Bitcoin and Altcoins' Trading Outlook Amid Signs of $6 Trillion Market Cap Boost
Summary:
Bitcoin remains in a wide trading range, with experts anticipating an influx of funds into the currency. Various altcoins like Ether, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche, and Shiba Inu also demonstrate notable patterns and trends as bulls and bears exert their influence. The crypto market cap could potentially hit $6 trillion within a year due to incoming investment from baby boomers, according to Mark Yusko, CEO of Morgan Creek Capital.
The current wide trading range of Bitcoin (BTC) implies that traders are uncertain about its upcoming trend. Experts, however, are excited about the transfer of $1.3 billion in USD Coin (USDC) by whale addresses to Coinbase, believing this money will be spent on Bitcoin and Ether (ETH). Major investors are also eyeing other top-performing coins. According to James Butterfill from CoinShares, his recent survey of 64 institutional investors revealed that 15% have invested in Solana (SOL), compared to none in January.
CEO of Morgan Creek Capital, Mark Yusko, recently projected in an interview that around $300 billion of baby boomers’ wealth will likely enter digital assets within a year, potentially driving the crypto market cap to $6 trillion. Meanwhile, Bitcoin and other altcoins are battling to resist bearish attempts to deepen the correction.
Although Bitcoin has traded below the moving averages in the past days, bears are finding it difficult to pull the price down to the key support at $60,775, indicating diminishing sales at lower levels. If the price falls below $59,600, Bitcoin could further drop to $54,298. But if the situation pivots and the price rises above the 50-day SMA, Bitcoin might climb to $73,777.
For the past days, Ether has been trapped between the 20-day EMA ($3,209) and the horizontal support of $3,056. A successful vault over the 20-day EMA could take the Ether pair to the 50-day SMA ($3,436) and then possibly $3,679. Conversely, failure to hold the $3,056 level could bring the pair down to $2,852 and potentially to $2,700.
BNB has been grappling to hit the overhead resistance of $635. However, it seems bulls aren't deterred by this scenario. Solana, after meeting resistance at $162 on April 24, may descend to the staunch support at $126. XRP has been operating below the 20-day EMA (0.54), while Dogecoin forms a symmetrical triangle, indicating uncertainty.
Toncoin breached the ascending channel pattern on April 22, hitting the 50-day SMA ($5.12) on April 25, and Cardano recoiled from the 20-day EMA ($0.50) on April 23, landing on sturdy support at $0.46.
Avalanche receded from the 20-day EMA ($39) on April 24 but buyers are preventing the price from sliding further. Finally, Shiba Inu has been caught between moving averages, reflecting a balance in bear and bull activities. It's still unclear who will prevail.
It should be noted that this analysis doesn't serve as investment advice or recommendation. Any investment or trading move poses risks, hence thorough research is advised before making any decisions.
Published At
4/26/2024 9:32:28 PM
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