Bitcoin reports a 10% gain this week, nearing resistance at $95,000, with analysts projecting a further 40% increase by the year’s end. Other cryptocurrencies like SUI, AVAX, TRUMP, and TAO are also on the radar for potential gains, although they face resistance and need to maintain key support levels for upward momentum.
Bitcoin has made a strong showing lately, with a notable rise of over 10% this week, pushing it near the resistance level of $95,000. Analysts are optimistic, believing that Bitcoin could still surge an additional 40% by year’s end. The underlying sentiment in the market remains positive, signalling potential growth not just for Bitcoin, but also for select altcoins like SUI, AVAX, TRUMP, and TAO.
According to recent data, April seems to have been particularly good for Bitcoin ETFs in the United States, with inflows reaching an impressive $3.06 billion. Bloomberg’s analyst Eric Balchunas pointed out the speed at which this trend is taking off. Now, moving forward, will Bitcoin manage to overcome the critical $95,000 barrier? Time will tell, but the signs aren’t all bad.
Technical indicators point to Bitcoin maintaining some bullish momentum, as the 20-day exponential moving average suggests buyers are still in control. If Bitcoin can close above the $95,000 mark, forecasts indicate it could then make a run at $100,000, moving eventually up to $107,000. However, any slip below the 20-day EMA could bring Bitcoin down to levels around $73,777, hence keeping a watchful eye on these metrics is prudent.
In a similar vein, SUI has hit a wall at around $3.90, yet it’s worth noting the modest pullback shows that bulls aren’t in a hurry to offload. If it can hold above the 38.2% Fibonacci retracement level, we might see SUI push beyond that barrier to hit targets of $4.25 to $5. If it wobbles below $3.14, that could indicate trouble is brewing, potentially dragging it down to $2.94.
On the Avalanche front, the AVAX token has been moving within a defined range of $23.50 and $15.27. Traders have been clinging to the support level, suggesting that further upward movement could be imminent. If buyers can break through the resistance at $23.50, the target could then be around $31.73.
Now, looking at TRUMP, it recently broke past the $12.45 resistance but met some selling pressure around $16. Despite this, minor dips appear to be getting absorbed quite well. Should buyers push through, we could see values rise to $19.60 and beyond. However, if they can’t defend against a deeper pullback, the critical support zone of $11.56 to $12.45 might be tested.
Lastly, there’s Bittensor (TAO) which exited a downtrend recently. The price is hovering below a key resistance point at $375. A decent bounce off the 20-day EMA could reignite buying interest, with potential upside to $495 if momentum continues. But, of course, if the market rejects this potential rally, it might backtrack to around $222. The situation remains fluid, and market movements of all these cryptocurrencies will require close observation in the days ahead.
Note to readers: Always do your own research before making any investment decisions. This information is not investment advice and carries inherent risks.
