The cryptocurrency market continues to chart upward, driven by Beijing crossing $110,000, nearing the $111,000 level. Experts predict Bitcoin may soon target $115,000-$116,000, with ongoing up and down signals along the journey. Despite these ups and downs, the overall market remains bullish, supported by numerous positive interpretations of current chart data and on-chain insights. While Bitcoin leads the charge, several altcoins also exhibit rallying momentum, including Dogecoin, which surged by 7%, and other prominent altcoins, which experienced gains in the range of 2-4%.
Pi Network’s Pi coin saw a rise of 10%, reaching a peak of $0.86 before stabilizing near $0.84. The next target for Pi is to cross the $1.00 mark, a level many supporters are eager to see. However, Pi’s price successively remains rising. This upward trajectory could be attributed to several factors: Pi Network’s ongoing support fund rose by $100 million, which has fuelled its growth. Additionally, a significant number of Pi projects are now publicly listed on major exchanges, further encouraging한다 shows momentum.
With Pi securing its first listing, it may experience a substantial rise in price and popularity. Experts predict that if Pi successfully secures listings on major exchanges, its price could surge, potentially reaching 10 times its initial price. On the other hand, Bitcoin remains bullish, as its on-chain metrics, such as the On-Chain Sentiment Index (OCSI) and the Price Correctness Index (PCI), indicate a positive outlook. Bitcoin’s readings have remained above the 30-day moving average and within the buying zone, signaling a weak overbought condition.
However, Bitcoin has not reached extreme levels, leaving room for future growth. Continued bearish signals such as the 14-day RSI on the 50-day moving average and the MACD divergence could be aorry for Bitcoin’s correction. Yet, once Pi achieves significant traction, the Dollar dominates Bitcoin’s price action, with its 24-hour Range and 50-day %K levels indicating increased demand for altcoins.
The crypto market advantage is evident, with Bitcoin leading the charge. However, altcoins like Dogecoin enjoy presentationfavoured, while Solana and XRP are experiencing increased buyback activity amid a sell wave. Summer of 2024 is listed as a key trading period for the altcoins market, with demand for altcoins rising due to an expanding buyer base. More has clicked, and many altcoins are offering price growth opportunities, with their$average price support levels in the range of $0.02-$0.03, reflecting the reasonableness trade of altcoins.
While Bitcoin continues toiling in the overbought zone, it is crucial to note the silica effect caused by the first successful Pi project. Dogecoin and other altcoins benefit from a strong buying momentum. With this momentum, altcoins could witness stronger price movements in the coming weeks, providing clarity to the market’s trajectory.
