Bitcoin’s recent surge past the critical $60k mark sparked widespread excitement across altcoins, shifting sentiments from red to green. However, whether this signals a confirmed bullish breakout remains uncertain.”
Analyst Lark Davis opened up about the recent developments in Bitcoin’s price action and pointed out that Bitcoin has successfully broken out of a downtrend, moving past the 200-day EMA, and blasting through the $60k and $62k levels, as well as the 50-day and 100-day exponential moving averages.
He supported the bullish outlook, noting the potential for a technical retest around $63,000 to test the 50-day and 100-day as support, or even around $62,000. Despite the bullish sentiment, Davis reminded everyone that markets do not move in a straight line and corrections are natural.
The key level to watch is $72,000. Davis expressed excitement about the bullish momentum and the positive market reaction, citing factors like potential rate cuts, rising global liquidity, increasing regulatory clarity, and the possibility of a pro-crypto U.S. presidency. He warned that despite the excitement, Bitcoin is still ranging sideways until it breaks the $72,000 level.
The analyst then opened up about the possibility that recent price action could represent a spring in a Wyckoff reaccumulation pattern, potentially pushing Bitcoin to a target range of $90k to $100k in the next market cycle. He once again explained the importance of breaking the $72,000 level for a confirmed bullish breakout.
Davis also gave a quick update on some of the top-performing altcoins recently. Meme coins stole the spotlight with MCoin surging 20%, Floki up 12%, Dogwifhat climbing 15%, and Pepe rising 16% in just 24 hours.
He then turned to Solana, noting its dominance in decentralized exchanges (DEXs), where it now commands 30% of the total trading volume across all blockchains. Davis expressed a longstanding belief that only a few blockchains will ultimately capture most user activity, questioning the proliferation of competing platforms with limited adoption beyond initial hype.
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