Bitcoin surged over $123,000 on Monday morning, and a renowned cryptocurrency analyst thinks the bull run is just beginning.
Bitcoin surged over $123,000 on Monday morning, and a renowned cryptocurrency analyst thinks the bull run is just beginning.
Other cryptocurrencies, apart from Bitcoin, experienced massive gains, with the likes of XRP rising above $3 to suggest an altcoin season is about to unfold.
In his latest podcast, the analyst highlighted some fundamental reasons behind the ongoing volatility in the crypto market, suggesting that the rally will continue for a protracted period. According to the analyst, the US Federal Reserve will implement the ISO 20022 message format today (July 14).
On top of the ISO 20022 implementation, this “Crypto Week” will also see Congress debate and potentially vote on two other major bills: the GENIUS Act for stablecoins and the CLARITY Act for market structure. There will also be a key hearing on crypto taxation on Wednesday.
Analysts believe this will have a direct impact on the price and adoption of XRP, Stellar (XLM), Algorand (ALGO), Quant (QNT), and Cardano (ADA). These specific blockchain protocols were designed to be compatible with the ISO 20022 format, which allows them to “plug into” this new era of financial interoperability and could significantly boost their use by traditional banks and financial institutions.
Despite the potential significance of this week’s upcoming activities, the crypto analyst focused on the long-term picture. According to him, Bitcoin is approaching one target on the upside, and traders need to pay close attention to the cryptocurrency’s price behavior. He thinks anywhere between $130,000 and $300,000 would be an ideal target for Bitcoin, not minding the wide range of the target area.
In the meantime, the analyst believes that the altcoins have yet to enter a bullish season despite their recent rallies. He considers the move, especially last week’s surge, a break above resistance and a preparation for an altcoin season that could produce massive returns.
