Bitcoin price recovery to $62.5K could trigger breakout in TON, AVAX, KAS and XMR
Bitcoin’s recent weakness has pulled several altcoins lower, but TON, AVAX, KAS and XMR look set to move higher.
Bitcoin (BTC) fell below $60,000 during the week, but lower levels attracted buyers who are trying to start a recovery. Bitcoin remains stuck inside the $56,552 to $73,777 range, indicating a tussle between the bulls and the bears. It is difficult to predict the direction of the breakout with certainty. Hence, traders may either trade the range or wait for the breakout to happen before establishing large bets.
Investors are divided about Bitcoin’s future price action. Former PayPal CEO Peter Thiel believes that Bitcoin does not have much room to run on the upside. While speaking to CNBC, Thiel said that Bitcoin’s price may rise a little, “but it’s going to be a volatile, bumpy ride.”
In contrast, popular trader BitQuant is bullish on Bitcoin. He said in a post on X that his Bitcoin model points to a target objective of $95,000 every time he runs it.
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Author: Rakesh Upadhyay
