Originally published on: December 16, 2024
Bitcoin continues its upward trend, showcasing strong demand from bullish investors. Material Indicators co-founder Keith Alan predicts historical “MACRO moves” for Bitcoin around Dec. 17, expecting a rate cut by the Federal Reserve to boost prices. However, Alan remains cautious, waiting for more clarity before diving in.
ZK Square chief investment officer CK Zheng notes Bitcoin may be in “Santa Claus mode,” with investors eager to join the rally. He anticipates Bitcoin hitting $125,000 in early 2025, with a potential 30% correction following.
Amidst the uncertainty, MicroStrategy makes a bold move, purchasing 15,350 Bitcoin between Dec. 9 and 15, adding to their substantial holding of 439,000 Bitcoin acquired at an average price of $61,725.
Will Bitcoin’s rally lift altcoins or is a correction imminent? Let’s analyze the charts to find out.
The S&P 500 Index (SPX) faces resistance near 6,100, with bullish momentum intact. If the price holds above the 20-day EMA, a push towards 6,221 and potentially 6,500 could be expected.
The US Dollar Index (DXY) eyes resistance at 108, posing a challenge for bulls. A range formation may occur between 105.42 and 108, with a decisive break above 108 indicating a new uptrend.
Bitcoin hits new highs above $104,088, but faces resistance at the ascending channel pattern’s upper boundary. A breakthrough could lead to a surge to $113,331 and even $125,000.
Ethereum (ETH) approaches $4,094, with the potential for a rally to $4,500 if the resistance is breached. However, a break below the 20-day EMA could signal weakness.
XRP closes above the downtrend line but struggles to gain momentum. Bulls aim for $2.64 and $2.91, while bears eye a support test near $2.18.
Solana (SOL) consolidates, poised for a breakout above $248 if bulls overpower bears. Failure to hold above the 50-day SMA could lead to a drop towards support.
Binance Coin (BNB) hovers near $722, with bullish momentum favoring a push towards $794. A dip below the 20-day EMA could bring short-term selling pressure.
Dogecoin (DOGE) battles near the ascending channel support, with a breakout above $0.43 signaling a bullish advance. A breakdown below $0.36 could trigger a deeper correction.
Cardano (ADA) struggles to gain traction above the 20-day EMA, risking a fall towards solid support at $0.90. The range-bound movement may persist between $0.90 and $1.20.
Avalanche (AVAX) faces resistance near $51, with a potential sell-off towards the 50-day SMA if support falters. A break above $56 could pave the way for a rally to $65.
As Bitcoin continues its surge, altcoins like Ethereum, XRP, and Solana show potential for bullish moves. However, market uncertainties and critical resistance levels indicate a cautious approach may be wise. Stay tuned for the latest updates and insights on the cryptocurrency market.