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The bullish sentiment prevails in the global crypto markets as Bitcoin price is once again trading above $70,000. The leading crypto asset left bears bleeding on Monday as the price surged 3.97% in the first trading session of the week. On Tuesday, altcoins like Ethereum, Solana, and popular dogcoins (BONK, WIF, SHIB, etc.) outperformed Bitcoin as traders bet on riskier assets.
The risk appetite of the market participants seems to have increased as the altcoin market capitalization gained 15 billion on Tuesday. As a result, the Total3 market capitalization has exceeded $765 billion. Technical analysis further shows that the Total3 market cap has the potential to hit $818 billion in the near term.
It appears that the memecoin season will not end anytime soon as the capital keeps flowing into this asset class. On Tuesday, many popular dogcoins like Dogwifhat (WIF), BONK and Shiba Inu (SHIB) emerged as some of the biggest gainers among the top 100 cryptocurrencies. At press time, WIF was up 18.2%, with BONK and SHIB following with 13.4% and 11.7% surges.
As evident from the following chart, the BTC price has broken out of the accumulation range which I mentioned in my previous analysis. This breakout has put a new all-time high on the cards. At the moment, Bitcoin is struggling to break above the Monday high of $71,200.
A retest of the $68,666 level might present a good buying opportunity for the investors sitting on the sidelines. However, a clear breakdown below this level will invalidate the bullish scenario, putting more downsides on the cards.
ETH has perfectly met my $3,552 price target. This price target was given just yesterday as this was the middle of the trading range. If bulls gain strength above this level, there is a strong possibility of bullish continuation toward the range highs of around $3,828.
Conversely, a pullback from current levels might result in another retest of the range lows around $3,300. This support level must be held for Ethereum price prediction to remain bullish.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
