Crypto Market Soars as Bitcoin approaches Record High
The crypto market is heating up, with Bitcoin nearing its all-time high and altcoins surging. Bitcoin has climbed above $104,000, and experts are optimistic. BlackRock predicts it could reach $700,000, while Ark Invest sees a potential $2.4 million.
Bitcoin’s price chart shows a cup-and-handle pattern, signaling a continuation. This includes a horizontal resistance line, a rounded bottom, and a consolidation period. With a 32% depth, the projected target is $142,000.
A bitcoin rally could boost altcoins like Sui, Polkadot, and Ripple.
Sui: Rapidly Growing Layer-1 Blockchain
Sui is one of the fastest-growing layer-1 blockchains. Its total value locked has risen 67% in 30 days to $2.9 billion. The 24-hour DEX volume hit $689 million. This growth is fueled by a thriving meme coin ecosystem.
Technically, Sui is in the fifth phase of the Elliott Wave pattern. It could hit $5.2382, 30% above current levels. If the bull run continues, Sui could reach $10.
Polkadot: Strong Technicals and Upgrades
Polkadot is another promising altcoin. Its weekly chart shows a quadruple bottom pattern, with support at $3.50. The neckline is at $11.5. Polkadot has moved above $5, suggesting a 120% rise to $11.50.
Polkadot’s transition to Polkadot 2.0, with features like asynchronous backing and agile coretime, supports this outlook. An SEC-approved spot DOT ETF could also boost its price.
XRP: Bullish Technicals and Fundamentals
XRP is another altcoin with strong technicals and fundamentals.It has formed an Elliott Wave structure and is in the fifth wave. The fourth wave formed a triangle,now a bullish pennant. Breaking above the pennant suggests a move to $3.40, and possibly $5.
Key drivers include a possible spot XRP ETF,XRP meme coins,and ongoing XRP Ledger development.
