Originally published on: December 15, 2024
Bitcoin is on the rise, aiming to break its all-time high of $104,088, with analysts predicting a bullish run until the first quarter of 2025. VanEck anticipates a minor pullback in Bitcoin and a more significant retracement in altcoins later on. However, the overall sentiment is positive, with major tokens expected to hit new all-time highs by the end of the year.
As Bitcoin leads the way, other cryptocurrencies like Ether (ETH) are expected to follow suit. Analysts suggest that ETH is gearing up for a new all-time high in the first quarter of 2025, supported by strength in the derivatives market.
In the short term, as Bitcoin inches closer to its all-time high, other altcoins like Chainlink (LINK), Aave (AAVE), and Bitget Token (BGB) are also showing promising signs.
Bitcoin, for example, is steadily approaching the $104,088 resistance level, indicating a lack of bearish pressure. If it breaks above this level, the next target could be $113,331 and potentially $125,000. On the other hand, a drop below key support levels could signal a reversal in trend.
Ether, facing resistance around $4,000, shows similar patterns of potential breakouts or pullbacks. A positive sentiment prevails as long as key support levels hold, with a move above $4,094 opening the path to $4,500.
Chainlink, Aave, and Bitget Token are also showing signs of strength, with potential for further upside if key resistance levels are breached. However, caution is advised, as a break below crucial support levels could lead to deeper corrections.
Overall, the cryptocurrency market is heating up, with Bitcoin leading the charge and other altcoins poised for significant moves. As investors remain cautiously optimistic, the stage is set for an exciting journey ahead in the world of digital assets.