It is the first time Bitcoin has broken above $19,000 since December 2017 as it approaches its all-time high of $20,000.
However, the rally in the price of Bitcoin has negatively impacted altcoins like Ethereum and XRP, with the former suffering a 3.72% drop while Ripple’s controversial token lost 25.54% of its value overnight.
Bitcoin on the brink of a new all-time high?
A new all-time high is now very much on the cards, although this time around it’s unlikely that Bitcoin will be perturbed by the psychological level of resistance at $20,000.
The amount of Google searches for “Bitcoin” has trebled since August, demonstrating a shift in sentiment among regular investors that may have been perturbed by its performance since 2017.
From a technical perspective, it wouldn’t be out of the realms of possibility to see suffer a correction before it meets it match with a new all-time high, with downside targets remaining at $16,600, $13,850 and $12,500.
As Ethereum begins to surge towards the dizzying heights of the previous bull market, upside price targets are fairly easy to spot at both $741 and $834.
Breaking above $834 would see ETH enter a period of price discovery with targets above $1,000 becoming more than likely.
Ripple’s XRP token has defied critics over the past month, breaking out of its shackles with a magnificent rally to $0.79.
This level was also the high in September, 2018, when XRP attempted to buck the trend of the ongoing bear market.
It did suffer an immediate sell-off from this level as traders switched their attention for Bitcoin, however its ability to remain above the $0.58 level of support is telling as it indicates a new bullish phase in the market.
Although XRP carries a more negative reputation among cryptocurrency aficionados, the fact remains that it commands a market capitalisation of more than $28 billion.
If XRP can take out $0.79 in the short term it will begin to look towards the $0.94 level of resistance that provided a point of rejection at the start of the 2018 bear market.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.