Bitcoin’s Recovery Faces Challenges Amid Emerging Altcoin Opportunities
Bitcoin’s recovery remains uncertain with potential declines below $80,000 identified. Analysts suggest that several altcoins, including Toncoin, Cronos, Mantle, and Render, exhibit bullish patterns but also face critical support levels. A comprehensive analysis is essential before any investment actions are taken.
Bitcoin is currently facing a challenging recovery, with veteran trader Peter Brandt noting that it has broken down from a bear wedge pattern, targeting a price objective of $65,635. Meanwhile, Coin Bureau founder Nic Puckrin highlighted potential macroeconomic risks, suggesting a 40% chance of a recession in 2025, which could negatively impact the cryptocurrency market. On a positive note, analyst Stockmoney Lizards believes Bitcoin’s local bottom might range between $80,000 and $82,000.
Bitcoin’s attempts to breach resistance have been stifled, inviting further selling pressure. The 20-day exponential moving average is currently at $85,253, while the relative strength index signals a slight advantage for bears. A fall below $80,000 could bring the BTC/USDT pair down to $76,606, but if the price recovers, it could set the stage for a rally toward $95,000 and potentially $100,000.
Toncoin (TON) has shown positive sentiment, bouncing off moving averages with an upsloping 20-day EMA indicating buyer advantage. Should the bulls push the price above $4.14, the TON/USDT pair could target $5 and then $5.65, while a decline below $3.30 could lead to further losses toward $2.64.
Cronos (CRO) has demonstrated a breakout from moving averages, suggesting the end of a downtrend. Despite facing selling pressure near $0.12, maintaining price above $0.10 indicates efforts from buyers to secure higher lows. A close above $0.11 could lead to gains towards $0.14, whereas a decline below the moving averages may push prices lower to $0.08.
Mantle (MNT) has encountered resistance at the 50-day SMA at $0.84. Maintaining strength above the 20-day EMA at $0.80 is crucial for favorable conditions. A rebound from this level is essential for a potential rally to $0.94 and beyond. Conversely, a fall below $0.77 would favor sellers and could result in a decline to $0.69.
Render (RNDR) has rebounded above the 50-day SMA, indicating demand. The 20-day EMA is a critical level; a bounce could propel it to $5 and potentially $6.20, though a close below $3.05 would indicate aggressive selling. The first sign of strength would be a closure above the moving averages, potentially leading to a rally towards $4 and further if it surpasses $4.20, completing a bullish pattern.
In summary, the current market situation for Bitcoin and select altcoins presents both risks and opportunities. While Bitcoin faces possible declines below $80,000, analysts suggest potential recoveries and price rallies depending on macroeconomic conditions and investor sentiment. Altcoins, such as Toncoin, Cronos, Mantle, and Render, also exhibit varying dynamics, with bullish setups indicating possible upward movements, contingent on significant price actions. Investors should exercise caution and conduct thorough research before proceeding with any trading or investment decisions.
Original Source: cointelegraph.com
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