Bitcoin Price Analysis
Bitcoin (BTC) bulls are trying to start a recovery but selling at higher levels continues to disarm each attack of the range highs. Veteran trader Peter Brandt said in a post that Bitcoin has broken down from a bear wedge pattern, giving it a target objective of $65,635.
The Current Market Situation
The current macroeconomic environment and the fears of a prolonged trade war have created a 40% possibility of a recession in 2025, according to Coin Bureau founder Nic Puckrin. Puckrin said that a recession and the current macroeconomic uncertainty could put pressure on risky assets such as cryptocurrencies.
Crypto Market Data
Crypto market data daily view. Source: Coin360
Bitcoin’s Local Bottom
However, not everyone is bearish on Bitcoin in the near term. Analyst Stockmoney Lizards said in a post that Bitcoin’s local bottom could be between $82,000 and $80,000. The analyst anticipates Bitcoin to make a reversal next week.
Select Altcoins Showing a Bullish Setup
If Bitcoin starts a recovery, select altcoins are likely to move higher. Let’s look at the charts of the top cryptocurrencies that are showing a bullish setup.
Toncoin Price Analysis
Toncoin (TON) bounced off the moving averages on March 30, indicating a positive sentiment.
TON/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping 20-day EMA ($3.58) and the RSI in the positive zone indicate advantage to buyers. The bulls will try to strengthen their position by pushing the price above $4.14. If they can pull it off, the TON/USDT pair may start a new upmove to $5 and, after that, to $5.65.
Cronos Price Analysis
Cronos (CRO) broke out of the moving averages on March 24, signaling that the downtrend could have ended.
CRO/USDT daily chart. Source: Cointelegraph/TradingView
The CRO/USDT pair is facing selling near $0.12, but a positive sign in favor of the bulls is that they have not allowed the price to sustain below the $0.10 support. This suggests that buyers are trying to form a higher low. If the bulls shove the price above $0.12, the pair could rally toward $0.14.
Mantle Price Analysis
Mantle (MNT) failed to rise above the 50-day SMA ($0.84) in the past few days, but a positive sign is that the bulls are trying to hold the price above the 20-day EMA ($0.80).
MNT/USDT daily chart. Source: Cointelegraph/TradingView
If the price rebounds off the 20-day EMA with strength, it will suggest a change in sentiment from selling on rallies to buying on dips. That improves the prospects of a break above the 50-day SMA. If that happens, the MNT/USDT pair could ascend to $0.94 and later to $1.06.
Render Price Analysis
Render (RNDR) has been in a strong downtrend for several weeks, but the bulls pushed the price above the 50-day SMA ($3.77) on March 25, signaling demand at lower levels.
RNDR/USDT daily chart. Source: Cointelegraph/TradingView
The bears have pulled the price to the 20-day EMA ($3.57), which is an important level to watch out for. If the price rebounds off the 20-day EMA with force, the bulls will try to propel the RNDR/USDT pair to $5 and later to $6.20.
Conclusion
In conclusion, the current market situation is characterized by uncertainty, with a 40% possibility of a recession in 2025. This has created a challenging environment for cryptocurrencies, with many altcoins experiencing significant price drops. However, some altcoins are showing signs of a bullish setup, and a recovery in Bitcoin could lead to a broader rally in the market.
FAQs
Q: What is the current market situation like?
A: The current market situation is characterized by uncertainty, with a 40% possibility of a recession in 2025.
Q: What is the target objective for Bitcoin?
A: The target objective for Bitcoin is $65,635.
Q: What is the situation like for select altcoins?
A: Select altcoins, such as Toncoin and Cronos, are showing signs of a bullish setup.
Q: What is the situation like for Bitcoin?
A: Bitcoin is trying to start a recovery, but selling at higher levels continues to disarm each attack of the range highs.
Q: What is the situation like for Mantle?
A: Mantle failed to rise above the 50-day SMA, but the bulls are trying to hold the price above the 20-day EMA.
Q: What is the situation like for Render?
A: Render has been in a strong downtrend for several weeks, but the bulls pushed the price above the 50-day SMA on March 25.
