With Bitcoin (BTC) poised to close the week with a near 6% gain, it’s clear that bullish setups are dominating as bitcoin trades $37K. In fact, MicroStrategy’s co-founder, Michael Saylor, suggested at the 2023 Australia Crypto Convention that Bitcoin’s monthly demand could skyrocket by two to ten times by the end of 2024, due to both increased demand and halving of supply. Consequently, he expects the price to “adjust up.”
Anticipated Bitcoin Price Surge
As the market consensus anticipates a price increase for Bitcoin in 2024, analysts are speculating about the potential peak of this rally. Philip Swift, the creator of Look Into Bitcoin, predicted using the Terminal Price on-chain indicator that Bitcoin could reach at least $110,000 in its next bull cycle. Meanwhile, Bitcoin is not the only cryptocurrency enjoying the limelight. A number of major altcoins have also been surging, sparking optimism for a potential altcoin season.
Rotation of Altcoins
If the bullish sentiment continues, we may see a rotation of altcoins, where the high flyers experience some profit booking, and the laggards begin to ascend. The top-5 cryptocurrencies that could outperform in the short term are worth examining. Bitcoin’s price has remained above the ascending channel pattern for the past three days, a strong indicator that the bulls are defending the breakout level. However, overbought levels on the RSI suggest a potential correction could be on the horizon.
Bitcoin and Altcoins Price Analysis
Should the price slip back into the channel, it could suggest a market rejection of higher levels, potentially leading to a drop to the channel’s support line, which is near the 20-day exponential moving average ($34,784). For a solid correction to start, the bears would need to drive the price below the channel, which could lead to a drop to the $32,400 to $31,000 support zone. On the other hand, VeChain (VET) completed a double bottom pattern after bulls pushed the price above the overhead resistance of $0.021.
Immutable (IMX) has seen a sharp rise in recent days, signalling a potential bull comeback. However, the overbought level on the RSI suggests a possible correction or consolidation in the near future. The Graph (GRT) has corrected after a sharp up-move, but the bulls have managed to keep the price above the 20-day EMA ($0.12). Finally, Algorand (ALGO) is forming a rounding bottom pattern, which will complete on a break and close above the overhead resistance at $0.14.
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As always, it’s important to remember that every investment and trading move involves risk. Conducting thorough research and due diligence is key to making informed decisions in the volatile world of cryptocurrencies.
