- Can Bitcoin surge through all-time highs and send the markets into mania mode?
- US Securities and Exchange Commission (SEC) deferred decision on Spot Ethereum ETF decision to May.
- Altcoin Analysis of new Layer-1’s: SEI & SUI
As the Bitcoin halving approaches, and the cryptocurrency teeters on the verge of reaching new all-time highs, interest in digital assets appears to be gradually rekindling worldwide. Historically, the price surges observed in assets like DOGE have predominantly occurred just before the onset of a bull market. As we anticipate whether history will indeed repeat itself, and the market continues to present numerous opportunities.
Related: To Buy the Dip or Wait? Analysts Weigh In
Spot Ether ETF Delayed
The US Securities and Exchange Commission (SEC) has delayed its decision on Ethereum ETF applications from BlackRock and Fidelity for a second time, intending to use this period to gather more public feedback and assess the potential for market manipulation, especially in comparison with Bitcoin ETFs.
A final decision is now expected by May 23.
Bitcoin – BTC
The climb towards all-time highs has brought with it a swell of volatility. Over the last few days we’ve had one of the largest liquidation events in history. Over US $1B of longs and shorts were knocked out of the market. This consequently also aligned with the largest day of buying we’ve seen from the BlackRock IBIT Bitcoin Exchange Traded Fund (ETF).
For a further breakdown and review of the entire market check out my latest video on Crypto with Pav.
Bullish scenario
The current trading range leads to accumulation, characterised by higher highs and higher lows, culminating in the price advancing beyond the current range’s high.
Bearish scenario
The current trading range leads to distribution, characterised by lower highs and lower lows, which results in the price breaking down towards the key level (previous lows) to test the demand there.
Sei – SEI
SEI is backed by some big names in the crypto industry. Such as the likes of Multicoin Capital, Jump Crypto, Circle, OKX Ventures and Coinbase Ventures to name a few.
Using a Fibonacci retracement of the most recent higher high and previous low, we can look at some technically significant levels. Fibonacci retracement is a technical analysis tool that identifies potential reversal levels
Bullish scenario
Using Fibonacci retracement key levels, holding above $0.79 could see the price continue to rally to the above targets of $1.16 and $1.33.
Bearish scenario
Failure to hold above $0.79 could result in prices heading lower and setting a new lower under $0.56.
Sui – SUI
Sui is one of the new kids on the block this cycle. This Layer-1 blockchain solution from ex-Facebook employees is also presenting interesting technicals.
Working off the basis of range and channel analysis, we can derive the following scenarios.
Related: Bitcoin Reaches New All-Time Highs Before Retreating by 11%
Bullish scenario
A breakout from this current range suggests that accumulation has likely occurred, allowing us to focus on areas of technical significance. By extending the range from the current highs and lows, we identify $9.00 as a technical area to watch.
Bearish scenario
Failure to break out of this current multi-week range, could see prices move lower to previous weekly lows starting at $0.90.
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