Bitcoin (BTC) has recently staged a solid rebound, yet many analysts believe this could be a temporary resurgence followed by a renewed downfall.
Cardano’s ADA surpassed a key zone, and according to one market observer, its price could now rally by 25%. Ripple’s XRP has also followed the green wave, sparking huge enthusiasm across its community.
What’s Next for BTC?
Earlier today (April 17), the primary cryptocurrency spiked to roughly $76,100, the highest since the start of February. As of this writing, it trades at around $75,600, representing a 6% increase on a weekly scale.
Its positive performance could have been propelled by the de-escalation news from the Middle East, where Iran and the US have temporarily laid down their weapons, while Israel and Lebanon also agreed on a ceasefire.
Another bullish factor that could have played a role is the whales’ accumulation spree. As CryptoPotato recently reported, that cohort of investors scooped up 10,000 BTC (worth approximately $750 million) in the span of 96 hours.
Despite the momentum, though, many industry participants warned that the bear market is not over yet. Davinci Jeremie, an early Bitcoin proponent who urged people to buy BTC in 2013 when the price was just $1, envisioned a capitulation event like the FTX crash that could take the asset to its cycle low.
For their part, Doctor Profit classified the asset’s revival as “a large trap for the bulls,” meaning the important thing to watch is how the price can climb before a steep correction hits.
Is ADA Ready to Rally?
Cardano’s native token currently trades at around $0.25, representing a minor 1.5% ascent over the past week. Not long ago, Ali Martinez paid special attention to $0.243, describing it as a “make-or-break” level.
He suggested that if the bulls defend this key zone, they can open the door to a possible 25% jump. On the contrary, breaking below on a daily close would lead to a major collapse to as low as $0.10. As mentioned earlier, the price overcame this level, and it remains to be seen whether ADA is now headed toward $0.30.
The whales’ activity supports the bullish scenario. The number of wallets holding more than 10 million ADA coins recently climbed to a four-month high of 424, while large investors purchased 220 million units in just one week.
XRP on the Rise
Ripple’s cross-border token is among the top performers for the past week, with its valuation climbing by 8% to $1.45. The obvious and perhaps the most likely reason behind the pump is the resurgence of the broader crypto market, while another element could be the renewed interest from institutional investors.
SoSoValue’s data show that inflows into spot XRP ETFs have been quite solid over the last few days, indicating that hedge funds, pension funds, and other key market players have increased their exposure to the asset, prompting the funds’ issuers to buy actual tokens to back their shares.
