A widely followed crypto strategist and trader believes that steep rallies are in store for one Solana (SOL) challenger.

Pseudonymous analyst The Crypto Dog tells his 829,200 followers on the social media platform X that layer-1 chain Sui (SUI) may be poised to witness huge bursts to the upside after printing a new all-time high (ATH).

With blue skies ahead for SUI, the trader thinks it is within the realm of possibility for the altcoin to go vertical.

“We gonna see a proper parabolic ATH break run?” 

At time of writing, SUI is worth $2.32 slightly below its new all-time high recorded just hours ago.

Turning to the memecoin Pepe (PEPE), the trader thinks it is gearing up to take out its diagonal resistance and spark a new leg up.

“PEPE wants to start something.” 

At time of writing, PEPE is trading at $0.00000962, still below the analyst’s diagonal resistance.

Looking at fellow memecoin dogwifhat (WIF), the trader thinks the altcoin needs to overcome one downward resistance line to ignite rallies to fresh all-time highs.

“ATH run?”

 At time of writing, WIF is trading for $2.63, hovering close to the trader’s diagonal resistance.

As for Bitcoin, the trader says BTC is very close to witnessing a proper bull market.

“We break $63,500 it’s gonna be no items long only final destination.” 

At time of writing, Bitcoin is worth $62,682.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

Bitcoin and other cryptocurrencies started the week well, buoyed by ongoing stimulus discussions in China, the world’s second-largest economy.

Bitcoin (BTC) crossed the important resistance point of $65,000 for the first time since Sept. 30. It has risen by over 10% from its lowest level this month and by 32% from its August low, signaling that it is in a bull market.

Bitcoin’s surge coincided with a strong rally in the global equity market after Chinese officials unveiled a series of stimulus measures.

The Shanghai Composite Index rose by 2%, while the Shenzhen index increased by 2.65%. A similar trend occurred in other Asian and European markets. In the U.S., futures tied to the Nasdaq 100 and Dow Jones continued to rise.

Bitcoin’s rally also followed increased institutional interest, with investors continuing to buy spot Bitcoin ETFs. Data from SoSoValue that ETFs saw net inflows of $308 million last week.

BTC monthly chart points to more gains

The monthly chart suggests that Bitcoin may experience more long-term gains. It shows that the BTC price has been forming a cup-and-handle pattern since peaking at $68,856 in 2021. It retested that level again this year and formed a rounded bottom.

The recent consolidation has been part of the handle section, which typically precedes a major bullish breakout.

This consolidation is also part of a bullish flag pattern, characterized by a long flagpole followed by rectangular consolidation.

Additionally, the chart shows that Bitcoin formed a hammer candlestick pattern in August. This pattern, characterized by a long lower shadow and a large body, is one of the most bullish signs.

Therefore, more gains will be confirmed if Bitcoin rises above the year-to-date high of $73,800. However, these patterns, especially on the monthly chart, can take time to fully play out.

Bitcoin daily chart catalysts

The daily chart also indicates potential near-term gains. Bitcoin has remained solidly above the 50-day and 200-day Exponential Moving Averages. It has also avoided forming a death cross pattern, which often signals further downside.

Bitcoin has also been forming a broadening wedge pattern since March, characterized by a series of higher lows and lower highs. In this case, its higher lows were at $73,800, $72,000, and $70,000.

A break above the descending trendline and the all-time high at $73,800 will confirm a bullish breakout and likely lead to further gains. The odds of Bitcoin reaching a record high this year are increasing.

According to Polymarket, there is a 62% chance that Bitcoin will rise to $63,800 this year, the highest odds since Sept. 29 and significantly higher than this month’s low of 32%.

A top crypto strategist known for making timely Bitcoin calls is outlining a price level where he thinks BTC’s eight-month consolidation could come to a close.

Pseudonymous analyst DonAlt tells his 589,100 followers on the social media platform X that he believes Bitcoin will gather more bullish momentum if it clears a crucial resistance area.

The trader also notes that it would be healthy for BTC to retest its immediate support before moving higher.

“>$65,000 and I’d wager we’ve finally escaped the endless chop
<$58,000 and sadness awaits
>$61,700 is a good first step towards $65,000 being broken

I’m hopeful we’ll go up after all this chop has ended.” 

At time of writing, Bitcoin is trading for $62,663.

DonAlt is also keeping a close watch on the top smart contract protocol Ethereum (ETH). According to the analyst, ETH appears to be forming an ascending triangle pattern – a bullish reversal structure if an asset takes out its horizontal resistance.

“I shall name it the triangle of cope.”

In a video update, DonAlt says that ETH will start to look bullish if it soars above its horizontal resistance.

“Above $2,700 is already enough, like above $2,700 ETH starts looking really attractive. If not, even $2,500 if you want to be really, really aggressive.”

At time of writing, Ethereum is worth $2,458.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney