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Bitcoin traders split on $40K chances as altcoins eye potential '80-150%' gains

July 22, 2021. Summarized by summa-bot.

Compression ratio: 35.1%. 1 min read.

Bitcoin continues to range but $40,000 and a 150% gains for altcoins are not off the table, a trader argues.

Bitcoin (BTC) circled $32,000 on July 22 after excitement over fresh comments by Elon Musk resulted in strengthening of support.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging between $31,500 and $32,000 overnight on Wednesday, hours after Musk joined others in praising Bitcoin during a conference panel.

"If we look at the price action of Bitcoin, we can clearly see and state that we're holding above $31K," Cointelegraph contributor Michaël van de Poppe said.

Related: Altcoins secure double-digit gains after Bitcoin surges toward $33K

Van de Poppe added that a scenario under which Bitcoin rises to range resistance at $40,000 or higher would have a much more pronounced impact on altcoin markets.

Ether (ETH), the largest altcoin by market cap, was back at $2,000, launching away from support levels after briefly losing its 2021 higher lows trend earlier in the week.

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