Is the crypto bull run back?

With Bitcoin (BTC) price shooting up to $65,000 in the late American and early Asian sessions, the crypto market seems to be charged up. This BTC outlook is not shocking since it was forecasted by FXStreet in a previous publication. This sudden uptick in the pioneer crypto has pushed sidelined buyers out of their hiding, resulting in altcoins like Fantom (FTM) and Near Protocol (NEAR) climbing roughly 20% in the past day.

Also read: Week Ahead: Crypto market eyes a bullish turnaround

Is Bitcoin back on the bull run track?

Bitcoin price produced a higher high after Wednesday’s daily candlestick close, suggesting a break in the market structure favoring bulls, aka the end of consolidation and the start of an uptrend. But does this mean that the bears have bitten the dust? Not yet. 

While signs of a directional move are there, investors need to watch the $67,937 to $70,024 imbalance. This zone also harbors the 2021 all-time high (ATH), making it a critical area to overcome. If Bitcoin price manages to flip this imbalance into a support floor, it would be the start of a bull run and would also hint that the new ATH is around the corner.

Also read: Should you buy BTC here?

It is likely that there will be a struggle around the $70,000 psychological level and the ATH of $73,949. A decisive breakout coupled with strength in buying pressure will be key for Bitcoin price to hit new ATHs.

BTC/USDT 1-day chart

The altcoin landscape 

As seen in the image below, Jito (JTO), Fetch.AI (FET), Fantom (FTM), Sei (SEI) and many altcoins have already registered gains of more than 20% in under 30 hours. 

Altcoins performance

It is unlikely that altcoins will pause and allow buyers an opportunity to buy. However, investors need to exercise caution as a potential pullback might occur when BTC enters the $67,937 to $70,024 imbalance zone. A minor retracement in BTC here could be key for altcoin buyers to accumulate. 

Some of the sectors that could resume their bullish outlook

• Artificial Intelligence (AI): Altcoins like Render (RNDR), Fetch.AI (FET), Arkham (ARKM), Worldcoin (WLD) and so on. 
• Real-World Asset (RWA): With BlackRock’s entry into the tokenized asset space, this category saw a huge boom. Ondo (ONDO), Pendle (PENDLE), Polymesh (POLYX), Centrifuge (CFG) and others are good picks for the upcoming rally.
• Meme coins: The dog or cat-based cryptos or meme coins, in general, have been a major force to be reckoned with. New-gen meme coins dogwifhat (WIF), Book of Memes (BOME), Myro (MYRO), Wen (WEN) and so on are tokens that have gained widespread popularity in a short time. But meme coins like Pepe (PEPE) and Floki Inu (FLOKI), previous cycle altcoins, could have much larger and relatively stable gains in comparison. 
• Blue-chip altcoins: With the exception of Ethereum (ETH) and Solana (SOL), Avalanche (AVAX), Fantom (FTM) and other DeFi tokens have huge potential, assuming the bull market has kicked off. 

More Altcoin Forecasts

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• Arkham price primed for a recovery rally ahead of OpenAI’s announcement

• Pepe price primed for 25% rally as PEPE bulls ignore Friday’s correction