Bitcoin and Altcoin Market Overview

Bitcoin has recently shown resilience at the $107,000 support line, yet faces formidable selling pressure between $112,000 and $116,000. As the market assesses which altcoins may rise, analysts are offering insights into potential price movements.

Key Takeaways:

• Bitcoin’s recent uptick is stalling, indicative of continued bearish sentiment at $112,000.
• Some major altcoins are showing strength, but sustained movement above their resistance levels is crucial.

Bitcoin (BTC) is attempting a comeback, yet bears are weighing heavily near the $112,000 mark. Analysts from Bitfinex mentioned that the current drawdown of 18.1% mirrors previous cycles since 2023, implying a phase of consolidation rather than outright reversal.

Galaxy Digital’s CEO, Mike Novogratz, stated in a CNBC interview that he anticipates BTC to sustain around $100,000, suggesting it could rise to $125,000 if it surpasses this range.

Crypto market data daily view. Source: Coin360

Market Sentiment: Some analysts believe BTC might dip below $107,000, yet they don’t foresee a steep fall. LVRG Research’s director, Nick Ruck, indicated that BTC could undergo a healthy correction towards $104,000, leading to a resumption of the bullish trend.

Predictions by Cryptocurrency:

Bitcoin (BTC)

BTC recently bounced off $107,000, showcasing the bulls’ determination to sustain momentum. A breach above the moving averages might enable a push toward an all-time high of $126,199. Conversely, a fall below $107,000 could initiate a deeper downturn to $100,000.

Ethereum (ETH)

Ethereum (ETH) recovered from a downward trend but is meeting resistance at the 20-day EMA ($4,023). Bears will endeavor to push below the support, potentially dragging prices to $3,350.

Binance Coin (BNB)

BNB has seen a fleeting recovery but faces selling pressure at $1,156. If prices remain beneath $1,120, further declines could see BNB correct to $1,000.

XRP

XRP is hovering at $2.52, with bears likely to defend this point aggressively. A close above this level may change sentiment.

Solana (SOL)

Solana is currently aligned at $196, making it a pivotal watch point. Should buyers claim the upper hand, SOL may ascend towards $238.

Dogecoin (DOGE)

Dogecoin lingers just under $0.21, striving to reignite momentum above this threshold.

Cardano (ADA)

Cardano is recovering from $0.60 and needs to push through the 20-day EMA ($0.69) for further upside.

Related Insights:

You can explore further price forecasts, including insights on HYPE after Robinhood listings, here.

Note: This piece does not provide investment advice. All trading carries risk, and individuals should perform their own research before making financial decisions.