Bitcoin's Demand Expected to Surge, Leading to Price Increase
Bitcoin (BTC) is on track to end the week with gains of about 6%, indicating continued demand from the bulls. MicroStrategy co-founder Michael Saylor predicts that Bitcoin's demand could surge between two to 10 times by the end of 2024, thanks to the halving event and reduced supply. Saylor expects these factors to cause the price of Bitcoin to adjust upwards.
Analysts Project Bitcoin Could Reach $110,000 in Next Bull Cycle
With a general consensus that Bitcoin's price will move higher in 2024, analysts are busy projecting just how high the rally could go. Using its Terminal Price on-chain indicator, Look Into Bitcoin creator Philip Swift believes Bitcoin could hit at least $110,000 in its next bull cycle.
Altcoin Season on the Horizon as Cryptocurrency Rally Gains Momentum
While Bitcoin continues to dominate the market, several major altcoins are also experiencing significant price increases. This broad-based cryptocurrency rally has sparked hopes of an altcoin season in the near future, where some high-performing altcoins could outshine Bitcoin.
Top 5 Cryptocurrencies to Watch in the Near Term
If the bullish sentiment continues, there may be a rotation in the market, with high-performing cryptocurrencies facing some profit booking while other laggards start to gain momentum. Here are the charts of the top 5 cryptocurrencies that analysts believe may outperform in the near term.
Bitcoin (BTC) Price Analysis
Bitcoin has been holding above an ascending channel pattern, suggesting that the bulls are defending the breakout level. The next target for the bulls is to push the price above $38,000 and move towards $40,000. However, overbought levels on the RSI indicate a potential correction.
VeChain (VET) Price Analysis
VeChain completed a double bottom pattern after breaking above the overhead resistance of $0.021. Bulls are trying to flip this level into support and aim for a rally to $0.028. However, failing to rise above $0.023 could lead to a drop to the 20-day EMA.
Immutable (IMX) Price Analysis
Immutable has seen a sharp rise, suggesting a comeback for the bulls. A strong resistance is expected at $1.30, but if the price stays above the moving averages, a rally to $1.59 is possible. However, an overbought RSI indicates the need for caution.
The Graph (GRT) Price Analysis
The Graph has corrected after a sharp up-move, but the bulls have managed to keep the price above the 20-day EMA. Overcoming the resistance at $0.16 could lead to a rally to $0.21, while a break below the 20-day EMA may indicate the end of the up-move.
Algorand (ALGO) Price Analysis
Algorand is forming a rounding bottom pattern, which will complete on a break above the overhead resistance at $0.14. If buyers maintain the price above this level, a new up-move could begin with a target of $0.20. However, a sharp downturn from $0.14 would indicate strong bearish resistance.
Please note that this article does not contain investment advice or recommendations. Readers should conduct their own research before making any investment decisions.
