At the end of the week, Bitcoin (BTC) is set to conclude with a 6% increase, indicating that demand from the bulls continues. Michael Saylor, co-founder of MicroStrategy, spoke at the 2023 Australia Crypto Convention on Nov. 10 and predicted that the demand for Bitcoin on a monthly basis could potentially surge between two to ten times by the end of 2024. Additionally, the halving event is expected to reduce the supply by half, which Saylor believes will cause the price of Bitcoin to “adjust up.”
With a general consensus that Bitcoin’s price will move higher in 2024, analysts are busy projecting how high the rally could reach. Philip Swift, creator of Look Into Bitcoin, using its Terminal Price on-chain indicator, said that Bitcoin could potentially hit at least $110,000 in its next bull cycle.
While Bitcoin remains in the spotlight, several major altcoins have been experiencing rallies. This broad-based cryptocurrency increase has increased hopes that an altcoin season may be on the horizon. If the bullish sentiment continues, altcoins may witness a rotation, with high flyers facing profit booking and laggards starting to move higher.
Bitcoin Price Analysis
Bitcoin has been holding above the ascending channel pattern for the past three days, indicating that the bulls are defending the breakout level. The bulls will try to thrust the price above $38,000 and start moving towards $40,000. However, the overbought levels on the RSI warn of a potential correction. If the price skids back into the channel, it will suggest that the markets have rejected the higher levels. The bears will have to sink the price below the channel to indicate the start of a solid correction.
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VeChain Price Analysis
VeChain (VET) completed a double bottom pattern after pushing the price above the overhead resistance of $0.021 on Nov. 6. The bulls have managed to ward off attempts by the bears to pull the price back below $0.021. If they propel the price above $0.023, the VET/USDT pair could rally to the pattern target of $0.028. However, a break and close below the 20-day EMA ($0.020) will suggest that the bears are back in the game.
Immutable Price Analysis
Immutable (IMX) has risen sharply in the past few days, indicating that the bulls are attempting a comeback. A recovery is expected to face resistance at $1.30, but a break above the overhead resistance will enhance the prospects of a rally to $1.59. However, the overbought level on the RSI warns of a possible correction or consolidation in the near term.
The Graph Price Analysis
The Graph (GRT) has corrected after a sharp up-move but the bulls have managed to keep the price above the 20-day EMA ($0.12). The GRT/USDT pair may resume its uptrend if it overcomes the obstacle at $0.16. However, a break below the 20-day EMA will indicate that the up-move has ended.
Algorand Price Analysis
Algorand (ALGO) is forming a rounding bottom pattern, and a break and close above the overhead resistance at $0.14 will signal the start of a new up-move. Conversely, a sharp downturn from $0.14 will suggest that bears continue to defend the level with vigor.
It’s important to note that this article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when making a decision.
