Cryptocurrency Market Sees Mixed Fortunes: Bitcoin's Struggles and Altcoins' Promising Prospects
Summary:
The article provides an updated analysis of the cryptocurrency market, focusing on Bitcoin's struggle to recover. Despite ending the week with losses surpassing 4%, market experts remain bullish. The piece also delves into the performance of altcoins like Toncoin, Render, Pepe, and Arweave, each showing various promising activities on the horizon. Prominent financial firms, JPMorgan Chase and Wells Fargo, have made slight moves towards Bitcoin adoption, offering a glimmer of positivity among the market instability.
Despite efforts to recover this week, Bitcoin (BTC) continues to struggle, hinting that detractors aren't done selling just yet. The cryptocurrency's week might end with losses surpassing 4%. If it holds steady near $60,000, the likelihood of a downward spiral increases. Still, there's optimism among analysts about post-halving trends. Timothy Peterson, the founder and manager of Cane Island Alternative Advisors, foresees Bitcoin soaring to somewhere "between $175,000 - $350,000 within nine months." Yet, he warns the bullish market could terminate by January 2025.
Elites in the traditional finance industry are showing signs of Bitcoin adoption, despite its unstable price. Firms like JPMorgan Chase and Wells Fargo have acknowledged their ownership of Bitcoin exchange-traded funds in a recent regulatory filing with the United States Securities and Exchange Commission. Even though it's a tiny allocation, it's a move closer to acceptance.
Interesting times lie ahead for Bitcoin with its current fluctuations, but attention might shift to altcoins. The top 5 prospects in cryptocurrencies, judged by their chart pattern, are worth a close look.
The Bitcoin bulls have kept the $59,600 point secured but couldn't elevate the price beyond the 20-day exponential moving average ($62,650). The bearish influence seems to be winning over the bulls. If the $59,600 point breaks, the BTC/USDT pair could hit the May 1 intraday low of $56,552. If the bears overpower, the pair may drop to the 61.8% Fibonacci retracement level of $54,298. The bulls need to push and retain the price above the 20-day EMA to avoid a downturn.
Another perspective to consider is Toncoin's (TON) attempt to surpass the immediate resistance of $7.23, which the bears have resisted. The positive, though, is that detriment below $7.23 has been minimal. This suggests a likelihood of surpassing $7.23 and challenging $7.67.
Render (RNDR) exceeded the moving averages on May 5, hinting at the end of the corrective phase. The recuperation is trying to stall near the overhead resistance of $12, but the bulls aren't losing much ground, reinforcing that dips are quickly being bought.
Pepe (PEPE) has steadily regained its ground, indicating increased buying at lower costs. The price action has formed an opposing head-and-shoulders pattern, which will complete on a break and close above $0.0000092. If buyers uphold the price above the neckline, the PEPE/USDT pair's uptrend could potentially resume.
Lastly, Arweave (AR) has consistently increased, indicating a robust demand from bulls. If the AR/USDT pair reaches the overhead resistance of $47.51, and bulls forcefully drive the price above this resistance, the pair are likely to rise toward $52 and then $68.
Published At
5/13/2024 12:11:50 AM
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