Sunday, 14 July 2024

Crypto News

VET, IMX, GRT and ALGO show bullish setups as Bitcoin trades above $37K

VET, IMX, GRT and ALGO show bullish setups as Bitcoin trades above $37K

Bitcoin (BTC) is on target to end the week with gains of about 6%, indicating continued demand from the bulls. MicroStrategy co-founder Michael Saylor said during a speech at the 2023 Australia Crypto Convention on Nov. 10 that Bitcoin’s demand on a monthly basis could surge between two to 10 times by the end of 2024. Additionally, the halving will reduce the supply by half. Saylor expects both these events will cause the price “to adjust up.” 

With almost a general consensus that Bitcoin’s price will move higher in 2024, analysts are busy projecting how high the rally could reach. Using its Terminal Price on-chain indicator, Look Into Bitcoin creator Philip Swift said that Bitcoin could hit at least $110,000 in its next bull cycle.

Crypto market data daily view. Source: Coin360

While Bitcoin continues to hog the limelight, several major altcoins have been charging higher. The broad-based cryptocurrency rally increases hopes that an altcoin season may be around the corner.

If the bullish sentiment sustains, altcoins may witness a rotation, wherein the high flyers face some profit booking, and the laggards start moving higher. Let’s look at the charts of the top-5 cryptocurrencies that may outperform in the near term.

Bitcoin price analysis

Bitcoin has been holding above the ascending channel pattern for the past three days, indicating that the bulls are defending the breakout level.

BTC/USDT daily chart. Source: TradingView

The bulls will try to thrust the price above $38,000 and start the northward march toward $40,000. While the upsloping moving averages indicate that the bulls are in control, the overbought levels on the RSI warn of a potential correction.

If the price skids back into the channel, it will suggest that the markets have rejected the higher levels. That could open the doors for a fall to the channel’s support line, which is close to the 20-day exponential moving average ($34,784).

The bears will have to sink the price below the channel to indicate the start of a solid correction. The BTC/USDT pair may then decline to the $32,400 to $31,000 support zone.

BTC/USDT 4-hour chart. Source: TradingView

The bulls are buying the dips to the 20-EMA on the 4-hour chart but have failed to resume the uptrend. This suggests a lack of demand at higher levels. The bears will try to utilize this opportunity and drag the price below the 20-EMA. If they do that, the pair may fall to the 50-SMA.

On the contrary, if the price turns up from the current…

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