With the onset of January, Bitcoin (BTC) has exhibited relatively robust performance in the early days of the year. As the inauguration day of Donald Trump on January 20 approaches, there is a sense of optimism that favorable news regarding cryptocurrencies will emerge from the White House. This raises the question: What could be the potential dollar value for POPCAT Coin? At what price level must BTC be maintained for altcoins to see an upward trend?
Price Targets for POPCAT Coin
POPCAT Coin has emerged as a popular altcoin in recent months, delivering considerable profits before undergoing a rapid decline. Influenced by the lackluster movements of BTC, POPCAT Coin seems to have reached a bottom and is now displaying signs of recovery.
An analyst known by the pseudonym TraderSZ has shared a chart illustrating possible price targets for this prominent altcoin. Given the apparent recovery underway and the relatively strong performance of BTC, there could be substantial profit opportunities.
Presently hovering around $0.90, the next target for POPCAT Coin is $1.13. Subsequently, breaching the $1.36 mark could set the stage for a resurgence towards the psychological resistance level of $2.
Altcoins and BTC
When Bitcoin (BTC) records notable gains, altcoins often face downward pressure. For instance, despite BTC surpassing $90,000, many cryptocurrencies have not returned to their previous price levels when BTC was at $69,000 in 2021. Some still lag behind the prices observed when BTC was at $45,000.
An analyst known as Altcoin Sherpa recommends monitoring a specific chart to anticipate a potential upswing across cryptocurrencies, underscoring the necessity of a conducive environment for altcoins.
“I believe this remains relevant. I believe the conducive environment for altcoins is being established,” he remarked.
Ali Charts shared four charts, stating:
“BTC is currently at a critical juncture. This could signal a retesting of the 50-day MA before a possible decline. A sustained close above the 50-day MA is crucial to confirm the conclusion of the correction phase and validate bullish momentum.”
At present, BTC continues to hold above $97,000, reaching a daily peak of $97,839, indicating a solid level. Furthermore, BTC remains relatively stable following the opening of U.S. markets, while altcoins have predominantly turned green.