news.

The divergence shocked a lot of investors in the crypto space especially those that entered late on the market this summer. The pain could end eventually as the analyst noted and that we should expect to see Bitcoin breaking the $14,000 price range. the analyst “light” who is celebrated by the fund managers like Su Zhu of Three Arrows Capital and he believes that Bitcoin could soon break above the $14,000 once the market bleeding ends.

BTC is behaving in an incredibly strong fashion, up 0.9% l24hrs while alts hemorrhage and derisking continues in equities.

Expect it to break $14,000 after the bloodletting runs its course. pic.twitter.com/Zxeaq2FIcM

— light (@lightcrypto) October 30, 2020

BTC behaved strongly and increased by 0.9% in the past 24 hours while the altcoins bled and the de-risking continues inequities. We should expect BTC to break the $14,000 level after the bloodbath ends. The $14,000 level has long been a critical technical level for the leading cryptocurrency as it marked the highs of the 2019 rally and entered the vicinity of where BTC closed the yearly candle at the end of 2017. The movement and the closing on the notable time frame will suggest that the cryptocurrency will move higher.

Real Vision CEO Raoul Pal commented that the $14,000 level and the $20,000 are the only two technical levels that stop Bitcoin from reaching a new all-time high. The analysts assigned much more importance to the $14,000 level because of the amount of trading volume around the former price level. The altcoins are expected to bounce once BTC starts consolidating or distributing the once global markets turn the risk on once again. The fundamentals of altcoins is stronger than ever as the total value locked in Defi contracts hit a new all-time high above $12 billion which is about five times higher than it was in June.

The analysts expect these fundamentals to translate into price action in the DeFi market but other altcoin sectors also showed some fundamental strength. Whether will be enough for altcoins to outperform Bitcoin, remains to be seen.