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ETH And HYPE Prove Altseason Is Here, BTC Chases New Highs

ETH And HYPE Prove Altseason Is Here, BTC Chases New Highs

Key points:

  • Bitcoin’s chance of hitting new highs increases as bulls show clear intent to defend the $109,000 level.

  • ETH and HYPE are leading the altcoin charge.

Bitcoin (BTC) has been holding near the $110,000 level, just short of the all-time high of $111,980. That suggests the bulls are holding on to their positions as they anticipate another leg higher. The bullish sentiment received a boost from a post on Truth Social by US President Donald Trump that said the United States and China have arrived at a trade deal pending final approval from the respective heads of state.

Bitwise researchers André Dragosch and Ayush Tripathi said in a recent report that Bitcoin could reach its estimated “fair value” of $230,000 by the end of the year. Analysts say Bitcoin will benefit from “both fiscal instability and improving market sentiment.”

Crypto market data daily view. Source: Coin360

However, not everyone believes that Bitcoin will run up in the near term. Santiment analyst Brian Quinlivan told Cointelegraph that Bitcoin is unlikely to see a bullish surge above the all-time high, as social media is abuzz with such anticipation and markets generally move opposite to retail expectations.

Could Bitcoin bulls shove the price above $111,980, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin skyrocketed above the $109,588 resistance on Monday, but the bulls are struggling to sustain the higher levels.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

A shallow pullback increases the likelihood of a break above the $111,980 resistance. If that happens, the BTC/USDT pair will complete a bullish inverted head-and-shoulders pattern, which has a target objective of $146,892.

Alternatively, if the price breaks below $108,000, the pair risks falling to the 20-day exponential moving average ($106,313). This is an essential level for the bulls to defend because a break below it may sink the pair to the 50-day simple moving average ($102,709) and then to the psychological support at $100,000.

Ether price prediction

Ether (ETH) broke and closed above the $2,738 resistance on June 10, indicating that the bulls are attempting to take charge.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($2,584) has started to turn up, and the RSI is near the overbought zone, signaling that the buyers have the upper hand. The bears are unlikely to give up easily and will try to pull the…

Click Here to Read the Full Original Article at Cointelegraph.com News…