Bitcoin is approaching its $63,000 target and altcoins are strongly reflecting the same bullish outlook for the positive sentiment that pervaded Q4. With historical patterns showing large gains during volatile months, analysts are closely watching the price action of popular altcoins as well as Bitcoin (BTC).
Bitcoin Nears $63,000
For Bitcoin specifically, expectations for a new ATH start at $80,000 to $116,000 in the short term and $220,000 to $550,000 in the long term. These expectations are fueled by multiple bullish indicators printed on BTC price charts from hidden bullish divergence patterns to golden cross patterns.
This same bullish sentiment has been slowly creeping into the altcoin space. There are high expectations that many altcoins will set new ATHs in the upcoming altseason phase of the ongoing bull run and many altcoins have already started printing bullish signs on their charts.
DOGE and EGLD Print Bullish Signs
In particular, Dogecoin (DOGE), the pioneer memecoin asset, is mirroring its previous bullish cycle chart. As we can see from the post below, the analyst calls this bullish indicator the DOGE Williams Alligator.
Here, the DOGE price is shown completing a convergence pattern after breaking out of a long downtrend. He said this is a similar pattern to the last consolidation before the Massive Bull Run in 2021.
Another altcoin generating positive indicators and preparing for an early rally is MultiversX (EGLD). This popular altcoin is forming a falling wedge pattern on the 3-day chart. Therefore, analysts expect a bullish breakout that could mark the beginning of a strong rally.
