Bitcoin Set to Chase New Highs While Altcoins Struggle

Key points:

• Bitcoin is facing selling near $108,000, but the likelihood of a break above it remains high.

• Several major altcoins remain in a range, but some are showing signs of breaking above their near-term overhead resistance levels.

Bitcoin (BTC) is facing selling just above $108,000, but a positive sign is that the bulls have not allowed the price to dip below the $105,000 level. That suggests the bulls are holding on to their positions as they anticipate a move higher.

Analysts are bullish on Bitcoin’s prospects of hitting a new all-time high in the near term. BitMEX founder Arthur Hayes said on X that easing geopolitical tension in the Middle East and the passage of stablecoin regulations in the United States could propel Bitcoin to a new all-time high.

The bullishness is not limited to Bitcoin; select analysts expect Ether (ETH) to soar to a new all-time high in this cycle. Other altcoins are also likely to play catch-up. Alphractal founder and CEO Joao Wedson said in a post on X that Bitcoin has been outperforming altcoins in the past 60 days, but that may be “a great chance to accumulate altcoins while they’re still lagging.”

Could Bitcoin resume its uptrend? Will the altcoins follow? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin’s relief rally is facing selling near the downtrend line, indicating that the bears are trying to form a lower high.

The 20-day exponential moving average (EMA) ($105,561) is sloping up gradually, and the relative strength index (RSI) is just above the midpoint, signaling that bulls have an edge. If buyers drive the price above the downtrend line, the developing descending channel pattern will be invalidated. That could catapult the price to the neckline of the inverse head-and-shoulders pattern near $114,000. A break and close above the neckline will complete the bullish setup, which has a target objective of $150,492.

Sellers are likely to have other plans. They will try to pull and maintain the price below the moving averages. If they do that, the BTC/USDT pair could extend its stay inside the descending triangle for some more time.

Ether price prediction

Ether has been clinging to the 20-day EMA ($2,466) since Tuesday, signaling that the bulls have maintained their pressure.

If buyers overcome the barrier…