Bitcoin is currently trading within a narrow range, indicating potential for a breakout soon. Despite recent market fluctuations, analysts predict strong future performance for Bitcoin. According to a market report by Derive’s head of research, Dr. Sean Dawson, the likelihood of Bitcoin reaching $125,000 by late June has increased from 41.9% to 44.4%, while the probability of it falling to $75,000 has decreased from 17.8% to 12.1%.
Ethereum also shows signs of resilience, with analysts suggesting that its bearish phase may have reached its peak. Ed Hindi from Tyr Capital notes that institutional investors holding Bitcoin might soon add Ether to their portfolios, potentially reversing its recent downward trend.
Despite cautious trading by institutional investors in the short term, as evidenced by four consecutive days of outflows from Bitcoin spot ETFs, there remains optimism for the market. Analysts are watching whether Bitcoin can break above the current resistance level and potentially boost altcoins.
Looking at Bitcoin’s technical analysis, the cryptocurrency is trading below its moving averages, yet sellers have struggled to push the price down to $90,000. A move above these averages could lead the BTC/USDT pair to challenge $100,000, with potential targets of $102,500 and $106,500 if surpassed. Conversely, a drop below $94,000 could see the price fall to $90,000, a critical support level.
Ethereum is attempting a recovery, facing potential resistance at the 20-day EMA ($2,847) and a downtrend line. If the price fails to hold at these levels, a decline to $2,520 could occur, with further drops to $2,400 and $2,111. On the upside, clearing the downtrend line could propel the price to $3,400 and beyond, though significant resistance is expected.
XRP has recently moved upwards from its narrow trading range, signaling bullish momentum. Successful price maintenance above the moving averages could lead to a rise toward the $2.91 resistance level. Solana is poised for a breakout from its current consolidation, with a price increase above the 20-day EMA suggesting a rise to $220. Meanwhile, BNB faces resistance at $745, while its EMA indicators hint at bullish support from the $644 level.
Dogecoin’s rebound has brought it to an important 20-day EMA level, with buyers needing to sustain this rise to counter bearish pressure. Cardano shows similar patterns, aiming for stability above its 20-day EMA to potentially reach the 50-day SMA.
Chainlink faces resistance around $19.25 to $20.34, requiring a sustained push to climb higher. Avalanche attempts recovery with low demand at higher levels, while Sui encounters resistance at $3.58.
The crypto market remains dynamic, and while this analysis provides insights, each investment decision involves risk and thorough research remains essential.
