Altcoins
Lark Davis Predicts Bitcoin’s Path to $100K, Identifies Hot Meme Coins With Double-Digit Gains
Bitcoininside The recent surge above the critical $60k mark has sparked widespread excitement among altcoins, shifting sentiment from red to green. However, whether this signals a confirmed bullish breakout remains uncertain.”
Bitcoin Breakout and Technical Analysis
Lark Analyst Davies spoke about the recent developments in the price action of Bitcoin and highlighted that Bitcoin has managed to break out of a downtrend, breaking above the 200-day EMA and darting through the $60,000 and $62,000 levels, as well as the 50-day and 100-day EMAs.
He supported the bullish outlook, noting the potential for a technical retest around $63,000 to test the 50- and 100-day support, or even around $62,000. Despite the bullish sentiment, Davis reminded everyone that markets do not move in a straight line and corrections are natural.
Key levels and potential new tests
The key level to watch is $72,000. Davis expressed excitement over the bullish momentum and positive market reaction, citing factors such as potential rate cuts, rising global liquidity, growing regulatory clarity, and the possibility of a pro-crypto U.S. presidency. He warned that despite the excitement, Bitcoin will continue to move sideways until it breaks the $72,000 level.
The analyst then spoke about the possibility that the recent price action could be a spring in a Wyckoff reaccumulation pattern, potentially pushing Bitcoin to a $90k to $100k target range 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 top performing altcoins recently. Meme coins have been stealing the show 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 his dominance in decentralized exchanges (DEX), where it now holds 30% of the total trading volume across all blockchains. Davis expressed a long-held belief that only a few blockchains will ultimately capture the majority of user activity, questioning the proliferation of competing platforms with limited adoption beyond initial enthusiasm.
Read also: Bitcoin Reverses Bearish Trend Ahead of ETH ETF: $70K Target Triggered, Here’s When It Might Hit!