Bitcoin (BTC) has been unable to sustain its recovery this week, indicating that bears are still active and using rallies as an opportunity to sell. The cryptocurrency is set to end the week with a loss of over 4%. The longer Bitcoin remains near the $60,000 level, the higher the chance of a downward breakdown.
Despite this, analysts remain optimistic about Bitcoin’s price action in the post-halving cycle. Timothy Peterson, founder and investment manager of Cane Island Alternative Advisors, predicts that Bitcoin could surge to anywhere between $175,000 to $350,000 in the next 9 months. However, Peterson cautions that this bull market will come to an end in January 2025.
In other news, traditional finance companies such as JPMorgan Chase and Wells Fargo have reported exposure to spot Bitcoin exchange-traded funds in their recent filing with the United States Securities and Exchange Commission. While the allocation to Bitcoin is small, it is seen as a step in the right direction.
Now let’s take a look at the top 5 cryptocurrencies that show promise on the charts.
Bitcoin Price Analysis:
The bulls have managed to defend the $59,600 level in Bitcoin, but they have failed to push the price above the 20-day exponential moving average ($62,650). This indicates a fierce battle between the bulls and bears. The downsloping 20-day EMA and the negative relative strength index (RSI) favor the sellers. If the $59,600 level is breached, the BTC/USDT pair could retest the May 1 intraday low of $56,552. However, if the bulls can maintain the price above the 20-day EMA, the pair could rise to $67,250 and potentially rally to $73,777.
Toncoin Price Analysis:
Toncoin (TON) has been struggling to break above the immediate resistance at $7.23. The bulls have managed to prevent the price from slipping much below this level, increasing the chances of a break above it. If that happens, the TON/USDT pair could challenge the resistance at $7.67. On the downside, the moving averages act as essential support levels. A break below them could lead to a consolidation phase between $4.72 and $7.67.
Render Price Analysis:
Render (RNDR) broke above the moving averages on May 5, suggesting that the corrective phase may be coming to an end. The bears are attempting to stall the recovery near the overhead resistance at $12, but the bulls are holding their ground. The bullish crossover of the moving averages and the positive RSI indicate that the bulls are in control. If the price turns up from the current level or rebounds off the 20-day EMA ($9.59), it could rally to $13.83. However, a break below the moving averages would invalidate this view and potentially lead to a drop to $9.50.
Pepe Price Analysis:
Pepe (PEPE) has been steadily recovering in recent days, suggesting sustained buying at lower levels. The price action has formed an inverse head-and-shoulders pattern, which will be confirmed on a break above $0.0000092. If this level is maintained, the PEPE/USDT pair could resume its uptrend with a target of $0.0000145. The moving averages are expected to provide strong support during pullbacks, and a rebound off them would indicate positive sentiment. However, a break below the $0.0000060 support would turn the trend negative.
Arweave Price Analysis:
Arweave (AR) has been gradually climbing higher, indicating strong demand from buyers. The upsloping 20-day EMA and the RSI above 61 suggest that the bulls have the upper hand. The AR/USDT pair could reach the overhead resistance at $47.51, a crucial level to watch. A break above this resistance could lead to further gains towards $52 and $68. However, a downturn and a break below the moving averages would invalidate this positive view and potentially pull the pair to $26.50.
Please note that this article does not provide investment advice or recommendations. It is essential to conduct your own research before making any investment decisions.