Originally published on: December 01, 2024
Bitcoin is on the cusp of breaking the $100,000 barrier, signaling a bullish stance from investors expecting the uptrend to persist. Raoul Pal, the founder, and CEO of Global Macro Investor, shared a chart hinting that Bitcoin may touch a local top above $110,000 by January.
Leading analysts are optimistic about the year ahead, with Tom Lee, the co-founder of Fundstrat Global Advisors, suggesting that Bitcoin could skyrocket to $250,000 by 2025.
While Bitcoin remains a focal point, traders are now turning their attention to altcoins. Analyst Mikybull Crypto recently highlighted that Bitcoin’s dominance has dipped below a crucial two-year support line, implying that the crypto markets are now entering into what could be considered an “altseason.”
How will Bitcoin’s potential surge beyond $100,000 impact the altcoin market? Let’s dive into the top five cryptocurrencies showing robust chart structures.
Bitcoin is currently encountering some resistance near the significant $100,000 level, but its price remains above an upward trend line, indicating a positive outlook. With the 20-day exponential moving average sitting at $92,114 and the relative strength index (RSI) in favorable territory, bulls appear to be in control, increasing the likelihood of a breakout above $100,000.
Altcoins like Shiba Inu (SHIB), Filecoin (FIL), Mantle (MNT), and Aave (AAVE) are also demonstrating promising trends. SHIB recently surged above the $0.000030 resistance, completing a bullish inverse head-and-shoulders pattern. If SHIB can maintain its price above this level, it may target $0.000039 and potentially reach $0.000047.
FIL has broken above $6.77, forming a bullish rounding bottom pattern. While the bears may attempt to pull the price back below this level, a move above $7.33 could open the doors to a rally up to $9.34.
MNT is currently challenging the $0.94 overhead resistance, aiming for a move towards $1.10. AAVE has also broken above the $200 resistance, showing signs of a continued uptrend with a potential target of $260.
As the crypto market continues to evolve, these altcoins are worth keeping an eye on for potential trading opportunities. Stay tuned for more updates on market trends and investment insights.
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