Originally published on: October 20, 2024
The price of Bitcoin has made an impressive rally above $70,000 this week, signaling strong buying activity from the bulls. Despite facing resistance near $69,000, the bulls are holding their positions, anticipating further gains in the market.
Trading firm QCP Capital predicts that the US equities markets’ rise and the weakening trend of the Japanese yen will boost investor sentiment, supporting a rally in risk assets. This positive outlook is expected to propel cryptocurrencies such as Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) higher.
The recent approval by the US Securities and Exchange Commission for listing options for Bitcoin exchange-traded funds by major exchanges like the New York Stock Exchange and the Chicago Board Options Exchange is seen as a significant development that will enhance liquidity in Bitcoin markets.
As Bitcoin strengthens, major altcoins like ETH, SOL, DOGE, and SHIB are also gaining momentum. Let’s take a closer look at these top 5 cryptocurrencies and their potential for further growth.
Bitcoin:
Bitcoin is facing resistance near $70,000, but the bulls are maintaining control as they aim for higher price targets. A break above $70,000 could push the price towards $72,000, while a drop below $66,500 may lead to a correction towards the $61,749 level.
Ethereum:
ETH has broken out of a symmetrical triangle pattern, indicating bullish strength. A move towards $2,850 seems likely, with a successful breach opening the door for a rally towards $3,400. However, a drop below the 20-day EMA at $2,553 could keep the price range-bound for some time.
Solana:
SOL is approaching a crucial resistance level at $164, where a breakout could signal a bullish trend continuation towards $210. On the downside, a break below the moving averages may lead to a retest of support levels at $148 and $144.
Dogecoin:
DOGE has broken out of a symmetrical triangle pattern, suggesting a new uptrend. A move towards $0.18 is possible if the price holds above the $0.15 level. However, a drop below the 20-day EMA at $0.12 could push the price towards the triangle’s support line.
Shiba Inu:
SHIB has formed an inverse head-and-shoulders pattern, indicating a potential breakout above $0.000020. A move towards $0.000028 is likely if the bulls maintain control. Conversely, a drop below the 20-day EMA at $0.000018 could see the price range-bound between $0.000012 and $0.000020.
With Bitcoin’s rally above $70,000 setting a positive tone for the cryptocurrency market, altcoins like ETH, SOL, DOGE, and SHIB are primed for potential gains in the coming days. Investors should stay tuned to these developments for possible trading opportunities and market insights.
