Originally published on: September 22, 2024
In the world of cryptocurrencies, the price of Bitcoin (BTC) saw a slight dip below $63,000 on September 22, signaling potential profit booking by short-term traders. Despite short-term uncertainties, analysts remain bullish on Bitcoin’s long-term prospects. Standard Chartered’s Global Head of Digital Assets Research, Geoff Kendrick, predicts Bitcoin could reach $200,000 by the end of 2025, citing positive inflows into Bitcoin exchange-traded funds and potential regulatory changes as key drivers for a rally.
**Bitcoin Price Analysis and Forecast**
Bitcoin’s recovery has sparked interest in select altcoins, including AVAX, SUI, TAO, and AAVE, as they break above their respective resistance levels. While Bitcoin faces resistance near $64,000, altcoins are gearing up for potential rallies if Bitcoin consolidates at current levels.
**Bitcoin (BTC) Technical Analysis**
On the daily chart, BTC/USDT could correct to the 20-day exponential moving average ($60,232) before attempting to breach the crucial $65,000 resistance level. A bounce off the 20-EMA could pave the way for a surge towards $70,000.
**Altcoin Analysis: AVAX, SUI, TAO, and AAVE**
**Avalanche (AVAX) Breakout**
Avalanche broke and closed above the descending channel pattern, indicating a trend reversal. AVAX/USDT might see a rally towards $33 if it maintains momentum above $29.
**Sui (SUI) Price Action**
SUI/USDT is battling near the $1.44 level, with a potential rally towards $1.72 if it surpasses $1.58. Failure to hold above $1.44 could lead to a correction to $1.29.
**Bittensor (TAO) Rally**
Bittensor broke above the $361 resistance level, forming a triple bottom pattern with a target of $517. The TAO/USDT pair faces resistance near $490 and $530 on its way up.
**Aave (AAVE) Surge**
Aave closed above the $154 resistance but struggles with higher levels. AAVE/USDT may aim for $180 if it bounces off the 20-day EMA ($142).
**Conclusion**
As Bitcoin’s price movements influence the altcoin market, traders are eyeing potential opportunities in AVAX, SUI, TAO, and AAVE. While Bitcoin aims for higher resistance levels, altcoins could see increased buying interest if market consolidation continues. Stay tuned for more updates on the cryptocurrency market trends and price analysis.
Remember, cryptocurrency investments involve risks, so it’s essential to conduct thorough research and consider your risk tolerance before making any trading decisions.
