In recent weeks, Bitcoin (BTC) has struggled to exceed the $ 31 thousand limit with a sudden recovery, despite being traded below $ 25 thousand. So, which way is the coin heading now? Crypto Tony shared his Bitcoin forecast and four altcoin projects to watch for trends. Here are the details…
Analyst predicted Bitcoin
Fueled by the ETF frenzy, the initial optimism surrounding Bitcoin’s bullish outlook is starting to fade. The United States Securities and Exchange Commission (SEC) has expressed concern about the lack of clarity and comprehensiveness in applications for Bitcoin ETFs. As a result, the path to a break above $40,000 looks uncertain until the current resistance level is overcome. Famous crypto analyst Crypto Tony, known as @CryptoTony_ on Twitter, emphasizes that Bitcoin bulls need to take action at the level of 31 thousand dollars to maintain the current rally.
Failure to do so could result in a pullback towards $28,000 and allow more buying pressure to build up before a potential breakout. Analyzing the daily outlook, Bitcoin’s price has tended to form higher lows indicative of an uptrend market. Moreover, the 50- and 200-day Moving Averages (MAs) have served as solid support levels, positively positioning Bitcoin for potential upside momentum in the coming weeks. From the perspective of the Elliott wave, Bitcoin’s price may be approaching the final stage of the fifth wave, signaling a potential ABC correction. However, it is very important to recognize the possibility of intermediate fluctuation within shorter Elliott waves, which can lead to corrections within a larger wave structure.
Which altcoin projects should we follow?
Meanwhile, according to Crypto Tony, certain cryptocurrencies act as indicators for different sectors in the market. Ocean Protocol (OCEAN) is seen as a leading indicator for artificial intelligence (AI), Ethereum (ETH) for all altcoins, Chainlink (LINK) for decentralized finance (DeFi), and Pepe Coin (PEPE) for meme coins. These altcoins act as signals for new trends to emerge in the market, making them very important to watch. According to the analyst, by paying attention to these indicators, traders and investors can gain valuable information that can influence their decisions. In the middle of the last rally, altcoins like Bitcoin Cash (BCH) and Litecoin took the lead. This development is expected to further reduce the dominance of Bitcoin in the coming days. As of Monday, Bitcoin’s dominance was around 51 percent, reaching a peak of 52.16 percent in the past two weeks.
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