Bitcoin’s Surge Above $62,000: Implications for APT, WIF, FTM, and BGB

Bitcoin’s rebound above $62,000 is creating a favorable environment for several altcoins, suggesting a potential rally for APT, WIF, FTM, and BGB.

Market Insights

Bitcoin (BTC) aims to close the week above $62,500, a significant improvement compared to the intra-week low of just beneath $60,000. This trend indicates buying interest at lower price levels. Although the month of October, typically one of the strongest months for Bitcoin, has had a sluggish start, analysts predict potential upward momentum in the near future.

In terms of market sentiment, the CME Group’s FedWatch Tool indicates a 97% chance of the Federal Reserve implementing a 25 basis point rate cut in their upcoming meeting on November 7. Such a move is expected to foster a more risk-friendly environment for investors.

Another indicator of potential recovery is the decline in Bitcoin held on centralized exchanges. According to data from CryptoQuant, centralized entities currently hold over 2.8 million Bitcoin; this is the lowest amount since November 2018. This reduction in available liquidity is often followed by bullish price movements.

Can Bitcoin’s recovery act as a catalyst for a resurgence in altcoins? Let’s examine the top five cryptocurrencies that currently show strong chart patterns.

Bitcoin Price Analysis

Bitcoin has reflected an upswing off the 50-day simple moving average (SMA) at $60,589 as of October 4, which suggests buyers are attempting to establish a higher low.

If the buyers can sustain the momentum above the 20-day exponential moving average (EMA) at $62,237, there’s a potential for the BTC/USDT pair to ascend towards $66,500. Although this could attract selling pressure, the rally may progress to $70,000 if buyers remain aggressive.

Conversely, if bearish forces manage to drive the price below the 50-day SMA, the pair could decline to $57,500, ultimately targeting key support at $54,000.

On the 4-hour chart, the bulls have defended the 20-EMA, and the relative strength index (RSI) has entered positive territory, suggesting a shift in momentum. A close above the 50-SMA could lead the price towards $65,000.

If the price were to decline and break below the 20-EMA, the bears would gain an advantage, potentially causing a drop to the crucial $60,000 level. Should this support break, further declines to $57,500 and $54,000 could follow.

Aptos Price Analysis

Aptos (APT) made a significant move by breaking out of an inverted head-and-shoulders formation on September 21 and subsequently holding the retest at the breakout level on October 2.

The 20-day EMA currently sitting at $7.89 is trending upwards, and with the RSI in positive territory, it indicates bullish momentum. The APT/USDT pair is poised to target $11.

This optimistic scenario may be refuted if the price falls below $7.65, as this would signal a possible false breakout and could lead the pair to drop to $5.66.

The 4-hour chart shows the price has retraced towards the 20-EMA, a level the bulls need to defend. A bounce off this level and a breakthrough above $9.32 would demonstrate that the trend is turning positive.

Should the price decrease and breach the 20-EMA, it would indicate profit-taking by the bulls, potentially leading to a decline to $5.66, which is expected to attract solid buying support.

Dogwifhat Price Analysis

In Dogwifhat (WIF), bears are vigorously defending the downtrend line. Nevertheless, a positive sign is that the bulls have managed to keep the price above the 20-day EMA ($2.09).

Both moving averages are beginning to incline, with the RSI in positive territory signifying bullish advantage. For a trend reversal signal, the bulls must maintain the price above the downtrend line. If they manage to surpass the resistance zone of $2.64 to $2.89, it could lead to a rally towards $3.50.

If the price drops below the 20-day EMA, the WIF/USDT pair may decline to the 50-day SMA at $1.77.

The 4-hour chart indicates the formation of an ascending triangle pattern that targets $2.93. Buyers are responding actively at the breakout level of $2, successfully pushing the price above immediate resistance at $2.40. The pair could rise to $2.60, which may serve as a significant resistance point.

A breakdown below $2 would indicate bearish control, potentially bringing the pair down to the ascending triangle’s uptrend line.

Fantom Price Analysis

Fantom (FTM) completed an inverted head-and-shoulders pattern on September 17 after breaking above $0.55. In typical scenarios, a price breakout from a significant level is often followed by a retest.

The bulls are attempting to halt the correction at the 20-day EMA ($0.62). A price increase above $0.70 would signal a resumption of bullish trends, potentially pushing the FTM/USDT pair to the pattern target of $0.83 and eventually to $0.93.

This bullish outlook could be invalidated if the price drops below the breakout level of $0.55, which would imply that market participants reject the breakout.

The bulls are working to establish a local bottom at $0.58. A breakout above the 50-SMA would demonstrate steady demand at these lower price levels, with the potential for the pair to advance towards $0.76 and later to $0.83.

On the other hand, a price decline from the 50-SMA would indicate that bears are regaining control, which might lead to a dip to $0.60 and possibly $0.55. A close below this level would indicate bearish dominance.

Bitget Token Price Analysis

Bitget Token (BGB) exhibits a pattern of increasingly higher lows and highs, signaling the onset of a robust recovery.

The 20-day EMA ($0.99) is on an upward trajectory, while the RSI indicates bullish momentum. If buyers can push the price above $1.08, the BGB/USDT pair could rally to $1.14 and subsequently to $1.22.

If, however, the price pulls back from $1.08 and falls below $1.02, it would suggest that bears are still dominant at these levels, leading to a possible decline towards the uptrend line.

The 4-hour chart illustrates that the price has retraced from the resistance line of the ascending channel pattern, indicating continued selling pressure from bears. A slip below the moving averages may suggest that the pair could linger within the channel longer.

Alternatively, if the price bounces from its current level or the 20-EMA, bulls will make another attempt to break through the resistance line. Success in this effort could lead to a rise towards $1.22.

This analysis does not constitute financial advice. All investment decisions carry risks, and individuals should conduct thorough research before making any financial commitments.