As Bitcoin‘s value dipped to $94,200, traders faced a wave of selling with the U.S. market opening. For Bitcoin to sustain its upward trajectory, it must hold the support level of $93,200. Many in the cryptocurrency community are keen to know the latest forecasts for major cryptocurrencies.
Bitcoin (BTC) Forecasts
Market analyst Sherpa highlighted in his latest report that Bitcoin is gearing up for another attempt to hit $109,800. After a considerable period of price stabilization, BTC has made a bullish push but is still shy of its predicted peak. Following its test of previous all-time highs, experts foresee a potential local peak before a retracement to around $100,000, setting the stage for future highs.
As May approaches, the prevailing sentiment of “sell in May and go away” could dampen market enthusiasm, potentially leading to diminished trading activity.
Conversely, any unexpected developments, such as forecasts for interest rate cuts from the Federal Reserve in June, might invigorate the crypto market.
TraderSZ presented a technical analysis suggesting Bitcoin prices might reach approximately $144,221 by the year’s end, based on various indicators.
Could Fartcoin and PEPE Rally?
However, altcoin traders are grappling with difficulties. Bitcoin’s struggle to breach the critical $94,000 mark is discouraging. Despite recent easing in tariff discussions, concrete agreements are still crucial, and confusion regarding negotiations with China should be resolved.
The Treasury Secretary hinted at a potential trade agreement next week, which, if realized, could provide much-needed support for the crypto space. Analyst Sherpa shared insights on Fartcoin, projecting potential volatility ahead.
- Possible pullbacks might occur, but warmer weather could create upward price momentum.
- Three scenarios are outlined which largely depend on Bitcoin’s performance.
In examining PEPE Coin, the expert believes that BTC’s long suppression of altcoins is approaching an end, indicating an impending shift in market dynamics.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/what-lies-ahead-for-bitcoin-and-altcoins