Bitcoin’s price is edging toward the $100,000 mark, raising questions about whether altcoins will follow suit. Current trading activity shows Bitcoin bulls maintaining pressure, signaling a potential test of the overhead resistance level. Despite a strong recovery, US Bitcoin ETFs faced significant outflows worth $242.3 million recently, presenting a dichotomy in market sentiment.
Long-term projections remain optimistic, with Steno Research predicting Bitcoin could surpass $150,000 by 2025. Meanwhile, Ether might reach over $8,000. Analysts suggest any Bitcoin dip to around $80,000 could present a buying opportunity, aligning with Bravo Research’s belief that Bitcoin could align with the stock market’s weaknesses.
In price analysis, Bitcoin bulls seem to defend the $90,000 level vigorously. The BTC/USDT pair might oscillate between $90,000 and $100,000 in the short term, with potential to retest its all-time high if the $100,000 ceiling is breached.
Ether shows a potential bullish ascending triangle pattern, hinting at a rise to $3,894 if $3,555 is exceeded. XRP is experiencing pressure at its symmetrical triangle resistance line, with a chance to rally if it crosses $2.91. Conversely, failure to break past key moving averages might lead to further consolidation.
BNB is caught between $698 and $722, needing to decisively break through to establish a direction. Solana has reduced selling pressure, with potential to climb past $234 if it clears the 50-day SMA hurdle.
Dogecoin has broken its consolidation phase, aiming for $0.42, but sellers might resist strongly at that level. Cardano’s rise past a key resistance implies bullish momentum, while Avalanche appears to rebound from $35, facing critical resistance at the 50-day SMA.
Lastly, Chainlink battles selling pressure, with a possible rise to $26 if it surpasses the 20-day EMA. Toncoin’s recovery attempts might meet resistance at the moving averages or otherwise, challenge lower support zones.
Overall, the cryptocurrency market is poised for significant shifts as Bitcoin hovers near psychological and historical resistance levels, with altcoins potentially riding its coattails or breaking new paths.
