Originally published on: September 27, 2024
Bitcoin’s price surged above $66,000 on September 27, hinting at a move towards the coveted $70,000 mark. This bullish breakout has sparked a wave of buying activity, with US-based spot exchange-traded funds witnessing significant inflows of $365.7 million.
As Bitcoin leads the charge, several altcoins have also seen impressive gains from their recent lows, indicating a positive shift in market sentiment. According to Markus Thielen, head of research at 10x Research, the likelihood of a Q4 rally is high, with gains potentially front-loaded.
Bitcoin’s remarkable 12% gain in September surpasses previous years’ performances and sets a bullish tone for the upcoming months. Historical data suggests that a strong performance in September typically leads to a robust fourth quarter, as evidenced in 2015, 2016, and 2023.
With Bitcoin’s price action setting the tone for the broader market, let’s take a closer look at the top 10 cryptocurrencies and their potential price movements.
Bitcoin (BTC) Analysis:
Bitcoin’s recent rally has been impressive, culminating in a break above the crucial $65,000 resistance level. If the price sustains above $65,000, it could pave the way for a move towards $70,000 and beyond. However, a failure to hold above $65,000 might signal a weakening of bullish momentum.
Ethereum (ETH) Analysis:
Despite facing resistance, Ethereum remains supported by bullish momentum, with a potential breakout on the horizon. If ETH can maintain its price above the resistance line, a move towards $3,409 could be in the cards.
Binance Coin (BNB) Analysis:
Binance Coin has shown resilience after a recent pullback, with bulls defending key support levels. A push towards $635 could signal a breakout and pave the way for further gains.
Solana (SOL) Analysis:
Solana’s steady climb towards $164 suggests strong demand, with buyers eyeing a break above this key resistance level. A sustained move above $164 could propel SOL towards $190 and beyond.
Ripple (XRP) Analysis:
Ripple’s failure to break above $0.60 may be temporary, as bulls defend crucial support levels. An upside breakout could see XRP targeting $0.64 and $0.74 in the near term.
Dogecoin (DOGE) Analysis:
Dogecoin’s sharp rebound from support hints at a potential rally towards $0.14, with bulls eyeing further gains. However, a break below key support levels could shift the balance in favor of bears.
TON Analysis:
TON’s breakout above $6 suggests a bullish outlook, with a move towards $7 and $8.29 in the offing. A failure to hold above $6, however, could lead to a retest of support levels.
Cardano (ADA) Analysis:
Cardano’s breakout above $0.40 points to a potential rally towards $0.49, with bulls gaining momentum. A sustained move above $0.40 could shift sentiment and lead to further upside.
Avalanche (AVAX) Analysis:
Avalanche’s breakout above $29 signals bullish intent, with buyers eyeing a move towards $33 and potentially $42. A swift reversal below $29 could put bullish momentum at risk.
Shiba Inu (SHIB) Analysis:
Shiba Inu’s breakout above key resistance levels hints at further upside, with $0.000029 in sight. However, a failure to hold above $0.000020 could result in range-bound trading between $0.000012 and $0.000022.
Disclaimer: This article does not provide investment advice. Readers are encouraged to conduct their own research before making investment decisions.
