Bitcoin maintains its recent momentum, raising the likelihood of revisiting its all-time high of $109,588. The BlackRock spot Bitcoin ETF has experienced 19 consecutive days of inflows, reflecting robust market demand. Meanwhile, select altcoins are showing resilience, having broken out from substantial basing patterns.
### Bitcoin’s Recent Surge
During the past week, Bitcoin (BTC) decisively surpassed the significant $100,000 threshold, signaling a resurgence of bullish sentiment. Traders are striving to maintain the cryptocurrency’s 10% weekly gains as the weekend approaches. This upward momentum is largely supported by impressive inflows into the BlackRock spot Bitcoin exchange-traded fund (IBIT). Data from Farside Investors reveals that the fund has seen inflows for 19 straight days, with the latest week alone drawing in $1.03 billion.
### Altcoins Join the Rally
The positive trend isn’t confined to Bitcoin; numerous altcoins have also experienced upward movement. Analysts are declaring the potential onset of an altseason, with expectations of significant rallies in altcoins over the coming months. However, some skeptics argue that the altcoins’ performance has been modest compared to the significant declines from their historical peaks.
### Bitcoin Price Forecast
Bitcoin is gradually approaching its all-time high of $109,588, suggesting that bullish investors are not in a rush to take profits. The recent price movements have pushed the relative strength index (RSI) into the overbought territory, indicating that a correction or consolidation could be on the horizon. Any potential pullback is anticipated to find support between $100,000 and the 20-day exponential moving average (currently at $96,626). Should the price bounce back from this support zone, it could increase the chances of breaking through $109,588, potentially propelling the BTC/USDT pair toward $130,000.
Time is of the essence for bearish traders. If they aim to regain control, they must act swiftly to drive the price below the 20-day EMA. A successful maneuver could lead the pair down to the 50-day simple moving average, currently at $88,962.
### Price Dynamics for Bitcoin
The BTC/USDT pair continues its upward trajectory, but bears are likely to fiercely contest the $107,000 to $109,588 range. Should the price retreat from this upper barrier, the 20-day EMA is expected to serve as formidable support. A rebound from this moving average would indicate sustained bullish momentum, heightening the chances for a breakout above $109,588. Conversely, if sellers manage to push the price below $100,000, it could pave the way for a decline to around $93,000, followed by a possible drop to $83,000.
### Ether’s Price Outlook
Ether (ETH) experienced a substantial jump from $1,808 on May 8 to $2,600 by May 10, reflecting vigorous buying activity from bulls. The surge has pushed ETH’s RSI into overbought territory, suggesting a potential for minor pullbacks or sideways trading soon. The initial support levels to watch are at $2,320 and $2,111. Should the price recover from these support zones, the ETH/USDT pair could extend its rally to $2,850 and potentially $3,000. However, if the price dips below $2,111, it may lead to a range-bound situation between $1,754 and $2,600.
### Dogecoin Market Analysis
Dogecoin (DOGE) surged past the $0.21 resistance level on May 10, indicating a shift in the short-term trend. The rally is now facing resistance at $0.26, which may prompt a retest of the breakout level at $0.21. A strong rebound from $0.21 would suggest a shift from selling during rallies to buying on dips, raising the chances for a rally toward $0.31. For buyers to maintain momentum, they must prevent the price from falling below the 20-day EMA (currently at $0.19). Should this level be breached, the DOGE/USDT pair could oscillate within a range between $0.26 and $0.14.
### Pepe Price Trends
Pepe (PEPE) saw a significant upswing from the 50-day SMA ($0.000008) and crossed above the $0.000011 resistance on May 8. This rally has pushed the RSI into overbought territory, indicating a potential for a pullback. The PEPE/USDT pair may retrace to the breakout level of $0.000011. A rebound from this level would imply that the bulls have solidified this point as support, enhancing the likelihood of a rally toward $0.000017 and eventually $0.000020. However, should the price fall below the 20-day EMA ($0.000009), this optimistic outlook may be compromised.
### Cosmos Price Forecast
Cosmos (ATOM) broke out from a significant base by closing above $5.15 on May 10, signaling a possible trend reversal. Nevertheless, bearish traders are expected to challenge this movement, attempting to pull the price back under the $5.15 mark. A successful defense of this level by bulls could lead to increased momentum, potentially driving the ATOM/USDT pair to $6.50. If sellers manage to halt this ascent at $6.50, the price could still rally to $7.50 if bulls maintain their grip.
In the short term, the sharp rally has pushed the RSI into overbought territory on the 4-hour chart, suggesting that a correction or consolidation phase may be imminent. Bulls will need to defend the crucial $5.15 level to sustain positive momentum, with a breakdown below this level potentially leading to a drop to the 20-day EMA. This moving average serves as an essential support level, and a breach could result in a decline to $4.70.
This article does not offer investment advice or recommendations. All trading involves risk, and readers should conduct thorough research before making any decisions.
