In a recent analysis, Crypto Capital Venture discussed the potential impact of the 4-hour chart on the upcoming week in the cryptocurrency market. The analyst believes this chart could answer whether the current cycle differs from previous ones. After observing a move to the upside just below the bull market door area, the analyst sees this week as crucial for determining the market’s direction.
The discussion also includes considerations about the upward momentum in Bitcoin and its potential effects on altcoins like ADA, AVAX, and Solana. The analyst suggests that if Bitcoin maintains its upward trajectory, altcoins could experience significant gains.
Targets for these altcoins are discussed, with potential bullish scenarios outlined. The analyst speculated on the possibility of Bitcoin gaining further momentum before the halving and its potential impact on altcoin targets.
He indicated that altcoins might encounter short-term resistance, leading to a potential retracement. Observing an ascending triangle pattern, he suggested this could pave the way for a bullish narrative, particularly for ADA, with a target of $120 in the medium term leading up to the halving event. This scenario hinges on Bitcoin’s continued upward momentum, presenting a bullish outlook for ADA, with an initial target of $0.65.
Similarly, he noted a comparable setup for AVAX, attributing its potentially stronger momentum to its relative novelty in the market compared to ADA. AVAX’s bullish target stands at around $50, with potential consolidation indicating a triangle pattern formation, potentially leading to a breakout target of $100.
Turning attention to Solana, he highlighted a bullish scenario with an inverse head and shoulders setup, projecting a target of $140. This bullish pattern, indicative of a rising wedge, could yield significant gains, potentially around 130% post-halving.