The leading cryptocurrency, Bitcoin (BTC), surged above $79,000 following news that the ceasefire between the US and Iran has been extended indefinitely.
The news primarily reinforced expectations that Middle East risks had diminished, which shifted market sentiment and extended BTC’s gains this week.
According to analysts, the recent upward momentum in Bitcoin and the market may continue and could also affect altcoins.
Michael van de Poppe, a popular analyst in the sector, stated that there is still room for further upside in Bitcoin, claiming that altcoins could also experience gains of up to 60% if BTC continues its upward trend.
According to Poppe, Bitcoin regaining the $86,000 level could lead to a major recovery in the altcoin market as well.
At this point, the analyst stated that the current upward momentum could propel Bitcoin up to $86,000, while altcoins could rise by 30% to 60% from their current levels.
A rise in Bitcoin from current levels to $86,000 would represent an additional gain of approximately 10%.
Poppe states that the bullish outlook for Bitcoin is driven by the Nasdaq, arguing that a V-shaped recovery in the Nasdaq Composite Index would provide support for further gains.
Besides Poppe, analyst Wilt Woo also states that $80,000 is a critical level that Bitcoin needs to surpass.
*This is not investment advice.
