Altcoins
Crypto Market Prediction Next Week: What to Expect from Altcoins and Bitcoin
Bitcoin completed its fourth halving event yesterday, and subsequently, the cryptocurrency market began trending upward, attempting to restore its bullish momentum. Contrary to the expectations of several analysts who predicted immediate selling pressure after the halving, the market reacted in the opposite way. As cryptocurrency prices continue to rise, there is a high probability of a bullish week for Bitcoin and major altcoins.
Market Liquidation Exceeds $100 Million
Data from Coinglass reveals that over the past 24 hours, the cryptocurrency market has seen total liquidations exceeding $113 million. Despite this, Bitcoin’s dominance in the market has declined, with a weekly decline of 2.3% and a daily decline of 0.16%.
Conversely, altcoins saw their dominance increase significantly, up 7.9% over the week. Analysts expect a strong rebound in Bitcoin prices next week, as well as altcoin gains, as accumulation tends to increase.
After the halving, corrective sentiment surrounding Bitcoin price persists among holders. Therefore, even a minor fluctuation in the price of Bitcoin could potentially lead to a significant increase in altcoin prices, given their growing dominance.
Bitcoin Price Analysis
BTC Price made a strong rebound in the last 24 hours from the low of $63,000 and is now holding above $65,000. Although the bears strongly defend the resistance levels, the buyers continue to apply pressure by accumulating on each decline.
A rise above the $66,000 resistance line could result in significant resistance from sellers. A strong rise from this level could push the price above $70,000 next week, retesting the ATH.
Conversely, if the bears manage to push the price below the moving averages, this suggests that the Bitcoin/USDT pair could continue to consolidate between $65,000 and $60,000 for some time.
Solana Price Analysis
Solana has held steady at $125 recently, suggesting strong interest from buyers. In recent days, the price has climbed above $150 and is now targeting the $200 mark next week.
Price is about to approach the 200-day EMA at $159, a key level to watch. A sharp decline from this point could lead the bears to once again attempt to push the SOL/USDT pair below $126. If successful, this could result in a continuation of the downtrend towards the significant $100 mark.
Conversely, if the price breaks above the 200-day EMA, it could indicate that the bearish pressure is weakening. The next resistance could be at $162, which could be overcome, which could lead the pair to climb up to $185.
Dogecoin Price Analysis
DOGE price has successfully rebounded from the low of $0.14, aiming to regain momentum. Buyers continue to push above immediate Fib levels in anticipation of a retest.
The price is expected to rally towards the 200-day EMA at $0.17, which is an important level to watch. If buyers manage to surpass this threshold, the DOGE/USDT pair could approach the crucial $0.187 level. Breaking this level could take DOGE price towards $0.22.
Additionally, strong buying interest from bulls is expected in the $0.14 to $0.12 range, as a break below this support could result in a sharp decline, potentially pushing the pair towards the critical support level of $0.10 next week.