- Bitcoin’s ascent to $65,000 seems to have breathed hope into the choppy crypto markets.
- Some altcoins have shot up 10% to 20% due to BTC’s comeback.
- Investors wonder if this is the resumption of the crypto bull run.
With Bitcoin (BTC) price shooting up to $65,000 in the late American and early Asian sessions, the crypto market seems to be charged up. This BTC outlook is not shocking since it was forecasted by FXStreet in a previous publication. This sudden uptick in the pioneer crypto has pushed sidelined buyers out of their hiding, resulting in altcoins like Fantom (FTM) and Near Protocol (NEAR) climbing roughly 20% in the past day.
Also read: Week Ahead: Crypto market eyes a bullish turnaround
Is Bitcoin back on the bull run track?
Bitcoin price produced a higher high after Wednesday’s daily candlestick close, suggesting a break in the market structure favoring bulls, aka the end of consolidation and the start of an uptrend. But does this mean that the bears have bitten the dust? Not yet.
While signs of a directional move are there, investors need to watch the $67,937 to $70,024 imbalance. This zone also harbors the 2021 all-time high (ATH), making it a critical area to overcome. If Bitcoin price manages to flip this imbalance into a support floor, it would be the start of a bull run and would also hint that the new ATH is around the corner.
Also read: Should you buy BTC here?
It is likely that there will be a struggle around the $70,000 psychological level and the ATH of $73,949. A decisive breakout coupled with strength in buying pressure will be key for Bitcoin price to hit new ATHs.
BTC/USDT 1-day chart
The altcoin landscape
As seen in the image below, Jito (JTO), Fetch.AI (FET), Fantom (FTM), Sei (SEI) and many altcoins have already registered gains of more than 20% in under 30 hours.
Altcoins performance
It is unlikely that altcoins will pause and allow buyers an opportunity to buy. However, investors need to exercise caution as a potential pullback might occur when BTC enters the $67,937 to $70,024 imbalance zone. A minor retracement in BTC here could be key for altcoin buyers to accumulate.
Some of the sectors that could resume their bullish outlook
- Artificial Intelligence (AI): Altcoins like Render (RNDR), Fetch.AI (FET), Arkham (ARKM), Worldcoin (WLD) and so on.
- Real-World Asset (RWA): With BlackRock’s entry into the tokenized asset space, this category saw a huge boom. Ondo (ONDO), Pendle (PENDLE), Polymesh (POLYX), Centrifuge (CFG) and others are good picks for the upcoming rally.
- Meme coins: The dog or cat-based cryptos or meme coins, in general, have been a major force to be reckoned with. New-gen meme coins dogwifhat (WIF), Book of Memes (BOME), Myro (MYRO), Wen (WEN) and so on are tokens that have gained widespread popularity in a short time. But meme coins like Pepe (PEPE) and Floki Inu (FLOKI), previous cycle altcoins, could have much larger and relatively stable gains in comparison.
- Blue-chip altcoins: With the exception of Ethereum (ETH) and Solana (SOL), Avalanche (AVAX), Fantom (FTM) and other DeFi tokens have huge potential, assuming the bull market has kicked off.
More Altcoin Forecasts
Arbitrum price sets the stage for 30% recovery rally
Could Worldcoin price shoot up 45% ahead of OpenAI’s live stream on Monday?
Here’s what needs to happen for The Graph price to revisit $0.422
SingularityNET price could bounce 30% if AGIX can hold this level
Arkham price primed for a recovery rally ahead of OpenAI’s announcement
Pepe price primed for 25% rally as PEPE bulls ignore Friday’s correction
Cryptos feed
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
