Long-Term Outlook Remains Positive
Despite short-term uncertainties, analysts are optimistic about Bitcoin’s future. Geoff Kendrick, Standard Chartered’s global head of digital assets research, projects Bitcoin could reach $200,000 by the end of 2025. Key factors contributing to this potential rally include:
- Increased inflows into Bitcoin exchange-traded funds (ETFs)
- A slight uptick in inflation
- Possible removal of Staff Accounting Bulletin-121, allowing banks to hold digital assets for clients
Impact on Altcoins
Bitcoin’s recent recovery has fueled buying interest in several altcoins, leading them to break above their respective resistance levels. Should Bitcoin consolidate at current levels, traders may shift their focus to these altcoins.
Key Questions
Will Bitcoin bulls manage to avoid a drop below the $61,200 support level? Are altcoins poised for a rally in the coming days? Let’s analyze the top 5 cryptocurrencies showing strength on the charts.
Bitcoin Price Analysis
Bitcoin’s price recovery is facing profit booking near $64,000, indicating caution among bulls near the overhead resistance at $65,000. The BTC/USDT pair may correct to the 20-day exponential moving average (EMA) at $60,232, a crucial level to monitor.
If the price rebounds from the 20-day EMA, it could signal a bullish attempt to break above $65,000, potentially pushing the price to $70,000. Conversely, if it breaks below the moving averages, it may fall to the support line.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) broke above the descending channel pattern on Sept. 19, indicating a potential trend reversal. The bears are attempting to halt this recovery at $29. Support at the 20-day EMA ($24.81) is vital; a bounce could lead to momentum above $29 and a surge to $33.
If the price declines below the moving averages, it could remain range-bound between $19.50 and $29.
Sui (SUI) Price Analysis
The bulls pushed Sui (SUI) above the $1.44 resistance on Sept. 20, but selling pressure has emerged at higher levels. A rise above $1.58 would confirm support at $1.44 and open the door for a rally to $1.72.
If the price drops below $1.44, it could reach the 50% Fibonacci retracement level at $1.29, with further declines possible to the 20-day EMA at $1.15.
Bittensor (TAO) Price Analysis
Bittensor (TAO) broke above the $361 resistance on Sept. 19, completing a triple bottom pattern. The target for this setup is $517. If the rally faces selling near $490 and $530, sustaining above these levels is crucial for further gains.
Support levels are at $401 (38.2% Fibonacci retracement) and $378 (50% retracement).
Aave (AAVE) Price Analysis
Aave (AAVE) closed above the $154 resistance on Sept. 21 but struggles to maintain higher levels. Bears aim to pull the price below $154, which could lead to a decline to the 20-day EMA ($142).
A strong bounce off the 20-day EMA would suggest positive sentiment, with targets at $180 and $200. Conversely, a sustained break below the 20-day EMA could trigger a drop to $125.
Conclusion
This article does not offer investment advice or recommendations. All investments carry risks, and readers should conduct their own research before making decisions.
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