BTC Price Prediction Today
After a significant pullback from its peak, Bitcoin is showing signs of recovery. The cryptocurrency is up 3.2% on Wednesday, trading at $40,160. This positive outlook follows a correction that saw Bitcoin’s price drop to $38,540.
However, for the new uptrend to be confirmed, Bitcoin needs to maintain support at $40,000. If it slips below this level, there could be a deeper sell-off to $36,000.
Shiba Inu Price Flashes Green
Shiba Inu, the second most prominent meme coin, is rebounding after a rough couple of weeks. The cryptocurrency fell below $0.00001 but has now climbed back to almost touch $0.000009.
If Shiba Inu successfully retests the resistance at the 200 EMA, it could surpass $0.00001 and potentially rise even higher in the upcoming bull market.
Avalanche (AVAX) Flaunts a Pennant Pattern
Avalanche experienced intense selling pressure recently but has found support at $28. This has allowed bulls to regain control and pushed AVAX above $30.
The RSI suggests an upward shift in momentum, and if Avalanche breaks out of a bullish pennant pattern, it could target $50 in the short-term. However, if support weakens at $30 and $28, traders may consider shorting AVAX with a potential drop to $20.
Hot Take: Crypto Market Rebounds as Investors Bet on Further Price Increases
Despite a recent market sell-off following Bitcoin ETF approval, investors are now willing to bet on further price increases in the crypto market. With Bitcoin rebounding above $40,000, attention is also shifting to altcoins like Shiba Inu and Avalanche. The next few days will be crucial in determining whether the bearish trend is over and if a new uptrend is on the horizon. Traders should closely monitor Bitcoin’s price movement and indicators like the Relative Strength Index (RSI) before making investment decisions. Overall, the market seems to be recovering from the recent dip, offering potential opportunities for crypto investors.
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