The post Bitcoin Price Analysis: BTC Nears $65k As Dominance Chart Teases an Altseason appeared first on Coinpedia Fintech News
With the global crypto market standing at $2.25 trillion, an increase of 1.86% over the last day, the bull run is gaining momentum. The Bitcoin price is currently trading at $63,869, for a 1.45% rise in the past 24 hours.
The past week has been incredibly bullish for Bitcoin, increasing by 9.21% to reach a market cap of $1.26 trillion. Similarly, Ethereum witnessed a significant rise of 16.48% over the last seven days to reach a market cap of $320 billion.
The ETH price is currently trading at $2,664, with a 3.07% rise in the past 24 hours. Hence, the bull market is here, with the two top significant cryptocurrencies giving almost double-digit returns in the past seven days.
However, amidst the increasing bullish influence, the BTC dominance chart and the ETH to BTC comparison chart reveal a potential altseason arrival in the crypto market. So, let’s check out the top crypto price trends and supporting charts for a closer look at the arrival of the next altseason.
Bitcoin Price Performance
The Bitcoin price is currently challenging the 50% Fibonacci level at $63,847. The Bitcoin price chart reveals seven consecutive bullish scandals to approach this crucial resistance level, resulting in an uptick in the 50-day EMA. This delays the possibility of a looming death cross and marks a significant V-shaped recovery teasing a bullish breakout.
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The neckline of the V-shaped recovery aligns with the 50% Fibonacci level. In the broader sense, the BTC price is heading towards the overhead resistance trend line of a falling channel pattern.
The local resistance trendline breakout is gaining momentum, and the V-shaped reversal rally signals a potential surge ahead. Further, the Bitcoin recovery run in a bull market is expected to surpass the overhead trendline to give a bullish flag breakout.
Based on the Fibonacci levels, the upside target for Bitcoin this week stands at $69,471, with a potential extension to $73,000 in next month’s first week.
Curious about Bitcoin’s bull run in October? Check out Coinpedia’s Bitcoin (BTC) Price Prediction for an overview of long-term targets!
Ethereum Eyes $2,700 Break
In the daily chart, the Ethereum price action reveals a falling wedge pattern, resulting in a massive breakout run, creating 6 out of 7 bullish candles. The biggest altcoin has increased by almost 16% in the past 7 days.
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Further, it has surpassed the 50-day EMA near the 23.60% Fibonacci level at $2,576. With an intraday gain of 2.99%, the recovery rally in Ethereum eyes the next confluence of resistance levels.
The resistance confluence comprises a 200-day EMA and the 38.20% Fibonacci level at $2,860. Hence, this comes as the next potential target for this week. Further, Ethereum could target the 61.80% Fibonacci level at $3,321 for an extended rally in the first week of October.
Amid Bitcoin Price Rally, Dominance Chart Warns Correction
In a recent tweet, Martinez Ali, a well-known crypto analyst, highlights a rising wedge in the Bitcoin dominance weekly chart.
#Bitcoin dominance seems to be topping out, hinting at a possible dip to 47% — setting the stage for an #altcoinseason! pic.twitter.com/qkz4IziP8r
— Ali (@ali_charts) September 22, 2024
As rising wedges generally lead to a downfall following a constraining uptrend, the BTC dominance signals a potential correction. Based on the Fibonacci levels, Martinez expects the correction to extend to a 50% Fib level at 47.71% to trigger an altseason.
ETH/BTC Pair Resurfaces Above 0.040 BTC
With the top cryptocurrencies gaining momentum, Ethereum is gradually catching up with Bitcoin. Outperforming Bitcoin last week, Ethereum now trades for 0.041 BTC, an 8.84% rise from the local bottom of 0.03833 BTC.
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With a new bull cycle in a falling wedge, the altcoin is gaining strength against Bitcoin and improving the altseason chances.
Keen on learning the long-term prospects of ETH price? Our Ethereum Price Prediction is a must-read for all curious minds!
