Originally published on: October 27, 2024
Bitcoin’s price has surged above $68,000 this week, showing resilience as buyers prevent it from falling below $65,000. Analysts at Kraken predict that as long as Bitcoin remains above $66,500, its trend will continue to be positive.
Despite this, not all analysts are bullish on Bitcoin’s short-term prospects. Some, like crypto analyst Luca, suggest that Bitcoin might drop to $60,000 before establishing a local bottom.
With Bitcoin’s dominance expected to reach 60%, many analysts anticipate a rally in altcoins. Pseudonymous trader Willy Woo believes that although an altcoin season is approaching, it may not be as intense as previous cycles.
If Bitcoin’s price breaks through $70,000, could this present a buying opportunity for altcoins? Let’s dive into the top 5 cryptocurrencies showing strength on the charts.
Solana (SOL) recently broke out of an ascending triangle pattern and successfully retested the breakout level. With moving averages sloping upward, SOL has the potential to surge to $189 if it crosses the resistance at $179.
Dogecoin (DOGE) recently broke out of a symmetrical triangle pattern and is currently consolidating above the breakout level. If buyers maintain the price above $0.15, DOGE could rally to $0.17 and $0.19.
THORChain (RUNE) has formed a symmetrical triangle, indicating a potential continuation of the uptrend upon a breakout from the pattern. A move above the triangle could push RUNE to $6.76.
Bitget Token (BGB) has been gradually climbing, with the bulls driving the price higher. If BGB breaks above the overhead resistance at $1.22, it could target $1.34 and $1.43.
Overall, the cryptocurrency market is showing signs of strength, with Bitcoin leading the way and altcoins like SOL, DOGE, RUNE, and BGB poised for potential gains. Keep an eye on key levels and indicators to navigate this dynamic market effectively.
