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Recent price movements suggest that the leading crypto, Bitcoin, may be on the verge of a new rally. According to a report from 10x Research, a breach of a key resistance threshold could signal the end of the current downtrend as Bitcoin and some altcoins are already showing signs of recovery.
Crossed key resistance, trend reversal signal
Bitcoin price has seen a significant correction in recent months and has seen a series of lower highs since March. Experts from 10x research he believes that this bearish trend could end if Bitcoin manages to break the key $65,000 barrier. This resistance level is considered a pivotal point for the cryptocurrency, a breach of which could pave the way for a rally towards 70,000 dollarsor even beyond it in the context of recovery.
This forecast is supported by medium-term technical indicators which, despite the overbought period in September, show encouraging signals. After this brief rally, Bitcoin actually entered an overbought zone, but the data is now showing signs of stabilization. Exceeding the level $65,000 could thus signal a return to the upward trend and strengthen investor confidence in risky assets.
Altcoins in the wake of Bitcoin
In parallel with Bitcoin, the altcoin market could also experience a strong resurgence in activity if the uptrend is confirmed. According to 10x researchHigh-volatility altcoins, especially smaller-cap ones, seem to be well-positioned for this dynamic. Like cryptocurrencies TAO, ENA, SEIAND APT are attracting investor attention mainly for their growth prospects in an environment marked by renewed interest in decentralized finance (DeFi).
Regarding EthereumAlthough its fundamentals remain less solid, technical signals point to a possible recovery. However, analysts remain cautious about the possibility of Ethereum reaching its all-time highs again. A significant upside is possible, but could be limited compared to previous highs. However, this does not detract from the opportunities this recovery could provide not only for Ethereum, but also for the broader altcoin market.
Exceeding the level $65,000 could be the expected catalyst to restart the bitcoin uptrend and drag the entire altcoin market with it. If this momentum holds true, the coming months could see significant growth in the crypto sector, especially in smaller-cap assets.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.