Bitcoin attempts to break out of a bullish chart formation, opening the door for TON, STX, MNT, MKR and other altcoins to follow.
Bitcoin (BTC) is down about 2% this week, but a positive sign for the bulls is that the price is off the weekly low of $64,493. Several analysts expect the next trigger to be Bitcoin halving. However, cryptocurrency exchange Coinbase cautions that Bitcoin’s price action could face hurdles after the halving event as the period is typically a weak time of the year for crypto markets and other risk assets.
While the upside looks open, the downside may be limited. UTXO Management senior analyst Dylan LeClair believes that even in case of a fall, Bitcoin is unlikely to dip to $50,000 where a large cluster of longs risk being taken out. However, he warned that nothing is impossible in the crypto markets.
Although Bitcoin has been leading the markets higher, several altcoins have been huge outperformers. Pantera Capital’s Liquid Token Fund said in a shareholder letter reviewed by Bloomberg that the fund trimmed exposure to Bitcoin and Ether and increased allocations to DeFi tokens, which helped it post 66% returns in the first quarter of 2024.
