Bitcoin continues to hold above the crucial $51,800 level, though it has lost the $52,300 resistance amid negative macroeconomic data. As the market fluctuates, investors have started to reduce their risks in altcoins. However, there is a notable formation that supports the possibility of a price increase for Bitcoin in the medium and long term. So, what are the dollar targets for CEEK and CHZ Coin?
Will Bitcoin (BTC) Rise?
The formation on the weekly chart suggests that Bitcoin’s price could reach new highs. Even though such long-term charts can include broad corrections, they consistently help the price reach the targeted point.
If the expected scenario unfolds, we could see the price of Bitcoin (BTC) climb to the all-time high of $69,000 reached in November 2021. However, the real significant movement will be possible with a break above this level. The big signal for setting a new ATH will come from this area. Moreover, the RSI is in the overbought zone, and a break above 80 will support the formation’s target.
On the other hand, a popular cryptocurrency analyst, Aksel Kibar, pointed to the rising parallel channel in the Bitcoin chart he shared. According to this formation, which confirms the steady rise, if the price breaks above the channel, it could reach $65,000. Indeed, it is currently at the edge of this limit.
Chiliz (CHZ) Coin Analysis
Following the break above the resistance level of the parallel channel, the price of CHZ Coin has now reached $0.112. This was the initial key target mentioned in recent days. If closures above $0.116 start, this will trigger a stronger rise towards $0.14. The positive divergence in price is fundamentally due to the approaching end of the league season.
However, closures below $0.106 could lead to drops to $0.098 and $0.091.
CEEK Coin Predictions
Altcoins are making double-digit moves, and volatility continues, but CEEK Coin seems indifferent to these. In the short term, closures above $0.053 could target resistance levels of $0.056 and $0.064. However, it’s known for low volume on weekends, making it difficult to find upward support, especially since it’s not diverging positively from the market.
If the price starts to fall, closures below $0.0494 could push it to the parallel channel’s support level of $0.044.
