Bitcoin (BTC) and Altcoin Price Analysis

Bitcoin (BTC) is on track to finish the week with gains of around 6%, showing sustained demand from the bulls. MicroStrategy co-founder Michael Saylor predicts that Bitcoin’s monthly demand could surge between two to 10 times by the end of 2024 due to the halving reducing the supply by half, leading to a price increase.

Bitcoin Price Analysis

Bitcoin has been holding above the ascending channel pattern for the past three days, indicating that the bulls are defending the breakout level. The price could rally towards $40,000 if it breaks above $38,000. However, overbought levels on the RSI warn of a potential correction. A fall below $34,784 could indicate rejection of higher levels and lead to a decline to $32,400 to $31,000 support zone.

VeChain Price Analysis

VeChain (VET) completed a double bottom pattern after breaking above $0.021 on Nov. 6. The bulls are trying to flip this level into support and may rally to $0.028. However, failure to rise above $0.023 could result in a drop to the 20-day EMA ($0.020) or even the 50-day SMA ($0.018).

Immutable Price Analysis

Immutable (IMX) has seen a sharp rise, but faces resistance at $1.30. A break above this level may lead to a rally to $1.59, while a drop below it could pull the price down to the 20-day EMA ($0.84) or even lower.

The Graph Price Analysis

The Graph (GRT) has corrected after an up-move but is supported by the 20-day EMA ($0.12). If it breaks above $0.16, it may resume its uptrend towards $0.21; however, failure to do so could indicate an end to the up-move and potentially lead to a fall towards strong support at $0.12.

Algorand Price Analysis

Algorand (ALGO) is forming a rounding bottom pattern that may complete on a break and close above the overhead resistance at $0.14, potentially leading to an up-move towards $0.20 and $0.24 targets.

Hot Take: Crypto Market Outlook

The bullish sentiment continues for Bitcoin and several major altcoins as they show potential for further gains in the near term despite potential corrections along the way.