Bitcoin’s Upcoming $60K Target Could Surge These Altcoins as Buying Pressure Intensifies
Bitcoin successfully broke out of the previous consolidation phase near $52,000 and has witnessed an impressive rally in the last 24 hours as buyers overcome key resistance levels. This surge resulted in significant liquidation for sellers as the price of BTC rose above $57,000. The BTC price is currently experiencing a surge in buying demand as several on-chain indicators turn bullish, with the next target set at $60,000 by the end of the week. This could lead to a surge in major and emerging altcoins in the coming week.
Investors will soon focus on altcoins
While Bitcoin prices have been on the rise over the past few weeks, altcoin prices have not shown a corresponding rise, and altcoin dominance continues to decline. This indicates a clear shift in investor interest in Bitcoin, with many people betting on Bitcoin’s continued price surge.
Typically, interest in altcoins decreases when Bitcoin prices soar and market sentiment is positive, as seen with events such as Bitcoin ETF inflows or Microstrategy’s recent Bitcoin acquisition. However, when the price of Bitcoin peaks or experiences a significant decline, there tends to be a noticeable movement of capital into the altcoin sector.
In the current bull market, Bitcoin has surpassed historical resistance levels and exceeded forecasts, with gains being diversified into riskier assets.
Small-time traders may try to outsmart larger investors, or “whales,” by investing in meme coins in hopes of making quick profits. However, if these smaller assets do not produce the expected results, these tactics could unintentionally increase Bitcoin’s dominance.
Accordingly, during the ongoing Bitcoin bull market, investors are expected to turn their attention to altcoins affected by Bitcoin momentum, such as Ethereum, Litecoin, Cardano, and XRP, to seek additional profits.
Upcoming Bitcoin and Altcoin Predictions
As the Bitcoin price continues to rise and stabilize around recent highs, it is difficult to predict the short-term price direction. Nonetheless, there are expectations that Bitcoin could experience a notable price surge before the end of the year, possibly exceeding past cycle highs of $68,000. However, it is highly likely that the peak will be surpassed before the April halving.
In particular, as the price of BTC rises, several altcoins are also soaring. Last week, Ethereum (ETH) saw significant gains, reaching its highest price in 22 months and its highest weekly close in nearly two years. ETH price continued to rise above $3,000 and is close to its all-time high of $3,300. Bitcoin’s $60,000 surge could push ETH prices above $3,500, triggering another wave of near-term liquidations.
XRP price has been on the rise, rising more than 5% in the past 24 hours as market momentum shifts. If BTC price exceeds $60,000, there is a possibility that XRP price will exceed $0.65. At the same time, Litecoin and Cardano are poised to surpass significant psychological levels of $100 and $1.2 respectively.
It is worth noting that the altcoin seasonal index has made a notable upward move, recovering from a low of 46 to its current position of 61. This indicates that an altcoin rally could be imminent, especially if BTC price struggles at immediate resistance levels. .