Hassan Maishera
TL;DR
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Bitcoin is approaching the $67k level after rallying by 6% over the last seven days.
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The world’s leading cryptocurrency has been performing well since the Bitcoin halving.
BTC Eyes $67k as Market Rally Continues
The cryptocurrency market has been performing well over the last few days, with the prices of most coins and tokens in the green zone. Bitcoin, the world’s leading crypto by market cap, is approaching the $67k level after performing well in the last seven days.
BTC is up by more than 6% since the Bitcoin halving was concluded on Friday. At press time, BTC is trading at $66,590, up by less than 1% in the last 24 hours. Despite the positive performance, some analysts maintain that Bitcoin halving wasn’t a bullish event and BTC might record losses in the coming days.
While speaking to CoinDesk TV, Markus Thielen, founder of 10x Research, said investors should expect a deeper correction soon. The correction could be fueled by miners offloading their BTC inventory worth $5 billion to keep their operations afloat following the halving.
However, in the medium term, analysts are optimistic that Bitcoin will record higher gains. Bulls are expected to take charge in the medium term and push BTC’s price higher.
Altcoins have been experiencing mixed performances over the last couple of days. While Solana, XRP, and Cardano are in the green, other major altcoins like Ether, TON, BNB, and Dogecoin, are currently underperforming. The total cryptocurrency market cap now stands at $2.44 trillion, up by less than 1% in the last 24 hours.
