Originally published on: November 10, 2024
Bitcoin has been dominating the market with its meteoric rise above $81,000 on Nov. 10, and experts believe that this rally is just the beginning of a significant uptrend. Bitcoin analyst Tuur Demeester emphasized the importance of HODLing, stating that it can do the work for investors without the need for hasty actions.
While some may question whether Bitcoin is becoming overvalued due to its rapid ascent, Bitwise Invest CEO Hunter Horsley highlighted the unique nature of Bitcoin, suggesting that its price increase reflects growing confidence and potential for further gains.
The bullish sentiment is not limited to Bitcoin alone, as several alternative cryptocurrencies (altcoins) are breaking out of their resistance levels, indicating a positive shift in market sentiment.
One key aspect to watch is Bitcoin’s target objective of $93,554 after breaking out of the $54,000 to $73,777 range. If this level acts as resistance, buyers will aim to push the price towards the crucial milestone of $100,000.
As the momentum favors the bulls, any attempt by the bears to regain control will require a push below the 20-day exponential moving average. This could trigger a wave of liquidation, potentially pulling the BTC/USDT pair towards the 50-day simple moving average.
Ether (ETH) also experienced a significant surge after bouncing off a support line on Nov. 6, leading to a breakout above $2,850. This breakout has opened up the possibility of a rally towards the downtrend line, with a potential target of $4,094.
Solana (SOL) similarly broke through its resistance level of $210, signaling a bullish momentum. If the price closes above $210, it could pave the way for a rally towards $260, while a failure to maintain this level may result in a pullback to $189.
Sui (SUI) saw a surge in buying activity after clearing the resistance at $2.37 on Nov. 9, pushing the price above $3.00. A critical level to watch is $2.70, as a break below could lead to a pullback towards $2.37, while a sustained hold above $3.00 could propel the pair towards $4.00.
Aave (AAVE) gained momentum after breaking out of moving averages and reaching the psychological resistance level of $200. The key challenge for AAVE is to breach the $200 resistance, with a successful attempt likely leading to a rally towards $260.
Overall, the current market conditions suggest a potential rally in ETH, SOL, SUI, and AAVE, as traders closely monitor key levels and indicators to capitalize on the bullish momentum.
