Originally published on: August 11, 2024
Bitcoin has made a remarkable recovery, climbing to $65,619.35 from its recent low below $50,000, indicating strong buying interest at lower levels. While this signals a bullish trend, trader Peter Brandt remains cautious, suggesting a potential dip below $40,000. However, positive indicators have emerged, with the Bitcoin bull-bear market cycle turning bullish once again, as highlighted by CryptoQuant’s Ki Young Ju.
### Bitcoin’s Potential Impact on Altcoins
As Bitcoin continues to regain strength above $60,000, altcoins like Ethereum (ETH), Sui (SUI), TAO, and Notcoin (NOT) are likely to benefit from the bullish sentiment and show signs of upward momentum.
### Bitcoin Price Outlook
Bitcoin’s recent spike to key moving averages suggests a strong bounce from lower levels, with the $70,000 level in sight. However, a potential downside correction could find support around $55,724 before resuming an upward trajectory.
### Ethereum (ETH) Rebound
ETH is striving to reclaim the $2,850 resistance level, showcasing a battle between buyers and sellers. A breakout above $2,724 could propel ETH towards the 20-day EMA at $2,864 and potentially higher levels at $3,162 and $3,400.
### SUI Showing Promise
Sui (SUI) surged past moving averages and a downtrend line, signaling a possible shift in trend direction. A sustained move above resistance levels at $1.17 and $1.44 could lead to further upside potential.
### TAO Bulls in Control
Bittensor (TAO) saw a positive momentum shift as bulls defended key moving averages, setting the stage for a potential rally towards $367. However, failure to hold above support levels may lead to a downward move towards $243 and $200.
### Notcoin (NOT) Resilient
Despite testing key support at $0.009, Notcoin (NOT) has managed to hold its ground above the 20-day EMA. Further upside potential could be on the horizon if buyers manage to push above resistance levels at $0.018.
In conclusion, while these insights provide a glimpse into the current cryptocurrency market trends, it is essential to conduct thorough research and exercise caution when making investment decisions.
