Bitcoin’s price recently surged past $106,000, yet remains below its record peak of $109,588 as the market awaits a potential executive order from former President Donald Trump regarding a national Bitcoin reserve. Analyst James Check of Glassnode anticipates that Bitcoin’s trajectory might mimic the 2016-2017 cycle, suggesting prices could hit $120,000 to $150,000, albeit with a slim chance of sustaining higher figures.
Meanwhile, BlackRock CEO Larry Fink has proposed that even a modest allocation by asset managers could propel Bitcoin to remarkable heights of $700,000. If Bitcoin successfully exceeds the all-time high of $109,588, it might energize altcoins and drive further market movements.
Observations from the cryptocurrency market include standout performances such as Ethereum bouncing off its neckline to ward off a bearish head-and-shoulders pattern, and XRP maintaining its position above the key level of $2.91, suggesting a bullish favor. Meanwhile, Solana has confidently broken its $260 resistance mark, indicating a bullish outlook, though potentially facing resistance at $274.
BNB’s struggle to surpass its moving averages points to potential bearish pressure, whereas Dogecoin’s activity within its channel pattern suggests near-term volatility as it grapples with the support and resistance lines. Cardano remains within a symmetrical triangle and seeks momentum for growth above its resistance line.
In contrast, Chainlink has demonstrated resilience rebounding off its 20-day EMA, suggesting potential bullish trends with targets set above $27.21. Avalanche continues to grapple near its $37.82 EMA, striving to break free from an extended range.
Lastly, Stellar finds itself defending vital levels around its 50-day average, maintaining cautious optimism as trading activity remains tentative amid broader market dynamics. As always, strategies must be cautious, as volatile conditions persist across the crypto landscape.
