Originally published on: October 06, 2024
Bitcoin is on the rise, aiming to close the week above $62,500 after bouncing back from a dip below $60,000. This could signify opportunities for buying at lower levels. Despite a slow start in October, which is traditionally one of the strongest months of the year, analysts anticipate a potential uptick in the coming days.
One positive development for the crypto market is the high probability of the Federal Reserve cutting rates in their upcoming meeting, as indicated by the CME Group’s FedWatch Tool. Such a rate cut could enhance a risk-on sentiment in the market.
Another promising factor for a potential market recovery is the decrease in Bitcoin reserves on centralized exchanges. Data from CryptoQuant reveals that centralized exchanges are holding the lowest amount of Bitcoin since November 2018, which could lead to a decrease in liquidity and subsequently trigger bullish price movements.
The possibility of a Bitcoin recovery acting as a catalyst for an altcoin rebound is high. Let’s delve into the top five cryptocurrencies that are showing strength in the charts.
Bitcoin recently rebounded from the 50-day simple moving average and is striving to maintain momentum above the 20-day exponential moving average. If the bullish trend continues, the BTC/USDT pair could surge to $66,500 and possibly target $70,000.
In the case of a bearish scenario, a price drop below the 50-day SMA could lead to a decrease to $57,500 and $54,000 key support levels.
Moving on to altcoins, Aptos (APT) has shown positive signs post an inverted head-and-shoulders pattern breakout. The APT/USDT pair is eyeing a potential upward move to $11 unless a downturn below $7.65 occurs.
Dogwifhat (WIF) is facing resistance from bears at a downtrend line but is supported by the 20-day EMA. Breaking above the downtrend line could pave the way for a rally to $3.50.
Fantom (FTM) recently completed an inverted head-and-shoulders pattern and is now retesting key levels to resume its uptrend. A breakthrough above $0.70 might propel the FTM/USDT pair to $0.83 and $0.93.
Bitget Token (BGB) is showing signs of a strong recovery with successively higher lows and higher highs. If the bulls manage to breach $1.08, the price may rise to $1.14 and $1.22.
While the market outlook appears positive, it is important to conduct thorough research and exercise caution when making investment decisions.
