Bitcoin Highlights Bullish Market; Major Altcoins Follow Suit, Predictions Suggest Upward Trend
Summary:
This article discusses the current Bitcoin trend showing a week's gain of 6%, while pointing out the bullish predictions being made about crypto markets. Among these predictions is one from MicroStrategy co-founder, Michael Saylor, who anticipates Bitcoin's monthly demand could grow two to tenfold by 2024. Analysts speculate about the future surge of the cryptocurrency, with Philip Swift of Look Into Bitcoin, suggesting it could hit at least $110,000. Meanwhile, various major altcoins have also shown growth, championing optimism for an altcoin season. The report contains detailed trading analysis for Bitcoin, VeChain, Immutable, The Graph, and Algorand.
Bitcoin's value is on track to rise by around 6% this week, showcasing the digital asset's persistent appeal for investors. Speaking at the 2023 Australia Crypto Convention on November 10, Michael Saylor, co-founder of MicroStrategy, predicted that monthly demand for Bitcoin could accelerate twofold to tenfold by 2024. Coupled with an expected fall of supply by half due to the halving process, Saylor stated these developments could lead to a substantial price increase.
As the expectation for Bitcoin's future price hike grew, analysts began speculation about the potential range of the surge. According to Philip Swift, founder of Look Into Bitcoin, the cryptocurrency could reach at least $110,000 in the ensuing bull cycle.
Despite Bitcoin's spotlight, many other key cryptocurrencies have also experienced rising trends, fueling expectations for an impending altcoin season. Continued positive sentiment could trigger a turnover among altcoins, in which high-performing currencies might go through profit-taking, giving undervalued ones a chance to catch up. This article will examine the charts of five cryptocurrencies that might show strength in the near future.
Bitcoin price analysis reveals the cryptocurrency's value has remained above the moving uptrend pattern for three consecutive days, exemplifying the determination of bullish traders. They are endeavoring to push the price beyond $38,000 and further towards $40,000. While ascending moving averages denote bullish dominance, overbought conditions in the RSI signal the potential for a price correction.
If the price reenters the trend pattern, this could indicate resistance at higher levels and potentially trigger a drop to the uptrend's support line, which is close to the 20-day exponential moving average at $34,784. A solid decline is signaled if bears plunge the price beneath the uptrend, potentially leading to a drop towards the $32,400 to $31,000 support zone.
Price analyses of VeChain (VET), which completed a double bottom pattern after bulls boosted the price above the $0.021 resistance area on November 6, and Immutable (IMX), which recently enjoyed a sharp rise, all focused on the power of bull traders to maintain price control.
Simultaneously, analyses of The Graph (GRT) and Algorand (ALGO) demonstrated that increased demand and positive movements might lead to potential surges in their prices as well, indicating a robust market full of opportunities for both new and experienced investors.
This news piece does not give investment guidance or offer recommendations. Every investment or trading move possesses inherent risks, making it necessary for readers to investigate thoroughly before making any decisions.
Published At
11/12/2023 7:47:52 PM
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