After retesting the $94,000 support level twice over the past week, Bitcoin continued its recovery towards $100,000 on Wednesday.
Bitcoin’s recovery also reignited momentum across the altcoin market as several of the top 99 cryptocurrencies had flipped towards the green with the leading performers posting double-digit gains.
The overall cryptocurrency market capitalization increased by 1.7% in the past 24 hours, recovering from a low of $3.4 trillion from the previous day to over $3.7 trillion at the time of writing.
However, according to some experts, the flagship cryptocurrency isn’t out of the woods just yet.
Meanwhile, the altcoin sector had also lost some of the momentum as the Altcoin Season Index had dipped to the mid-60s from the 87 seen last week.
What’s next for Bitcoin price?
According to one metric, experts believe Bitcoin could see some more correction.
Veteran trader Peter Brandt believes a sharp correction is due, based on Bitcoin’s performance against gold futures. He pointed to the Bitcoin-to-Gold ratio which had risen to hit a key resistance zone.
Specifically, the metric has rallied to a level between 36-to-1 and 37-to-1, meaning one Bitcoin is equivalent to 36–37 units of gold futures.
Traders often associate this range with a local market top.
This coincides with the ratio’s weekly relative strength index breaching the overbought threshold of 70, signaling potential overextension of the current rally.
Historically, such levels have been followed by significant price corrections.
Crypto analyst Michaël van de Poppe shares a similar view, anticipating further downside for Bitcoin in the short term.
Poppe explained that the leading cryptocurrency is mimicking price action seen during December 2023 when Bitcoin corrected till February before embarking on a rally.
However, this time around he doesn’t expect the correction to be as deep and expects both Bitcoin and altcoins to rally soon.
However, according to trader pseudonymous analyst Skew, Bitcoin bulls need to regain control above $98,000 before rallying above $100,000 again.
He pointed to an equilibrium forming in Bitcoin’s spot price action on Binance, with a key resistance and support zone shaping a tug-of-war between buyers and sellers.
Reclaiming $98,000 would signal buyer dominance and the potential for continued upward momentum.
When writing, Bitcoin had just surged past $100,000 once again trading at $100,598, up 5.0% in the last 24 hours.
Altcoins were also showing signs of recovery, and the top-performing altcoins were:
Solana Swap
Solana Swap (SOS) led the highest gains among the top 100 crypto assets.
The altcoin rose 27.2% over the past day extending its weekly gains to over 97% while trading at $4.65 at the time of writing. SOS’s market cap was close to surpassing the $2.5 billion mark while daily trading volume for the token hovered over $2.48 million.
Source: CoinMarketCap
SOS’s recent gains are due to excitement about the upcoming launch of Solana Swap’s official version.
The decentralized exchange leverages advanced AI algorithms through its integration with Google DeepMind’s open-source model and the speed of the Solana blockchain to make trading more efficient, secure, and affordable compared to traditional exchanges.
SOS reached its all-time high of $5.69 on Nov. 21 this year, which is 18.4% higher than its price when writing.
Bitget Token
Over the last 24 hours, Bitget Token (BGB) rose 21.5% to a new all-time high of $3.29 while raising its market cap to over $4.5 billion.
This brought its year-to-date gains up to 475% at press time making it a top-performing altcoin this year.
Source: CoinMarketCap
While there is no apparent reason for the token to rise, a lot of the momentum came from the exchange’s performance over the past months.
Notably, the exchange has seen a surge in users over the past month, driven in part by the success of its launchpools, which have drawn a lot of attention.
Meanwhile, technicals for BGB are also strong as explained by several analysts on X, who are pointing to a rally towards $5 next.
Brett
Brett (BRETT) surged 21.1% over the last day exchanging hands at $0.1867 per coin while bringing its market cap back over $1.8 billion at press time.
Source: CoinMarketCap
The Ethereum-based meme coin rallied following its listing on Klever Swap, the exchange feature within the Klever Wallet.
Altcoin typically tends to rally following a listing on a major exchange or a significant development in the related project’s ecosystem.
BRETT is also benefiting from the excitement in the Ethereum community following Ethereum’s recent surge above $4,000, with the largest altcoin still up 7% over the past day.
Additionally, the meme coin is gaining momentum amid a broader rally in the meme coin market, which has climbed 3.3% in the past day.
The post SOS, BGB shine with Bitcoin back over $100K but correction looms appeared first on Invezz
