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Lark Davis Predicts Bitcoin’s Path to $100K, Identifies Strong Meme Coins With Double-Digit Gains
Bitcoinin The recent surge past the critical $60K mark has generated widespread enthusiasm among altcoins, shifting sentiments from red to green. However, whether this signals a confirmed bullish breakout remains unclear.”
Bitcoin Technical Analysis and Breakout
Lark Analyst Davis spoke about the recent developments in Bitcoin’s price action and highlighted that Bitcoin successfully broke out of a downtrend, breaking above the 200-day EMA and breaking above the $60K and $62K levels, as well as the 50-day and 100-day exponential moving averages.
He supported the bullish outlook, noting the potential for a technical retest around $63,000 to test the 50-day and 100-day support, or even around $62,000. Despite the bullish sentiment, Davis reminded everyone that markets do not move in straight lines and that corrections are natural.
Key levels and possible retests
The key level to watch is $72,000. Davis expressed enthusiasm about the bullish momentum and positive market reaction, citing factors such as potential rate cuts, increased global liquidity, increased regulatory clarity, and the possibility of a pro-crypto presidency in the US. He cautioned that despite the enthusiasm, Bitcoin is still moving sideways until it breaks the $72,000 level.
The analyst then opened up about the possibility that recent price action could represent a spring in a Wyckoff reaccumulation pattern, potentially pushing Bitcoin towards a target range of $90k to $100k in the next market cycle. He once again explained the importance of breaking the $72,000 level for a confirmed bullish breakout.
Davis also gave a quick update on some of the best-performing altcoins recently. Meme coins stole the spotlight with MCoin up 20%, Floki up 12%, Dogwifhat up 15% and Pepe up 16% in just 24 hours.
Altcoins on the Rise: Meme Coins and Solana
He then turned to Solana, noting her dominance in decentralized exchanges (DEXs), where it now commands 30% of total trading volume across all blockchains. Davis expressed a long-held belief that only a few blockchains will eventually capture the majority of user activity, questioning the proliferation of competing platforms with limited adoption beyond the initial hype.
Read too: Bitcoin Reverses Downtrend Ahead of ETH ETF: $70,000 Target Activated. Here’s When It Could Happen!