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Highlights
- The ascending trendline is bolstering the current recovery in Bitcoin with dynamic support.
- The WIF price escape from a two-month consolidation is signaling a major trend reversal.
- The Celestia price may prolong its consolidation trend until the symmetrical triangle is intact.
Crypto Market Prediction: The crypto market is witnessing a slow yet steady recovery as the leading digital assets Bitcoin (BTC) and Ethereum (ETH) are taking turns to bolster investors’ sentiment. The recent approval of Spot ETH ETF sparked fresh buying pressure in the altcoin market while CryptoQuant shed light on the ongoing dynamics of the Bitcoin market, suggesting that the bull run is far from over.
As per this renowned analytics firm, the Market Value to Realized Value (MVRV) ratio, a popular metric used to assess the profitability of Bitcoin holders, indicates that the market is still in a position to see further rises.
The #Bitcoin bull market is still not over
“In past bull markets, MVRV peaked at 4.83 and 3.97, and currently has only reached 2.78. It has still not entered the overvalued zone and further rises can be expected.” – By @DanCoinInvestor
Full post 👇https://t.co/UL5JxtScUZ
— CryptoQuant.com (@cryptoquant_com) May 28, 2024
Historically, during bull markets, the MVRV ratio has peaked at levels such as 4.83 and 3.97. However, the current MVRV ratio is only 2.78, suggesting that Bitcoin has yet to reach the overvalued zone typical of market peaks. This observation implies that there is potential for further upward movement in the market.
Also Read: MicroStrategy CEO Michael Saylor Celebrates Bitcoin ETF Reserve Surpassing 1M BTC
1)Bitcoin (BTC)
The pioneering cryptocurrency Bitcoin has been under steady recovery since the onset of May as its price rebounded from $56000. This upswing has uplifted the asset value by 21.3% to currently trade at $68550.
As per the data from CoinMarketcap, Bitcoin holds a market cap of $1.35 Trillion, and the trading volume surged 70% to reach $70 Billion.
An analysis of the daily chart shows the BTC price sustainability above $67500 with long-tail rejection candles. This firm demand pressure could create a new higher low indicating the buyers are accumulating the asset at occasional dips— a key sign of sustainable uptrend.
A potential rebound from this support will surge the asset by 7.7% to hit a $73800 high.
On a contrary note, if the sellers break the support trendline carrying the current recovery trend, the BTC could trigger fresh correction and retest $60000.
2) Dogwifhat (WIF)
Dogwifhat (WIF) is a memecoin that operates on the Solana blockchain, gaining popularity for its community-driven nature and internet meme appeal. Its mascot, a Shiba Inu dog wearing a pink hat, symbolizes the lighthearted and whimsical essence of many meme coins, akin to predecessors like Dogecoin and Shiba Inu.
Over the past two months, the WIF price witnessed a sideways trend amid the development of a symmetrical triangle pattern. The two converging trendlines of this pattern were leading the asset in a narrow space before it gave a decisive breakout on the upside.
On Monday, the coin price breached the pattern’s overhead trendline signaling the continuation of prevailing uptrend. With an intraday gain of 9%, the Dogwifhat coin reached a trading price of $3.7, while its market value boasted to $3.69 Billion.
If the bullish momentum persists, the WIF price is likely 30% to hit $4.86.
Also Read: Best Shiba Inu Killers To Diversify Your Memecoin Wallet Holdings With
3) Celestia (TIA)
Celestia (TIA) is a highly innovative blockchain network that stands out due to its modular architecture, which allows for greater scalability and flexibility compared to traditional blockchain systems.
The prevailing correction trend in the TIA coin stabilized above the psychological level of $8 shifting the declining trajectory sideways. A look at this daily chart shows the consolidation enveloped between two converging trendlines form a symmetrical triangle pattern.
Amid the renewed market recovery, the Celestia coin has risen for four consecutive days, uplifting its value from $8.84 to $10.65, registering a 20% jump. With sustained buying, the coin price will break the overhead trendline signaling a major trend reversal.
The potential breakout will accelerate the bullish momentum and aim for higher targets at $12.8, followed by $15.5.
Key Takeaway
The BTC price trading sideways above $67500 for over a week has limited recovery momentum in the majority of major altcoins. However, the broader trend remains bullish amid the Spot Ethereum ETF approval and increasing market anticipation for Bitcoin’s post-Halving rally.
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