Bitcoin’s probability of achieving a new all-time high has been bolstered by speculation that the United States might adopt a national Bitcoin reserve. Recently, Bitcoin surged above the $104,500 mark, signaling strong market enthusiasm. Analysts are optimistic, predicting that such a strategic reserve move by nations could push Bitcoin’s price to unprecedented levels, ranging from $250,000 to $1 million, if countries incorporate Bitcoin as a reserve asset.
Despite this bullish long-term outlook, the short-term scenario appears uncertain for some experts. It’s anticipated that Bitcoin could fluctuate between $90,000 and $100,000 in the coming weeks.
Turning to other major cryptocurrencies:
Bitcoin has broken past a downtrend line and significant resistance levels, hinting at a potential price rally to $108,353. If it surpasses this resistance, further gains up to $126,706 could be achieved.
Ethereum’s recovery faces resistance within its moving average range. A breakthrough above $3,745 could lead to gains up to $4,094. However, a decline past critical support could see Ethereum drop to $2,850.
XRP’s recent surge above $2.91 indicates the continuation of its uptrend. A successful attempt to flip this level into support could propel XRP towards $4.84. Alternatively, falling below this threshold may lead to further losses.
BNB is testing resistance at $745. Success in breaking this barrier could lead to a climb to $794, though failure might result in a downturn to $635 or lower.
Solana’s upward momentum shows signs of easing selling pressures. Overcoming minor resistance levels could result in a rally up to $260, though falling back below key support might signal a decline.
Dogecoin’s sentiment has turned positive after surpassing $0.40. A sustained rise could target $0.48. However, a drop below $0.35 would signal bearish dominance, potentially dragging the price to $0.30.
Cardano is attempting to break past its symmetrical triangle resistance. If successful, a rally towards $1.33 and then $1.64 could occur, while failure to do so might maintain its current pattern.
Avalanche is experiencing reduced bearish influence, with potential gains up to $56 if it overcomes resistance. Otherwise, it may continue to consolidate.
Chainlink’s recent rebound indicates a possible recovery above $26, potentially leading to a rise towards $31, despite the risk of remaining range-bound.
Stellar faces resistance at an inverted head-and-shoulders pattern neckline. A breakthrough could trigger a rally to $0.64 or more, while failure to maintain momentum could force a retreat to $0.38.
While these analyses reflect current market conditions, investors are reminded to perform due diligence and remember that trading carries inherent risks.
