Current Overview

Bitcoin has managed to remain above the significant support level of $100,000, but the recent shallow price bounce raises concerns about a potential decline. With Bitcoin seeking direction, the question prevails whether altcoins can make gains during this phase.

Key Highlights

• Bitcoin has remained above the $100,000 level, closing above it emphasizes bullish commitment, however, a rise past $108,000 is necessary to relieve breakdown concerns.
• Various notable altcoins are currently holding their support levels. Still, insufficient price recovery puts them at risk for a drop.

Bitcoin (BTC) recently surpassed $101,000, showcasing the bullish stance on maintaining support above $100,000. While many analysts feel that BTC might see a low near $100,000, Bloomberg’s analyst Mike McGlone pointed out in a recent communication that BTC might drop to $56,000.

“BTC could collapse to $56,000.”

Notably, not all are pessimistic about BTC’s future. Analysts at JPMorgan believe BTC is undervalued based on its historical volatility compared to gold and predict a rise to approximately $170,000 in the upcoming six to twelve months.

Other Considerations

• BTC’s potential positive momentum may derive from a strong interest in Bitcoin exchange-traded funds (ETFs), as Schwab Asset Management reported that 45% of individuals expressed interest in investing in a crypto ETF, on par with interest in bond ETFs.

Price Predictions

Bitcoin

Bitcoin bulls are defending the crucial $100,000 mark but are encountering bearish pressure. For BTC to show strength, it needs to exceed the 20-day EMA at $107,925; succeeding in this may push the pair toward the 50-day SMA at $112,464. However, should bears succeed in driving the price below $100,000, a deeper correction towards $87,800 could commence.

Ethereum

Ethereum faces strong contention between buyers and sellers at the $3,350 mark. A weak recovery raises questions about potential declines. A drop below $3,057 would likely indicate an emerging downward trend, possibly dropping prices towards $2,500.

BNB

BNB is attempting a rebound, but weak indicators suggest low demand at higher prices. If bears succeed in taking BNB below $860, it could cascade down to $730. Alternatively, should it hold above $860, it might oscillate between $860 and $1,183.

Final Thoughts

The upcoming market performance of Bitcoin and altcoins hinges critically on myriads of technical movements and prevailing market sentiments. Investors should follow these developments closely.