The Cryptocurrency Market Sees Renewed Bullish Momentum
Key Points
- Bitcoin attempts to breach its all-time high of $111,980 amid strong buy signals
- Ethereum and emerging projects lead the altcoin rally
- Analysts predict significant price increases despite mixed market sentiment
Bitcoin May Test All-Time High
Bitcoin (BTC) maintains a critical position near the $110,000 mark, signaling bullish conviction among market participants. The digital asset has attracted increased attention following reports suggesting a potential trade deal between the U.S. and China pending final approval.
Bitcoin Price Prediction
Bitcoin recently tested the $111,980 all-time high following a strong rally. Although immediate follow-through has been challenging, positioning suggests builders anticipate further upside. The formation of a potential bullish inverted head-and-shoulders pattern (HH pattern) provides technical validation for higher targets.
If BTC breaks above the crucial $111,980 level, analysts project a primary resistance near $146,892 as part of the calculated price pattern.
Several research firms have outlined optimistic scenarios, with Bitwise predicting a potential achievement of $230,000 fair value by year-end. Market sentiment suggests Bitcoin could leverage both fiscal uncertainties and improving risk appetite.
However, contrary perspectives highlight potential risks. Technical indicators show countervailing pressure when widespread retail expectations cluster around the all-time high level.
Potential Price Levels
- Resistance: $111,980 ATK
- Pivot: $108,000 psychological barrier
- Support: $102,709 short-term barrier
Ethereum: Altcoin Leader with Ambiguous Path
Ethereum Price Prediction
Ethereum (ETH) demonstrated strong conviction by closing above the $2,738 resistance level, suggesting the ongoing bull narrative remains intact despite market noise.
Key technical indicators show the 20-day moving average providing dynamic support at approximately $2,584. The relative strength index (RSI) entered overbought territory, indicating sustained buying interest despite the failed all-time high attempt.
The formation of a bullish crossover above previous price congestion suggests institutional and retail accumulation remains active. But traders caution that protracted breaks above historical resistance would be required for sustained altcoin leadership.
Potential Scenarios
- Bullish: Break above $2,738 could target $3,153
- Bearish: Reversion below $2,584 may trigger corrections
