Cryptocurrency Price Forecast: Bitcoin price returns above $70,000, triggering new recovery sentiment in the cryptocurrency market. Is it time to enter?
Story Highlights
Bitcoin prices have been rising for three days in a row on huge trading volumes, suggesting a possible breakout to an all-time high of $73,800.
The formation of a pennant pattern hints at a healthy pullback before Dogecoin makes its next leap.
A breakout of the flag pattern took FET price above the $3 mark.
Cryptocurrency Price Forecast: The cryptocurrency market is back on the recovery track as Bitcoin price surges above $70,000 in a three-day winning streak. Restoring psychological levels has boosted most major altcoins, with Ethereum up 6% today, while XRP, SOL and BNB are up 3-4%.
The recent surge in Bitcoin prices has been attributed to massive accumulation by large investors. Cryptocurrency analytics firm Sentiment reported that wallets holding between 10 and 10,000 BTC accumulated an impressive total of 51,959 BTC in one day on Sunday.
Additionally, a shift in the Bitcoin Free;More Talent Fumima;Danger;2327321427 Spot ETF trend has also contributed to the price action. WuBlockchain emphasized that after five consecutive days of net outflows, the BTC spot ETF saw a net inflow of $15.7 million, a sharp reversal that contributed to the overall market momentum.
However, a review of CoinMarketCap data shows that the Meme cryptocurrency and AI-related tokens were among the biggest gainers over the past 24 hours.
(1) Bitcoin (BTC)
Bitcoin is the first and best-known cryptocurrency, laying the foundation for the digital currency model and influencing the development of many other cryptocurrencies and digital assets. Last week, BTC prices dropped significantly to $60,000, triggering a new pullback trend in the crypto market.
However, sustained price gains above this psychological level pushed BTC to $70,956, a weekly gain of 4.5%. The current market capitalization is $1.39 trillion, with trading volume of $44.6 billion in the past 24 hours.
Based on traditional pivot levels, a renewed Bitcoin price recovery could face a supply glut of $77,000, followed by $91,430.
(2) Dogecoin (DOGE)
Symbolized by the Shiba Inu in the “Doge” meme, Dogecoin transcends its origins as a humorous cryptocurrency that embodies a vibrant and supportive online community.
Amid the current market recovery, Dogecoin price reversed sharply from $0.122 to $0.187, surging 52% on a weekly basis. Additionally, Dogecoin’s market cap jumped $26.7 billion, making it the eighth-largest cryptocurrency.
DOGE price staged a high-momentum breakout from the resistance trendline of a pennant pattern with $3 billion in volume. This ongoing pattern marks a resurgence in bullish sentiment, which could push the popular memecoin to $0.206, followed by $0.26.
(3) Take Ai (FET)
Fetch.AI is at the forefront of combining artificial intelligence (AI) with blockchain technology to enable smart infrastructure and economic systems. The project aims to automate the digital economy through autonomous agents, facilitating direct transactions without intermediaries.
During the last corrective trend, FET price formed a bullish flag chart setup, providing buyers with enough of a breakout to regain strength. The altcoin has been on a three-day streak, rising by 17.3%, and is currently trading at $2.836.
The rising price also broke above the pattern's resistance trendline, boosting Fetch. AI coin price chases higher at $3.4, followed by ambitious target of $5,
take away
Bitcoin’s post-correction rally shows the asset’s sustainability above the $60,000 level and the potential for higher growth. Altcoins quickly followed suit, especially memecoins and AI-related tokens. The renewed recovery offers market participants the opportunity to trade momentum and align with the broader bullish trend.
