Bitcoin Leads the Bullish Charge
After a five-week consolidation, crypto assets are showing signs of a fresh bullish wave. This movement is led by Bitcoin (BTC), spurred by increased demand from spot BTC ETFs in both Hong Kong and the United States. The market’s upward momentum has established a reversal pattern, indicating a shift in sentiment.
Last week’s Bitcoin price closed on a bullish note, resembling the pattern observed during previous 20-30 percent market corrections. This trend has prompted optimism across the crypto space.
Altseason on the Horizon
As Bitcoin gains momentum, the altcoin market is stabilizing, with over 12,000 altcoins potentially ready for a parabolic bull run. The total altcoin market capitalization has steadied at around $1 trillion over the past few weeks, a significant increase from bear market lows. With this upward trend, the total market cap could soon retest its all-time high (ATH).
Additionally, Bitcoin’s dominance has been forming a reversal pattern, while the ETH/BTC pair appears to be rebounding from a multi-year low, indicating a possible shift towards altcoins.
Midterm Targets for BNB and SUI
In the layer-one (L1) crypto segment, BNB and SUI are two undervalued projects with considerable bullish potential. Both projects have vibrant web3 ecosystems, supporting the broader adoption of digital assets.
BNB
According to a well-known crypto analyst, Captain Faibik, BNB’s price is on the verge of a significant breakout. Currently hovering around $592, BNB could surge by 40 percent, potentially reaching at least $840 in the near future.
SUI
Sui (SUI), a fast-growing layer-one project, has garnered attention due to its strong backing by former Meta’s blockchain research team and over $642 million in total value locked. The altcoin has a fully diluted valuation of about $11 billion and is showing signs of forming a bullish pattern.
A renowned analyst, Crypto Patel, predicts that SUI’s price could more than double if it consistently closes above $1.15 in the coming weeks.
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