Crypto Market Update: Bullish Ignition Point

As we approach a crucial area for bullish momentum, the chances of a breakout are increasing. This situation mirrors when Bitcoin dipped below $53k, leaving many worried about new lows. But what happened? The bulls stepped in from that zone, and now we’re back at the swing high of that significant low. This time, things feel different. The price reaction and behavior at this weekly block ~$68.3k indicate it’s not your typical bounce.

If the momentum heats up, it’s unlikely we’ll see another entry point for $BTC below $64k. We had opportunities at $53k, $56k, $57k, and the last chance at $58.8k. The ideal scenario is for Bitcoin to push higher from here, igniting enough momentum to drive us toward the all-time high zone. However, a normal retracement to $65.7k is still a possibility. Nothing changes unless we see another weekly close below the current candle’s low.

Now, let’s shift our focus from $BTC to some altcoins that are showing signs of potential. Keep in mind, FA coins are currently consolidating and some are signaling weekly bottoms, which could lead to a rotational play while meme coins take a breather.

Recent Highlights:

ARB:

While there’s nothing groundbreaking, the weekly chart is finally showing bottoming signals. We look for weekly expansion bars at key levels, and it’s starting to print those candles. Although it’s slower than most due to a significant drop that made new lows since its listing, it’s worth watching if Layer 2s gain traction.

For now, I’ll hold off—above $0.73 will be more exciting, but for those with patience, consider dollar-cost averaging below $0.55.

FTM:

This altcoin has the strongest momentum on both the weekly and monthly charts. If you’re overlooking its strength, it might be time to refocus your strategy. I called this one out on Telegram for entry below $0.60, and it’s already up 30%. I expect FTM to outperform many of the top 20 coins due to powerful macro signals. Just hold for now; this is only the beginning.

FET:

FET is moving slower than I’d hoped, currently trying to establish a base after a break in market structure (BMS). If you can buy below $1.40, it might be a good opportunity. This is a position trade, so over-managing isn’t necessary unless the current momentum shifts.

OP:

OP experienced a BMS in the current structure and needs to move above $2 to escape uncertainty. It also had a retest at $1.50, and I’m waiting for it to curl up further.

INJ:

INJ is showing beautiful price action for both sides. While it may not have the strongest momentum, it’s following the plan.

If you entered at $1.84, it’s best to set stops at break-even, as revisiting that entry zone could be bearish. It needs to hold above $2, aiming for $3.50.

NEAR:
This has been the standout performer so far. Just hold onto it—$10 by year-end seems possible. If it doesn’t hit that target, we’ll re-evaluate and consider cutting early. Above $5.30, and we’ll see some trend resurgence!

What’s Next?

We’ve had some successful trades with over 30% gains in $FTM and $NEAR. Others, however, are testing our patience with minimal momentum. Feel free to cut those trades and add to the winners, or focus on building positions in other promising trades that will be highlighted in the newsletter.

Currently, no positions are in the red, which suggests the market is showing some life. One lingering question is: Will altcoins rally when Bitcoin hits a new all-time high? It might be wise to shift back into the ‘King’ before that happens, but that’s a topic for another discussion.

Stay tuned for more updates!