Cryptocurrency traders have observed a stable rise following several days of decline. While it may be too early to celebrate, the price of BTC has surpassed $98,000 at the time of writing. Altcoins have also begun to recover, climbing approximately 5-10% from their recent lows. What are the expectations for altcoins?
Bitcoin (BTC)
At the time of writing, BTC is recovering its losses after surpassing $98,000. However, traders are looking for relief with daily closes above $98,500. This support level is crucial for accessing six-figure price points and has yet to be reclaimed.
A popular analyst, known as Daan Crypto Trades, stated before the rise that he had no intention of opening new positions during this last week of the year. He believes BTC will remain volatile without a clear short-term direction, emphasizing that breaking above the high-volume level around $97,000 will be key.
The analyst pointed out potential liquidity opportunities that could arise if the market clears the current obstacles. Fortunately, BTC seems determined to move away from lower price points, currently indicated at $85,162.
Commentary on Altcoins
Analyst Moustache also shared insights on altcoins prior to today’s rise. Like many crypto analysts, he believes the anticipated exciting surge for altcoins has not yet begun, predicting new highs above $4.9 trillion based on historical data.
He remarked, “You can call me crazy, but I believe the best part has not yet started. I don’t know how high it will go, but it will be much higher than now.”
Examining the current state of Fartcoin, another analyst known as Altcoin Sherpa mentioned that he is closely monitoring it. He intends to buy FARTCOIN at some point, noting its strong short-term potential but emphasizing caution. The potential buying levels are marked at $0.65 and $0.50, with a target above $1.28 for market recovery.
Altcoin traders are eagerly watching BTC’s performance in the coming hours. A new attempt to test six-figure levels could pave the way for a new all-time high.