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The king of cryptocurrencies started Sunday at $35,000, bringing smiles to altcoin investors. The pullback after the latest resistance test may be over. So, which altcoins stood out the most this week? How much longer can the <a href="https://en.coin-turk.com/will-bitcoin-rise-expert-predictions-and-crypto-market-analysis/”>BTC price increase? Let’s explore the possibilities with the latest market data.
Bitcoin (BTC)
The price of BTC has reclaimed $35,000 and is currently trading at $35,141. ETH has finally surpassed $1,880, signaling increased optimism in altcoins. After testing the $36,000 resistance, the king of cryptocurrencies dropped to $34,000. Many investors expected a support test at $33,500, but the price quickly rebounded, indicating strong demand and an appetite for targeting $40,000.
The fact that $34,000 is holding as support on the weekly chart is highly positive. Unless a significant negative event occurs, BTC may continue its upward movement to surpass the $40,000 and $48,000 targets. These rapid surges resemble the movements seen in December 2020. Although macro pressures may delay the recovery, it is now certain that BTC has hit its bottom in 2022.
For BTC to abandon its $48,000 target, it would need to see weekly closes below $31,800. The increasing institutional demand, expectations of ETF approvals, and the changing market sentiment that the Fed could cut rates by 100bps next year indicate that cryptocurrency investors, who have been bleeding for the past two years, will finally have reasons to smile.
Current Status of Cryptocurrencies
Ethereum (ETH) has surpassed $1,880, and if BTC doesn’t experience rapid losses, we could see a $2,000 test that will bring joy to altcoin investors. Ether will start its real rally above $2,000, and considering BTC’s current price range, it wouldn’t be surprising to see support forming around $2,500 for ETH.
Among the top 10 cryptocurrencies, Solana (SOL) has set a record gain, surpassing the previously mentioned $42 mark. Its current position indicates a strong rally that could continue up to $80. Among the top 100 cryptocurrencies, CAKE, EGLD, IMX, and RUNE have gained between 43% and 71%.
Investors who have been patient in evaluating the lows of altcoins are already reaping significant profits. At this stage, we can expect Ether to continue the rally and for the altcoin rally to gain momentum with a drop in BTCD.
