Bitcoin is currently facing challenges in its recovery attempts, with selling pressure at higher levels preventing significant gains. Veteran trader Peter Brandt noted that Bitcoin has broken down from a bear wedge pattern, suggesting a potential target of $65,635. Coin Bureau’s Nic Puckrin warned that macroeconomic factors, including a possible recession in 2025, could negatively impact cryptocurrencies. Conversely, analysts like Stockmoney Lizards believe Bitcoin might find a local bottom between $80,000 and $82,000, offering a chance for a rebound. As Bitcoin navigates these challenges, selected altcoins could also see upward movements.
Bitcoin Bulls Face Resistance Amid Economic Concerns
Bitcoin (BTC) bulls are making efforts to initiate a recovery, but constant selling at higher prices is disrupting their attempts to breach the upper limits of the price range. Veteran trader Peter Brandt recently shared insights on X, stating that Bitcoin has fallen from a bear wedge pattern, which sets a target objective of $65,635.
Current economic dynamics, along with looming fears of a prolonged trade war, suggest a 40% risk of a recession in 2025, according to Nic Puckrin, the founder of Coin Bureau. He emphasized that this potential recession could exert additional pressure on cryptocurrencies, which are already considered risky assets.
Despite the bearish sentiment, not all analysts share the same outlook for Bitcoin’s near future. Analyst Stockmoney Lizards believes Bitcoin might find a local bottom between $82,000 and $80,000 and predicts a possible reversal in the upcoming week.
Bitcoin Price Analysis
As Bitcoin struggles to rise above key resistance levels, traders are witnessing selling pressures. If the bears succeed in pushing the price down to the crucial support level at $80,000, it could trigger a drop to $76,606. Conversely, a rebound from either the current level or $80,000 could signal a shift and push Bitcoin towards a rally, potentially reaching $95,000 and even $100,000.
Toncoin Price Analysis
On a more optimistic note, Toncoin (TON) has shown strength, bouncing off moving averages recently, suggesting positive Market sentiment. With an upsloping 20-day EMA and a positive RSI, if Toncoin breaks above $4.14, it could pave the way for further gains towards $5 and $5.65.
Cronos Price Analysis
Cronos (CRO) broke out of downtrends recently. Although resistance is being encountered near $0.12, bulls are trying to maintain support above $0.10. If CRO surpasses $0.12, a rally to $0.14 could follow; however, sellers will likely aim to push the price below key support.
Mantle Price Analysis
Similarly, Mantle (MNT) has been facing challenges. Although it failed to rise above the 50-day SMA, bulls are attempting to keep the price above the 20-day EMA. A rebound above the 50-day SMA could accelerate MNT’s climb to $0.94 and beyond.
Render Price Analysis
Lastly, Render (RNDR) has shown signs of recovery after weeks of decline. The bulls have managed to push the price beyond the 50-day SMA, indicating demand at lower levels. If RNDR can maintain momentum, it may rise to $5 or even $6.20 in the near future.
In conclusion, while the economic environment poses challenges for Bitcoin and other cryptocurrencies, there are signs of resilience and potential bullish opportunities for various altcoins. As always, traders and investors should be vigilant and conduct thorough research before making any decisions.
Tags: Bitcoin, BTC, cryptocurrency, Toncoin, Cronos, Mantle, Render, Market analysis.
What does it mean for Bitcoin to reach a bottom at $80K?
When experts say Bitcoin is likely to hit a bottom at $80K, they mean that this could be the lowest price before it starts to rise again. It suggests a strong buying opportunity for investors.
Why could other cryptocurrencies like TON, CRO, MNT, and RENDER rally?
If Bitcoin stabilizes at $80K, it usually creates confidence in the Market. This can encourage investors to put money into other cryptocurrencies, making them rise in value too.
How should I prepare if Bitcoin hits $80K?
If Bitcoin reaches $80K, consider researching the other cryptocurrencies like TON, CRO, MNT, and RENDER. Look into their projects and see if they align with your investment goals.
Is investing in these cryptocurrencies risky?
Yes, all investments carry risks. Cryptocurrencies can be especially volatile. It’s important to do your homework and only invest what you can afford to lose.
Can I profit from this potential rally?
There is a chance to profit if the rally happens. However, it’s essential to keep in mind that prices can go up and down quickly. Be sure to monitor the Market and stay informed.