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Acheron Trading CEO Laurent Benayoun believes the current bull cycle has enough room to continue and that Bitcoin exchange-traded funds, influenced by various factors such as the upcoming Bitcoin halving and potential interest rate cuts, could peak between $120,000 and $180,000. But what are the current data for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)?
Bitcoin Price Analysis
The leading cryptocurrency Bitcoin has been stuck in a narrow range between $71,770 and $68,359 for the past few days. This situation might indicate indecision between bulls and bears. Generally, tight consolidation near peaks can be a positive sign, suggesting that bulls are holding their positions and not rushing to exit.
The rising 20-day exponential moving average and the relative strength index (RSI) in the positive zone indicate that bulls have the upper hand. If the cryptocurrency’s price breaks above the resistance zone between $71,770 and $73,777, the BTC/USDT pair could continue its uptrend. This scenario could open the doors to a rise to $80,000. Conversely, if the price falls below the 20-day EMA, it could indicate that bulls are taking profits, potentially leading the pair down to the 50-day simple moving average.
ETH and SOL Price Targets
Ethereum is trading in a narrow range near its overall resistance of $3,678, indicating a strong battle between bulls and bears. The 20-day horizontal EMA at $3,527 and the RSI near the midpoint do not give a clear advantage to either side. If the altcoin’s price rises and breaks above $3,678, the ETH/USDT pair could climb to $4,100. Bears might put up a strong defense at this level, but if bulls break through, the rise could reach $4,500.
Additionally, if the price drops and falls below $3,460, it could signal that bulls are giving up, potentially triggering a drop to the 50-day SMA at $3,324. Buyers are likely to be attracted to this level, but a weak bounce from it could increase the chances of a drop to $3,000. Solana is facing resistance at the downtrend line, which could signal that bears are trying to make a comeback.
If the cryptocurrency’s price falls and drops below the 20-day EMA, the short-term advantage could shift in favor of the bears. The SOL/USDT pair could fall to $162 and possibly further to the 50-day SMA. If bulls want to prevent a downward move, they will need to push the price above the downtrend line. The pair would then attempt to break above the stiff overall resistance at $205. In such a case, the pair could start the next leg of its rise towards $267.
