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Bitcoin price may be below $63,000, but altcoins have found the opportunity for growth, experiencing double-digit increases. Exciting days are ahead. If Bitcoin price can maintain strength in its current range, we could see altcoin rallies exceeding 50%. Even larger price increases are possible. So, what’s the latest in the market and specifically with FET Coin?
Will Altcoins Rise?
I had previously mentioned that we would witness scenarios like the current one during the toughest days of the bear market, with historical data repeating itself. In November 2022, as Bitcoin’s price fell to $15,500, investors started to believe that this drop signaled Bitcoin’s demise. Those who remained bold once again prevailed.
Last March, many prominent figures labeled Bitcoin a scam due to bank collapses, yet today, they are not shy to join in the celebrations unjustly. This highlights why we should remain cautious towards popular figures in the cryptocurrency markets.
The cumulative value of cryptocurrencies has surpassed the $2.15 trillion resistance, rising to $2.3 trillion. A potential BTC correction could see a fall to the $2.15 trillion area, but for now, there is little resistance above.
Similar to the cumulative value chart, Bitcoin has been increasing since January (despite intermediate corrections), breaking the $60,000 resistance. If the weekly close remains above this level, the all-time high (ATH) of $69,000 (Binance data) could be tested. However, closes below $60,000 could lead to a drop to $48,000 (painful for altcoins).
FET Coin Price Prediction
Since November 2022, FET Coin has been gaining prominence, and Turkish crypto investors were eagerly buying this altcoin at that time. They were right; the price has increased more than tenfold, pushing its all-time high higher each day.
FET price has risen parabolically in the last four weeks. The upward movement triggered a breakout at the $0.85 horizontal resistance. If the rally continues, $1.91 could be the next target. However, closes below $1.67 could see FET Coin fall back to $1.2.
