Bitcoin (BTC) has crossed the $99,000 mark today, but maintaining support above six figures is crucial for its stability. Altcoin traders hoping for price increases must remain vigilant to avoid a potential drop to $85,000. A notable market commentator, who has accurately predicted past declines, offers insights into the current landscape concerning AVAX and MINA Coin.
Will Bitcoin Face a Significant Drop?
The analyst, known as Rager, has successfully identified previous support levels, including the recent test of $90,500. He emphasizes a cautious approach due to the potential signals of downturns. In his latest analysis, he suggests that the chances of testing the $85,000 level appear to be decreasing, supporting his view through graphical evidence.
Rager noted, “There is a prevailing hope for a liquidation hunt at $85,000. As more traders focus on this, it seems we are moving away from this scenario. The recent sell-off has reset market conditions, allowing Bitcoin to rebound off the daily 50 EMA and potentially continue its ascent.”
What Does the Future Hold for MINA Coin?
After dipping to $0.540, MINA Coin has struggled to regain its previous levels. In the wake of significant market movements following political events, MINA’s progress has been limited, leading to expectations of reclaiming support at $0.68. If successful, the coin may target upward levels of $0.73 and $0.80, with a substantial breakthrough at $0.923 potentially signaling a more significant rally.
- MINA Coin is poised for ecosystem development with various projects launching.
- Community engagement could spark a rise beyond its yearly peak of $1.72, aiming for over $5.
- The renewed interest in the ZK space may enhance its market appeal.
AVAX is currently trying to establish a foothold around $41.37. If it succeeds, a revisit to the resistance level of $50.14 is plausible, especially since the drop did not significantly breach the $31 support area. With Bitcoin solidifying its six-figure support, a target of $65 for AVAX appears achievable as January unfolds.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
