The crypto markets are on the brink of a breakout, with Bitcoin consolidating around recent gains. Key altcoins like Ethereum, XRP, and Solana could see significant rises alongside Bitcoin if it reaches $100,000 soon. Previous ATHs in Q4 2024 suggest potential for a 30% upswing across multiple altcoins, contingent upon Bitcoin’s performance above critical resistance levels.
The cryptocurrency market is poised for a potential breakout as Bitcoin’s price remains stable, consolidating around its recent gains. Several altcoins, namely Ethereum, XRP, Litecoin, Dogecoin, and Solana, have exhibited a significant correlation with Bitcoin’s movements. These coins often mimic Bitcoin’s price trends, so if Bitcoin is expected to resume a strong upward trajectory, these altcoins are likely to follow suit, potentially reaching new heights.
In Q4 2024, Bitcoin experienced a remarkable breakout, catapulting its price to an all-time high (ATH) of nearly $109,000. This surge had a cascading effect on altcoins, with Ethereum peaking above $4,000, XRP hitting above $3.3, and Dogecoin soaring to around $0.5. Solana emerged as the standout performer, achieving a remarkable new ATH of over $295.
Although the market faced a notable pullback after these highs, most altcoins managed to sustain an upward consolidation pattern, similar to Bitcoin. Ethereum, XRP, Litecoin, Dogecoin, and Solana have maintained a steady trajectory since the month’s start, showing resilience and bullish behaviour. Each is currently testing significant resistance levels, gearing up for a possible bullish move alongside Bitcoin’s momentum. An upswing of about 30% for these altcoins is anticipated as Bitcoin gains strength.
Bitcoin’s price appears on track to challenge the $100,000 mark, especially if it secures a close above $95,000 and solidifies support at $96,800 by month-end. Ethereum could well rise past $2,000, with XRP expected to breach the key obstacle at $2.6. Additionally, Solana’s price may reach $180, while Dogecoin could climb above $0.2 towards $0.25, if Bitcoin maintains its bullish momentum.
