With a bullish start to the first week of the “Pre-halving rally,” the top few cryptocurrencies are recovering the lost levels of the past. As Bitcoin returns above the $52,000 mark, the sentiments are extremely bullish in the market, and investors anticipate a faster and stronger rally ahead.
Further, with just 62 days left before Bitcoin Halving, 2024 is potentially a year of new all-time highs for Bitcoin. Amidst such improvement in the Bitcoin price and sentiment, the altcoins are not far behind.
Ethereum, the biggest altcoin and the second biggest crypto as per market cap, reaches $2,800. The altcoin saw this price range in May 2022, almost two years back.
Where is Bitcoin Headed?
With a new 52-week high, the high momentum rally in the BTC price trend shows no sign of a pullback. Driving the bull run with multiple bullish engulfing candles, the daily chart showcases the extreme dominance of the buying side.
Upon analyzing the weekly chart, the uptrend accounts for 22% in the last two candles, with 3 days left. Further, the inverted head and shoulder breakout pushes past the 61.80% Fib neckline.
The MACD indicator shows a rise in the average lines as it avoids a bearish crossover. Further, the resurfacing bullish histograms represent an increase in momentum.
As the breakout rally gains momentum, the answer to “Where is Bitcoin headed?” is pretty simple: TO THE MOON. However, as per the technical charts, the next resistance is at $55,000, and the previous closing peak at $65,000. Beyond these two levels, the Fibonacci retracement showcases a potential jump to the $96,000 mark.
Is Ethereum Ready For A New All-time High?
Amidst the improving market conditions, the biggest altcoin is finding a remarkable demand boost to fuel the ETH price rally. With the DeFi TVL reaching the $77B mark, Ethereum dominates almost 60% with $42.995B TVL.
Further, with the buzz of Ethereum ETF going around in the market and the drop in supply of ETH, the coast is clear for a bull run. On the other hand, the additional momentum in the market, floating with the BTC price reaching $52,000, fuels the ETH price run. And let’s not forget about the hype around the “Dencun” upgrade amongst the Ethereum community.
Like Bitcoin, the ETH price has jumped by 23% in the last ten days, leading to two bullish engulfing weekly candles. Challenging the upper band of the Bollinger bands, Ethereum price trades at $2,797.
The uptrend challenges the 50% Fibonacci level at $2,853 and preps for a new breakout run. If the buyers reclaim this resistance, the bull run can cross $3,000 to test $3,200 before the month ends.
