Bitcoin on Track With a Promising Weekly Gain of 6%
Bitcoin (BTC) is on track to finish the week with a promising gain of about 6%, reflecting a persistent demand from eager Bitcoin bulls. In a recent speech at the 2023 Australia Crypto Convention, MicroStrategy Co-founder Michael Saylor suggested a formidable surge in Bitcoin’s demand on a monthly basis – potentially between two to 10 times – before the end of 2024. The renowned entrepreneur also addressed the forthcoming halving event which will minimize the cryptocurrency’s supply by fifty percent. Saylor optimistically predicts that these circumstances will encourage Bitcoin’s price to readjust upwards.
Bitcoin Expected to Scale New Heights in 2024
Given the near-universal consensus that Bitcoin’s price will surge higher in 2024, analysts are actively speculating on the potential peak of this anticipated rally. Drawing on its Terminal Price on-chain indicator, Look Into Bitcoin’s creator, Philip Swift, is confident that Bitcoin could rise to at least $110,000 in its next bull cycle.
Majestic Altcoins Rallying Alongside Bitcoin
Despite Bitcoin’s dominance in the crypto limelight, a dynamic confluence of major altcoins is emerging, charging higher with each passing day. This widespread cryptocurrency rally has stirred up dreams of an impending altcoin season. In the event that the bullish sentiment endures, altcoins may experience a rotation, where successful leaders make way for profit booking, and hitherto lesser-known cryptos start to rise. This article reviews the charts of the top five cryptocurrencies that might outshine others in the short-term.
Bitcoin Price Analysis
Bitcoin has managed to maintain its place above the ascending channel pattern for the past three days, implying that the bulls are sturdily safeguarding the breakout level. The digital currency’s bullish sentiment suggests they will strive to push the price above $38,000 and initiate the upward trajectory towards $40,000. However, even as the upward-sloping moving averages suggest that the bulls are dominating, the overbought positions on the RSI hint at a likely correction.
VeChain Price Analysis
VeChain (VET) completed a double bottom pattern when bulls launched the price above the overhead resistance of $0.021 on November 6. As the bulls make attempts to ignite the price above $0.023, they also anticipate pushing the VET/USDT pair to the pattern target of $0.028.
Immutable Price Analysis
Immutable (IMX) has experienced a sharp surge in recent days, reflecting attempts by the bulls to strike back. The recovery seems to face an immense resistance at $1.30, and if the price setbacks remain minimal at this level, there is potential for a break above the overhead resistance, igniting a rally to $1.59.
The Graph Price Analysis
The Graph (GRT) rectified itself after a significant upward move. A positive sign lies in the fact that the bulls have managed to support the price above the 20-day EMA ($0.12). If the bulls conquer the challenge at $0.16, the pair might resume its uptrend and potentially soar to $0.21.
Algorand Price Analysis
Algorand (ALGO) reveals a rounding bottom pattern which will be completed with a break and close above the resistance at $0.14. Accordingly, if buyers hold the price above $0.14, this signals the beginning of a new up-move, with the reversal setup’s target at $0.20, potentially even reaching $0.24.
Note: This article does not provide investment advice or recommendations. Every investment and trading move involves risk, and as such, readers should conduct research independently before making a decision.