Bitcoin surged over 10% this week, reaching $95,000, and analysts predict further gains. Altcoins like SUI and AVAX show positive trends, reflecting a shifting market sentiment. Price predictions for Bitcoin suggest potential to reach $100,000 and beyond, driven by strong ETF inflows and ongoing bullish indicators. Various altcoins are also navigating key resistance levels, positioning themselves for possible breakout episodes.
In the world of cryptocurrency, Bitcoin has made quite a splash recently, climbing over 10% this past week alone. Analysts remain optimistic, projecting it could hit the $100,000 mark before the end of the year—an impressive 40% increase from current levels. Furthermore, various altcoins are also showing signs of recovery as market sentiment picks up again.
Specifically, Bitcoin (BTC) has reached the significant $95,000 resistance, a level that’s proving to be quite a struggle for buyers. They’ve held strong against the bearish push, which is a positive sign. The surge in Bitcoin’s price coincides with substantial purchases seen in US spot Bitcoin exchange-traded funds (ETFs), reportedly raking in $3.06 billion in inflows, as shared by Farside Investors. Eric Balchunas of Bloomberg highlighted the remarkable speed of these movements in a recent post on X.
Looking at things from a projection standpoint, Bitcoin’s recent activity has led 21st Capital co-founder Sina to declare that Bitcoin has successfully reclaimed its power-law price trajectory. Based on his quantitative analysis, Bitcoin could potentially reach between $130,000 and $163,000 by 2025. Conversely, an anonymous analyst, known as apsk32, is even bolder, suggesting prices could skyrocket past $200,000 this coming Q4.
Now, the real question is whether Bitcoin can keep this momentum going and break through that pesky $95,000 barrier. Analysing technical indicators, it seems we’ve entered a critical battle zone between buyers and sellers right at this level. The bullish indicators such as the rising 20-day exponential moving average ($88,619) and the relative strength index (RSI) suggest that its bulls might be gaining the upper hand.
If Bitcoin can successfully break above $95,000, the next target could be $100,000, or even $107,000. But let’s not forget that sellers are bound to protect that upper band fiercely. Still, if the price fails to hold above the 20-day EMA, it may slide back towards the broader range between $95,000 and $73,777.
Switching gears, let’s take a look at Sui (SUI), which has encountered resistance around $3.90. Despite the pullback, market participants appear ready to hold their positions for now. If it remains above the 38.2% Fibonacci retracement level at $3.14, the chances of pushing past $3.90 look good. If it can do that, we could see a rise towards $4.25 and potentially $5.
On the other hand, if momentum shifts south and the price dips below $3.14, this could signal a deeper correction, possibly targeting $2.94. Buyers will be keen to rally below the support between this level and the 20-day EMA ($2.69). Meanwhile, on the 4-hour chart, sellers still pose a threat, so it’s a delicate balance.
Next up is Avalanche (AVAX), which has spent the last few days trapped in a range between $23.50 and $15.27. It’s a usual trading pattern where folks buy close to support and sell near resistance. Progress seems slow, but buyers haven’t given in much. If they manage to breach $23.50, which has been tough, that could confirm a double-bottom formation looking to reach $31.73.
Yet, if price dips below critical moving averages, we might be stuck with this range for a while longer. Consolidating prices between $21.60 and $23.10 suggest bulls are holding on for another potential surge. If they can lift the price over $23.10, watch out for $25. But a slip below $21.60 could spell trouble, dragging us down to around $19.50.
Let’s not forget about Official Trump (TRUMP), which broke above $12.45 resistance and held its ground after a retest. A spike above $16 has caught sellers’ attention, but lower pullbacks suggest buyers are still keen to stock up. If TRUMP can break above $16, we could see it run towards $17.69 and possibly $19.60. However, short-term profit takers could affect upward momentum.
Finally, Bittensor (TAO) seems to be gaining traction after breaking above its downtrend on April 20. The price is currently facing resistance at $375, with hopes of finding support at the 20-day EMA ($298). A solid rebound from this point would indicate a shift from sellers taking profits to buyers looking for dips. If the bulls can push above $375, the next target could be hitting $495, but traders are on guard for any signs of a reversal.
With all these movements in the crypto space, investors should remain cautious. It’s essential to conduct thorough research and understand the risks involved with trading cryptocurrencies, as highlighted in the article.
