Originally published on: October 27, 2024
Bitcoin has made a resilient push above $68,000, demonstrating strength in the market, which has also benefitted altcoins like SOL, DOGE, RUNE, and BGB. Despite a slight dip this week, Bitcoin has managed to stay above $65,000, signaling a potential recovery. Analysts suggest that as long as Bitcoin remains above $66,500, the trend should stay positive.
However, not everyone shares the same bullish sentiment for Bitcoin’s short-term prospects. Analysts like Luca foresee a potential dip to $60,000 before a local bottom is confirmed.
In the midst of Bitcoin’s movement, many analysts predict an upcoming altcoin season as Bitcoin dominance hovers around 60%. Pseudonymous trader Willy Woo believes that while altcoin season will emerge, the intensity may be milder compared to previous cycles.
As Bitcoin eyes $70,000, could this provide a short-term opportunity for altcoins? Let’s delve into the top 5 cryptocurrencies showing strength on the charts.
Bitcoin (BTC)
Sellers tried to push Bitcoin below the 20-day EMA but were met with strong resistance from the bulls, suggesting a positive sentiment in the market. A move above $69,550 could signal an uptrend towards $73,777, with $70,000 likely to be surpassed.
On the downside, a break below $65,000 could lead to further declines towards $60,000.
Solana (SOL)
Solana broke out of an ascending triangle pattern and successfully retested the breakout level, indicating a bullish trend. The upside moving averages and RSI support further upside potential, with resistance at $179 and a potential rally to $189.
A move below the 20-EMA could shift the momentum to the downside.
Dogecoin (DOGE)
DOGE broke out of a symmetrical triangle pattern and defended the breakout level, maintaining a positive trend. A move above $0.15 could pave the way for a surge towards $0.17 and $0.19, while a reversal could lead to a drop towards $0.11.
THORChain (RUNE)
RUNE formed a symmetrical triangle, hinting at a continuation pattern. A breakout above the triangle could propel the price towards $5.71 and $6.76, with support at $4.42 in case of a downturn.
Bitget Token (BGB)
BGB has been steadily climbing, with bulls in control. A move above $1.22 could lead to rallies towards $1.34 and $1.43, while a drop below the 20-EMA could signal profit-taking and a decline towards the 50-day SMA.
As Bitcoin sets its sights on $70,000, altcoins like SOL, DOGE, RUNE, and BGB are poised for potential gains. Stay tuned for more market insights and opportunities.
