Originally published on: November 29, 2024
Bitcoin surged above $98,500 on Nov. 29, signaling a bullish trend aiming for the $100,000 mark. Analysts noted that Bitcoin whales purchased around 16,000 Bitcoin during a recent dip, fueling optimism in the market.
Meanwhile, Ethereum is also attracting attention as it approaches $4,000, with analysts predicting a rise before January 20. Altcoins have seen increased buying activity due to Bitcoin’s rally, but many are still below their all-time highs.
As the crypto market remains volatile, questions arise about Bitcoin’s ability to break and maintain above $100,000 and the potential for an altcoin rally. Let’s delve into the charts of the top 10 cryptocurrencies to gain valuable insights.
Bitcoin formed an inside-day candlestick pattern, breaking above $97,208 on Nov. 29, signaling a positive momentum. The next target for BTC/USDT pair could be $113,331 and even $125,000 if bulls maintain control.
On the other hand, if the price falls sharply after crossing $100,000, it could indicate a bull trap. The critical support to watch is the 20-day exponential moving average at $91,129, followed by a potential decline to $85,000.
Ethereum recently broke above a downtrend line, hinting at a possible end to the bearish trend. The ETH/USDT pair faces resistance at $3,900 and $4,094, if bulls can maintain the momentum.
Other cryptocurrencies like Solana, Binance Coin, XRP, Dogecoin, Cardano, Avalanche, Toncoin, and Shiba Inu are also showing interesting price movements and patterns. Traders are advised to conduct thorough research and stay informed to make informed decisions.
In conclusion, the crypto market remains dynamic and unpredictable, offering both risks and opportunities for investors and traders. Stay tuned for more updates on market trends and analysis to navigate the ever-changing crypto landscape.
