Altcoins
Cryptocurrency Market Prediction Next Week: What to Expect from Altcoins and Bitcoin
Bitcoin completed its fourth halving yesterday, and subsequently, the cryptocurrency market began to show an upward trend, 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. With cryptocurrency prices continuing to rise, there is a strong likelihood that a bullish week lies ahead for Bitcoin and major altcoins.
Market liquidation exceeds $100 million
Coinglass data reveals that the cryptocurrency market has seen total liquidations exceeding $113 million in the past 24 hours. Despite this, Bitcoin’s market dominance is declining, with a weekly decline of 2.3% and a daily decline of 0.16%.
In contrast, altcoins saw their dominance increase significantly, up 7.9% over the week. Analysts expect a strong rebound in Bitcoin prices next week, along with altcoin gains, with an upward accumulation trend.
After the halving event, the corrective sentiment around the price of Bitcoin continues to persist among holders. As a result, 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 has seen a solid rebound over the past 24 hours, rising from the $63,000 low and now holding above $65,000. Although bears are strongly defending resistance levels, buyers continue to apply pressure by accumulating on each dip.
A surge above the $66,000 resistance line could see significant resistance from sellers. A sharp rise from that level could send the price above $70,000 next week, retesting the all-time high.
Conversely, if the bears manage to push the price below the moving averages, it suggests that the Bitcoin/USDT pair may continue to consolidate between $65,000 and $60,000 for some time.
Solana price analysis
Solana has held steady at $125 recently, suggesting strong buyer interest. In recent days, the price has risen above $150 and is now aiming to touch $200 in the next week.
The price is poised to approach the 200-day EMA at $159, a key level to monitor. A sharp decline from this point could lead to bears attempting to push the SOL/USDT pair below $126 again. 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 broken above, potentially leading the pair to rise towards $185.
Dogecoin price analysis
DOGE price successfully rebounded from the $0.14 low, aiming to regain its momentum. Buyers continue to break above immediate Fibonacci levels in anticipation of a retest.
The price is expected to reach the 200-day EMA at $0.17, which is an important level to monitor. If buyers can break above this threshold, the DOGE/USDT pair could move closer to the crucial $0.187 level. Breaking this level could take DOGE price towards $0.22.
Furthermore, strong buying interest from the bulls is expected in the $0.14 to $0.12 range, as a break below this support could lead to a sharp decline, potentially pushing the pair towards the critical support level of $0.10 next week.