Originally published on: December 01, 2024
As Bitcoin approaches the $100,000 mark, indications point to a sustained uptrend favored by bullish sentiment. Raoul Pal, founder of Global Macro Investor, suggests that Bitcoin could see a local peak surpassing $110,000 by January, as per a chart on X. Moreover, Tom Lee, co-founder of Fundstrat Global Advisors, predicts a possible surge to $250,000 by 2025.
Market observers are eyeing not just Bitcoin but also alternative cryptocurrencies (altcoins) as the market gears up for a potential altseason. Analysts such as Mikybull Crypto note that Bitcoin’s dominance has slipped below a crucial two-year support line, signaling a shift towards altcoins.
With this backdrop, let’s delve into the top five cryptocurrencies exhibiting strong chart structures:
Bitcoin is currently flirting with the $100,000 resistance level, with indicators like the 20-day EMA and RSI in positive territory, hinting at ongoing bullish momentum. A breakout above $100,000 could propel the BTC/USDT pair towards $113,331 and later to $125,000, showcasing bullish potential.
Shiba Inu (SHIB) recently surged above the $0.000030 resistance, forming a bullish inverse head-and-shoulders pattern on the daily chart. Maintaining above $0.000030 could see SHIB targeting $0.000039 and potentially $0.000047. On the flip side, a drop below $0.000030 could lead to a retest of the 20-day EMA at $0.000025.
Filecoin (FIL) made a bullish breakthrough above $6.77, completing a rounding bottom pattern. The FIL/USDT pair may advance towards $9.34 if the bulls defend the $6.77 support level successfully. Conversely, a break below $6.77 could test the 20-day EMA at $5.33.
Mantle (MNT) is attempting to breach the $0.94 resistance, with potential targets at $1.10 if buyers sustain above $0.94. A fall below $0.94 could signify bearish pressure, with key support at the 20-day EMA at $0.81. On the 4-hour chart, moving averages are trending upward, supporting bullish sentiment.
Aave (AAVE) surged above $200, signaling a resumption of the uptrend. Maintaining above $215 could pave the way for a rally towards $260, though a dip below $194 might lead to a retreat to the 20-day EMA. On the 4-hour chart, the 20-EMA plays a crucial role, with a bounce off this level favoring further upside potential.
In conclusion, the crypto market is poised for an exciting phase as Bitcoin’s climb towards $100,000 sets the stage for altcoins like SHIB, FIL, MNT, and AAVE to shine. Stay tuned for dynamic price movements and potential trading opportunities in the coming sessions.