Bitcoin price at the time of writing is above $51,150 and Ethereum price is targeting new peaks. For mini rallies to start in altcoins, the continuation of ETH‘s strong stance is essential. So what is the current situation in the cryptocurrency markets? What dollar levels are Bitcoin and altcoins targeting? Here are the details?
Cryptocurrency Market Commentary
There were no significant developments over the weekend. MicroStrategy’s account was hacked, and the attackers stole about half a million dollars. We had written that it is necessary to be careful against such attacks, especially in the coming months.
On the other hand, after the cumulative value of cryptocurrencies surpassed the $1.61 trillion resistance, it reached the $1.88 trillion resistance. The strong cumulative value is targeting the $2.1 trillion level. If this can be achieved, we could see a rally triggering double-digit increases in altcoins.
However, if closures below $1.81 trillion start to be seen, the cumulative value could return to the previous resistance. For the optimistic scenario to materialize, ETH’s price must continue to close above $3,000 and aim for $4,000. The optimistic scenario is also supported by the break in the ETHBTC parity. We had been talking about this approaching break for weeks.
Bitcoin Predictions
Similar to the cumulative value chart, the BTC price has also been rising since the beginning of January. BTC, which peaked at $53,000 in February, maintains its inclination towards new highs with its closures above the $48,640 resistance. Although the RSI seems to hamper the possibility of a rise, it is balanced by the positive RSI in the cumulative value chart.
If BTC’s rise continues, the price will need to test the strong resistance level of $65,000, which is 25% higher. However, closures below $48,600 will be the first significant signal of major losses in BTC and altcoins. In this case, the cumulative value could drop below $1.61 trillion, and BTC could fall to $40,600 and $38,500.
MNT Coin Commentary
One of the altcoins that has recently stood out positively and reached the ATH level is MTN Coin. The price, which has been rapidly increasing since the beginning of January, broke the horizontal resistance line yesterday, aiding the acceleration of the rally. If the rally continues, the price could reach $1.03.
The rise prediction will be invalidated if closures below $0.8 occur.
