Analyst Crypto Capital Venture discussed the potential for a bullish move in Bitcoin (BTC) and Cardano (ADA). The analysis suggests that Bitcoin may be setting up for an “inverse Head and Shoulders” pattern, indicating a tug-of-war between bulls and bears in the current market.
According to Crypto Capital Venture, this pattern on Bitcoin’s chart could lead to a major upward movement, potentially signaling the beginning of a new bull market phase. The analyst pointed out the importance of monitoring key resistance levels and Fibonacci retracement areas, with Bitcoin potentially targeting a breakout toward the $48,000 to $49,000 range.

On the Cardano front, the analysis delved into the macroscopic view of ADA’s chart, visualizing a possible scenario for the next bull market cycle. Drawing parallels to historical price movements, the analyst spoke about the significance of planning for various market scenarios, including potential consolidation phases and upward trends.

He pointed out that during the previous cycle, Bitcoin broke into a bull market phase around November 2020, with Bitcoin’s price surging while ADA was trading at around 15 cents. Comparing the timing of this move to the current cycle, he speculated that ADA’s price movement could align with Bitcoin’s next halving event, possibly occurring shortly after.

Also Read: This New Altcoin Can Turn $1,000 to $20,000 : Analyst Reveals Hidden Gems

This suggests that ADA could reach levels around $0.60 to $0.70 as Bitcoin enters the bull market phase. Notably, ADA’s current consolidation phase, with its price around $0.50, reflects an increase from its past levels of around $0.12 during similar market phases.

Reflecting on historical price patterns, he highlighted the likelihood of ADA quickly surpassing key psychological levels, such as $0.50 and $1, indicating potential consolidation around the $1 mark but with a shorter duration compared to the previous cycle. Speculatively, this scenario could unfold around the summer of 2024.

Arbitrum (ARB) Price All Set To Hit New ATH – Predicts Analyst Michaël van de Poppe

Arbitrum (ARB) network, the leading layer-two (L2) scaling solution on the Ethereum ecosystem with more than $2.66 billion in Total Value Locked (TVL), has been preparing to enter the parabolic phase of the bull market in the past few weeks. The mid-cap utility altcoin has rebounded on the daily 50 Moving Average (MA) after being trapped in a market correction phase in the last three weeks.
Additionally, ARB price on the daily time frame has broken out of a falling logarithmic trend, and a consistent close above the support range between $1.72 and $1.83 will guarantee a continued bullish outlook in the coming weeks.

As a result, it is safe to assume the Arbitrum bulls are in control and a new all-time high (ATH) will be reached in the near term.

Arbitrum Network Facilitates Mass Adoption of Ethereum Smart Contracts
Despite being in the market for less than two years, the Arbitrum network has recently been making huge waves in the web3 industry. Most top-tier web3 projects on the Ethereum network – including Uniswap, GMX, Balancer, and Hyperliquid, among others – have launched on the Arbitrum network to access more global users at scale.

Furthermore, the Arbitrum network is backed by reputable web3 venture capitalists led by Offchain Labs, Pantera Capital, and Polychain Capital, among many others.

Also Read: This New Altcoin Can Turn $1,000 to $20,000 : Analyst Reveals Hidden Gems
According to a popular crypto analyst based in The Netherlands, Michaël van de Poppe, ARB price is well positioned for a renewed upsurge after completing a 35 percent market correction. However, Poppe expects the ARB price to generate bullish sentiment after the Ethereum price rebounds from the ongoing market correction.

RUNE Price Reversal Breaks Pullback Trendline, Eyes 50% Hike

With a lower high formation trend, the RUNE price is challenging the dynamic resistance of the 50D EMA. Further, the increasing momentum in Thorchain as it sustains above the 200D EMA signals an intense bull run coming in for the altcoin.
As the uptrend is gaining momentum, the breakout run in Thorchain eyes crossing the overhead Fibonacci level for a sharp rise. So, Will Thorchain reach $100 in 2024 in the upcoming altcoin season? To answer such queries, read our RUNE price prediction now.
Taking support from the 200D EMA, the RUNE price breaks above the pullback phase and challenges the 50D EMA. Further, the lower high formation leads to a support trendline in motion, that confirms an ascending triangle with the neckline at $5.

The bullish reversal from the 200D EMA presents an inverted head and shoulder with a neckline coinciding at $5. Further, the neckline shares the space with the 38.20% Fibonacci level, reflecting a strong confluence of resistance.

Currently, the RUNE coin price trades at $4.64 with an intraday growth of 1.53% forming a bullish candle to support the reversal momentum. As a result, this increases the possibility of a breakout trend.

Technical indicators:

RSI Indicator: The daily RSI line shows a bullish trend in motion as it crosses above the halfway line.

Will RUNE Price Explode To $10?
As the uptrend projects multiple bullish patterns rising against the strong resistance confluence at the $5 mark, RUNE stands at a pivotal point. If the RUNE price sustains momentum to break above the $5 zone, the uptrend can result in a sharp run to the $7 mark. Optimistically, the uptrend can reach the $10 mark.

On the flip side, a breakdown below $4.3 can drop Thorchain to $3.64.