Bitcoin has surged past $95,000, maintaining bullish momentum amid pressure from a strong U.S. dollar. Grayscale’s Head of Research, Zach Pandl, predicts this will be a short-term obstacle, foreseeing a bullish long-term outlook for cryptocurrencies, particularly with potential U.S. Bitcoin reserves. A recent CoinShares blog noted that if the U.S. Bitcoin Act passes, it may significantly impact the cryptocurrency’s future, potentially more than the 2024 launch of spot Bitcoin ETFs.
Willy Woo, an analyst, cautions against over-optimism, suggesting current market risks demand careful attention due to profit-taking trends. Despite mixed views, a potential rise in Bitcoin to $100,000 could boost some altcoins. Here’s a closer look at performance prospects for Bitcoin, XRP, Hedera, Bitget Token, and Monero.
Bitcoin’s recovery is hindered at the $96,190 mark, yet buyers remain steadfast. Traders expect resistance near the downtrend line. A close above this could push Bitcoin to nearly $108,353, while a decline risks forming a descending triangle, threatening a dip below $90,000.
XRP has broken from a symmetrical triangle pattern, favoring its upward momentum. The trajectory suggests potential gains to $2.91, though sellers will likely resist further increases. A drop below the 20-day EMA could trigger deeper corrections.
Hedera’s trajectory forms a descending triangle, possibly reaching bullish reversals if sustained above the 50-day SMA. A fall below $0.24 may signal increased selling pressure, impacting support structures.
Bitget Token remains strong, with support near $6.10. A break above $8.50 could indicate a rally to $10, but failure to sustain could lead to pulls back to the EMA.
Monero tests the $207 resistance amid a trading range between $191 and $207. Breaking the $207 mark could lead to a $225 surge; failure suggests continued volatility within the current price range.
The analysis shared is not financial advice and contains inherent risks. Potential investors should conduct due diligence before making any commitments.