Bitcoin’s Steady Climb Above $90,000: A Prelude to a New High?
According to Ryan Lee, chief analyst at Biget Research, Bitcoin could potentially soar above $120,000 before facing a pullback due to profit-booking. This bullish sentiment is echoed by several market analysts, though the outlook for Ether (ETH) is less optimistic. Markus Thielen, head of research at 10x Research, suggests that Ether might struggle to rally significantly in 2025, likely underperforming against Bitcoin once again.
Market Watch: Key Levels for Bitcoin and Altcoins
If the bulls can drive the price above the moving averages, it could signal a weakening bear grip, potentially leading the BTC/USDT pair towards the $100,000 mark, a critical level to watch. Conversely, a failure to hold this momentum may see Bitcoin retesting the support zone between $90,000 and $85,000.
Ether Struggles to Find Its Footing
Ether, on the other hand, has shown resilience at the uptrend line but faces selling pressure at the 20-day EMA ($3,469). A close below this uptrend line could see ETH/USDT pairs declining towards the $3,200 mark and possibly down to $3,000. However, a break above the moving averages could indicate a bullish reversal, potentially driving prices towards $3,555.
Altcoins in Focus
Other major cryptocurrencies like XRP, BNB, and Solana are exhibiting mixed signals. XRP is currently consolidating within a symmetrical triangle pattern, suggesting a potential breakout or breakdown scenario based on upcoming price actions.
BNB is trapped in a narrow range, indicating indecision among traders. However, a breakout above $722 could signal a return of bullish momentum, potentially leading to higher resistance levels.
Solana has encountered resistance at the 20-day EMA ($198), with bears attempting to push prices lower. A decisive move above this level could, however, suggest that bulls are regaining control, possibly driving prices towards higher resistance levels.
Emerging Trends: The Outlook for Solana and DeFi
Looking ahead into 2025, the cryptocurrency market could see significant developments, including the potential approval of a US-listed Solana exchange-traded fund (ETF), which would likely be a bullish signal for Solana.
For more insights into the evolving landscape of blockchain and cryptocurrencies, consider exploring additional resources such as The Future of Work in the Web3 Era and Web3 Recruitment Trends to Watch in the Coming Year.
Note: This analysis does not constitute investment advice. Each investment and trading move involves risk, and readers should conduct their own research when making a decision.
