Bitcoin price is lingering around $47,900 on the first trading day following a satisfying weekly closure. Although altcoins have experienced some decline due to today’s BTC sales, they have not yet lost significant price regions. So what’s next for Bitcoin and altcoins? Will their rise continue?
Will Cryptocurrencies Rise?
As always, we look at the cumulative value chart of cryptocurrencies, which saw a significant increase last week. With the last bullish candle, the $1.61 trillion region was surpassed. We have been writing for a long time that the next target is $1.81 trillion, and now the cumulative value is just below at $1.78 trillion.
If the increase continues, we can target the $1.88 and $2.1 trillion regions with closures above $1.81 trillion. The TOTALCAP RSI on the weekly chart is showing a bearish divergence, which could be the first signal for a possible correction. If such a decline occurs, a relaxation to $1.61 trillion could happen.
Bitcoin (BTC) Commentary
On the weekly chart, Bitcoin also presents a similar view to the cumulative chart of cryptocurrencies. The price rose to $48,826 but failed to surpass its peak of $48,969 seen on January 11. It has now retreated to $47,940. The weekly RSI has also formed a bearish divergence here, suggesting that this key region may not be breached on this attempt.
The future of Bitcoin’s price will be determined by whether it can break through the $48,850 barrier. If it can breach this region, we may witness a stronger recovery up to $65,000. In the opposite scenario, a target of $41,000 could be in sight.
How Much Will IMX Coin Be Worth?
IMX price has strongly recovered from the $1.80 support and surpassed the $2.80 resistance that has been in place since February 2022. This movement, reflecting the strength of the bulls, has raised hopes for higher peaks. If the price rise continues, IMX Coin could climb up to $4.2.
In a negative scenario, closures below $2.8 could lead to a return to $1.8. Of course, cryptocurrencies are unpredictable, and predictions often fail. It is beneficial for investors to keep an eye on the cumulative value and BTC chart while tracking peak targets in altcoins.
