Following the discussion with Ledn's John Glover, the future trajectory of Bitcoin remains uncertain. Glover uses Elliott Wave Theory to analyze the market and expects Bitcoin may face a pullback in the near term, especially after approaching the $100,000 high. He believes Bitcoin will fall back to the range of $75,000 to $80,000 but could see a significant rise next year. However, it is also possible for Bitcoin to break above $100,000 and continue to climb to $125,000 or even $160,000. Nevertheless, Glover warns that a rapid increase could lead to a lot of profit-taking, especially before major news events like Trump's inauguration.
This temporary stagnation may help the development of the altcoin market, as Glover points out that many may shift funds from Bitcoin to altcoins. Ultimately, whether Bitcoin reaches $125,000 or $160,000, Glover believes the bull market will end in 2025-2026 and will undergo a correction, but will not fall back to $20,000.
It's remarkable that we just started this year at around $40,000.
Today's market focus is on the upcoming economic data, particularly Trump's 'hardline' stance on tariffs, which is raising concerns about future inflation pressures in the U.S. stock market. If tonight's data meets expectations, some funds may flow into the U.S. long-term Treasury market seeking safety. Currently, U.S. stock index futures are slightly down ahead of the market open, with the market remaining cautious about the potential impact of the data. If the data is unfavorable for the U.S. stock market, it may exacerbate the current retracement trend and even trigger severe volatility.
Vector Smart Gas (VSG)
Vector Smart Gas is a recently launched Layer 1 network on the Ethereum blockchain focused on decentralized finance (DeFi) and the tokenization of real-world assets (RWAs). Its native token VSG is one of the hottest altcoins today, mainly due to its price increase.
In the past 24 hours, the price of VSG has risen by 49%, and it has increased by 550% over the past 7 days. This development may also be related to the token's popularity on TikTok, which has driven higher demand.
At the time of writing, the price of VSG is $0.0044. Additionally, the daily chart shows that the Moving Average Convergence Divergence (MACD) is positive, indicating that the momentum around this altcoin has remained bullish.
If this continues, the price of VSG may rise significantly. However, if momentum turns bearish, this may not happen. Instead, the value of the altcoin could fall to the support level of $0.0018.
Tornado Cash (TORN)
As mentioned, Tornado Cash is a privacy-focused cryptocurrency and one of the hottest altcoins today. Furthermore, Tornado Cash won a significant victory after a U.S. appeals court ruled against the Treasury Department.
Therefore, the price of TORN has increased by 396% in the past 24 hours. As of the time of writing, the price is $17.86. According to the daily chart, the trading volume of this cryptocurrency has also increased, indicating widespread interest in the token.
As long as the trading volume continues to increase, the price of this altcoin may rise to $39.41. However, if cryptocurrency holders take profits, the situation may change, and the altcoin could drop to $12.24.
Solana (SOL)
The last one is Solana, which was one of the best-performing altcoins last year. However, unlike TORN and VSG, SOL is not drawing attention because of its price increase. In fact, the value of this token has been hovering around $235 in the past 24 hours.
On the daily chart, the Parabolic Stop and Reverse (SAR) indicator has risen above the price of SOL. The Parabolic SAR is a technical indicator used to identify support and resistance.
When the price is above the indicator, it indicates strong support, and the price may rise. However, since it is currently below the indicator, Solana's price is facing resistance. If this continues, SOL may fall to $219.63.
On the other hand, if this altcoin sees an increase in buying pressure, the trend may reverse. In this case,$SOL
it could rise to $264.33.
That's all for today's article. We are currently in a bull market with rising tides, and we share insights daily.