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Is the crypto bull back?
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- Bitcoin’s rise to $65,000 appears to have inspired hope in the choppy cryptocurrency markets.
- Some altcoins have soared 10% to 20% due to BTC’s comeback.
- Investors wonder if this is the resumption of the crypto bull run.
With the price of Bitcoin (BTC) rising to $65,000 in late American and early Asian sessions, the crypto market appears to be on the rise. This BTC outlook is not shocking as it was predicted by FXStreet in a previous publication. This sudden surge in the pioneering crypto brought sidelined buyers out of hiding, resulting in altcoins like Fantom (FTM) and Near Protocol (NEAR) rising around 20% in the last day.
Read too: Next week: crypto market predicts a bullish turnaround
Is Bitcoin back in the bull run?
Bitcoin Price Produced Higher High After Wednesday’s Daily candlestick close, suggesting a break in the market structure favoring the bulls, also known as end of consolidation and the beginning of an uptrend. But does that mean the bears ate the dust? Not yet.
While there are signs of a directional move, investors need to watch for the $67,937 to $70,024 imbalance. This zone is also home to the 2021 All-Time High (ATH), making it a critical area to surpass. If Bitcoin price manages to turn this imbalance into a support floor, it would be the start of a bull run and would also suggest that the new ATH is just around the corner.
Read too: Should you buy BTC here?
There is likely to be a struggle around the psychological level of $70,000 and the ATH of $73,949. A decisive breakout combined with strength in buying pressure will be essential for the Bitcoin price to reach new ATHs.
BTC/USDT 1-Day Chart
The altcoin landscape
As can be seen in the image below, Jito (JTO), Fetch.AI (FET), Fantom (FTM), Sei (SEI) and many altcoins have already recorded gains of more than 20% in less than 30 hours.
Altcoin Performance
It is unlikely that altcoins will take a break and allow buyers the opportunity to buy. However, investors need to exercise caution as a potential pullback could occur when BTC enters the $67,937 to $70,024 imbalance zone. A small pullback in BTC here could be key for altcoin buyers to accumulate.
Some of the sectors that can return to an optimistic outlook
- Artificial Intelligence (AI): Altcoins like Render (RNDR), Fetch.AI (FET), Arkham (ARKM), Worldcoin (WLD) and so on.
- Real World Asset (RWA): With BlackRock’s entry into the tokenized asset space, this category has seen a huge boom. Ondo (ONDO), Pendle (PENDLE), Polymesh (POLYX), Centrifuge (CFG) and others are good choices for the upcoming rally.
- Meme coins: Cryptocurrencies or meme coins based on dogs or cats, in general, have been a major force to be reckoned with. The new generation meme coins dogwifhat (WIF), Book of Memes (BOME), Myro (MYRO), Wen (WEN) and so on are tokens that have gained great popularity in a short period of time. But meme coins like Pepe (PEPE) and Floki Inu (FLOKI), altcoins from the previous cycle, could see much bigger and relatively stable gains in comparison.
- Top-tier altcoins: With the exception of Ethereum (ETH) and Solana (SOL), Avalanche (AVAX), Fantom (FTM) and other DeFi tokens have huge potential, assuming the bull market has already started.
More Altcoin Predictions
- Bitcoin’s rise to $65,000 appears to have inspired hope in the choppy cryptocurrency markets.
- Some altcoins have soared 10% to 20% due to BTC’s comeback.
- Investors wonder if this is the resumption of the crypto bull run.
With the price of Bitcoin (BTC) rising to $65,000 in late American and early Asian sessions, the crypto market appears to be on the rise. This BTC outlook is not shocking as it was predicted by FXStreet in a previous publication. This sudden surge in the pioneering crypto brought sidelined buyers out of hiding, resulting in altcoins like Fantom (FTM) and Near Protocol (NEAR) rising around 20% in the last day.
Read too: Next week: crypto market predicts a bullish turnaround
Is Bitcoin back in the bull run?
Bitcoin Price Produced Higher High After Wednesday’s Daily candlestick close, suggesting a break in the market structure favoring the bulls, also known as end of consolidation and the beginning of an uptrend. But does that mean the bears ate the dust? Not yet.
While there are signs of a directional move, investors need to watch for the $67,937 to $70,024 imbalance. This zone is also home to the 2021 All-Time High (ATH), making it a critical area to surpass. If Bitcoin price manages to turn this imbalance into a support floor, it would be the start of a bull run and would also suggest that the new ATH is just around the corner.
Read too: Should you buy BTC here?
There is likely to be a struggle around the psychological level of $70,000 and the ATH of $73,949. A decisive breakout combined with strength in buying pressure will be essential for the Bitcoin price to reach new ATHs.
BTC/USDT 1-Day Chart
The altcoin landscape
As can be seen in the image below, Jito (JTO), Fetch.AI (FET), Fantom (FTM), Sei (SEI) and many altcoins have already recorded gains of more than 20% in less than 30 hours.
Altcoin Performance
It is unlikely that altcoins will take a break and allow buyers the opportunity to buy. However, investors need to exercise caution as a potential pullback could occur when BTC enters the $67,937 to $70,024 imbalance zone. A small pullback in BTC here could be key for altcoin buyers to accumulate.
Some of the sectors that can return to an optimistic outlook
- Artificial Intelligence (AI): Altcoins like Render (RNDR), Fetch.AI (FET), Arkham (ARKM), Worldcoin (WLD) and so on.
- Real World Asset (RWA): With BlackRock’s entry into the tokenized asset space, this category has seen a huge boom. Ondo (ONDO), Pendle (PENDLE), Polymesh (POLYX), Centrifuge (CFG) and others are good choices for the next rally.
- Meme coins: Cryptocurrencies or meme coins based on dogs or cats, in general, have been a major force to be reckoned with. The new generation meme coins dogwifhat (WIF), Book of Memes (BOME), Myro (MYRO), Wen (WEN) and so on are tokens that have gained great popularity in a short period of time. But meme coins like Pepe (PEPE) and Floki Inu (FLOKI), altcoins from the previous cycle, could see much bigger and relatively stable gains in comparison.
- Top-tier altcoins: With the exception of Ethereum (ETH) and Solana (SOL), Avalanche (AVAX), Fantom (FTM) and other DeFi tokens have huge potential, assuming the bull market has already started.