Altcoin
Is the cryptocurrency bull turning back?
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- Bitcoin’s rise to $65,000 appears to have instilled hope in the volatile cryptocurrency markets.
- Some altcoins rose 10% to 20% due to BTC’s comeback.
- Investors are wondering if this is the resumption of the cryptocurrency bull run.
With the price of Bitcoin (BTC) rising as high as $65,000 in the late US session and early Asian session, the cryptocurrency market appears to be in charge. This outlook for BTC is not shocking as it was predicted by FXStreet in a previous publication. This sudden rally from the cryptocurrency pioneer has pushed sidelined buyers out of their hiding places, resulting in altcoins such as Fantom (FTM) and Near Protocol (NEAR) rising by around 20% in the past day.
Read also: Week Ahead: Cryptocurrency Market Expects Bullish Trend Reversal
Is Bitcoin back on the bullish track?
Bitcoin price made a higher high after Wednesday’s daily candlestick close, suggesting a break in the market structure in favor of the bulls, i.e end of consolidation and the start of an uptrend. But does this mean that the bears have eaten the dust? Not yet.
While there are signs of a directional move, investors should pay attention to the imbalance between $67,937 and $70,024. This area is also home to the 2021 all-time high (ATH), making it a critical area to break through. If Bitcoin price manages to turn this imbalance into a support level, it would be the start of a bull run and would also suggest that new ATH is around the corner.
Read also: Should you buy BTC here?
There is likely to be a fight around the psychological level of $70,000 and the high of $73,949. A decisive breakout coupled with the strength of buying pressure will be key for the Bitcoin price to reach new all-time highs.
BTC/USDT daily chart
The altcoin landscape
As seen in the image below, Jito (JTO), Fetch.AI (FET), Fantom (FTM), Sei (SEI), and many altcoins have already recorded gains of over 20% in less than 30 hours.
Altcoin Performance
Altcoins are unlikely to break down and give buyers the opportunity to buy. However, investors need to pay attention as a potential pullback could occur as BTC enters the imbalance zone at $67,937 to $70,024. A small BTC retracement in this case could be the key to accumulating altcoin buyers.
Some of the sectors that could resume their bullish outlook
- Artificial Intelligence (AI): Altcoins such as Render (RNDR), Fetch.AI (FET), Arkham (ARKM), Worldcoin (WLD) and so on.
- Real World Assets (RWA): With BlackRock’s entry into the tokenized asset space, this category has seen a huge boom. Ondo (ONDO), Pendle (PENDLE), Polymesh (POLYX), Centrifuge (CFG) and others are good picks for the next rally.
- Meme Coins: Cryptocurrencies or meme coins based on dogs or cats, in general, have been a major force to be reckoned with. Next-generation meme coins dogwifhat (WIF), Book of Memes (BOME), Myro (MYRO), Wen (WEN) and so on are tokens that have gained widespread popularity in a short time. But meme coins like Pepe (PEPE) and Floki Inu (FLOKI), previous cycle altcoins, could have much larger and relatively stable gains in comparison.
- Blue chip altcoins: With the exception of Ethereum (ETH) and Solana (SOL), Avalanche (AVAX), Fantom (FTM) and other DeFi tokens have huge potential, assuming the bull market has begun.
More Altcoin Predictions
- Bitcoin’s rise to $65,000 appears to have instilled hope in the volatile cryptocurrency markets.
- Some altcoins rose 10% to 20% due to BTC’s comeback.
- Investors are wondering if this is the resumption of the cryptocurrency bull run.
With the price of Bitcoin (BTC) rising as high as $65,000 in the late US session and early Asian session, the cryptocurrency market appears to be in charge. This outlook for BTC is not shocking as it was predicted by FXStreet in a previous publication. This sudden rally from the cryptocurrency pioneer has pushed sidelined buyers out of their hiding places, resulting in altcoins such as Fantom (FTM) and Near Protocol (NEAR) rising by around 20% in the past day.
Read also: Week Ahead: Cryptocurrency Market Expects Bullish Trend Reversal
Is Bitcoin back on the bullish track?
Bitcoin price made a higher high after Wednesday’s daily candlestick close, suggesting a break in the market structure in favor of the bulls, i.e end of consolidation and the start of an uptrend. But does this mean that the bears have eaten the dust? Not yet.
While there are signs of a directional move, investors should pay attention to the imbalance between $67,937 and $70,024. This area is also home to the 2021 all-time high (ATH), making it a critical area to break through. If Bitcoin price manages to turn this imbalance into a support level, it would be the start of a bull run and would also suggest that new ATH is around the corner.
Read also: Should you buy BTC here?
There is likely to be a fight around the psychological level of $70,000 and the high of $73,949. A decisive breakout coupled with the strength of buying pressure will be key for the Bitcoin price to reach new all-time highs.
BTC/USDT daily chart
The altcoin landscape
As seen in the image below, Jito (JTO), Fetch.AI (FET), Fantom (FTM), Sei (SEI), and many altcoins have already recorded gains of over 20% in less than 30 hours.
Altcoin Performance
Altcoins are unlikely to break down and give buyers the opportunity to buy. However, investors need to pay attention as a potential pullback could occur as BTC enters the imbalance zone at $67,937 to $70,024. A small BTC retracement in this case could be the key to accumulating altcoin buyers.
Some of the sectors that could resume their bullish outlook
- Artificial Intelligence (AI): Altcoins such as Render (RNDR), Fetch.AI (FET), Arkham (ARKM), Worldcoin (WLD) and so on.
- Real World Assets (RWA): With BlackRock’s entry into the tokenized asset space, this category has seen a huge boom. Ondo (ONDO), Pendle (PENDLE), Polymesh (POLYX), Centrifuge (CFG) and others are good picks for the next rally.
- Meme Coins: Cryptocurrencies or meme coins based on dogs or cats, in general, have been a major force to be reckoned with. Next-generation meme coins dogwifhat (WIF), Book of Memes (BOME), Myro (MYRO), Wen (WEN) and so on are tokens that have gained widespread popularity in a short time. But meme coins like Pepe (PEPE) and Floki Inu (FLOKI), previous cycle altcoins, could have much larger and relatively stable gains in comparison.
- Blue chip altcoins: With the exception of Ethereum (ETH) and Solana (SOL), Avalanche (AVAX), Fantom (FTM) and other DeFi tokens have huge potential, assuming the bull market has begun.