Key Takeaway:
- Ether and Solana surged to their highest valuation since May 2022 following a slowdown in the Bitcoin price rally.
- Traders are worried about being in a “bull trap”, where the market rallies for a short time before a downtrend.
- Crypto analyst CryptoCon predicts Bitcoin to reach $130,000 by December 2025.
Leading altcoins Ether (ETH) and Solana (SOL) have surged to their highest value in 19 months after Bitcoin (BTC) halted its rally on Thursday.
After targeting the $45,000 mark earlier this week, Bitcoin has dipped to the $43,000 range. This indicates that traders have taken major profits from the apex cryptocurrency’s breakout from $38,000 a week back.
ETH And SOL Surge To Highest Level Since May 2022 After BTC Rally Consolidates
During the same time, Ether (ETH), the second-largest cryptocurrency by market cap, rose 5% to hit $2,372, which is its highest valuation since May 2022.
ETH’s rally also drove up the prices of other Ether-based cryptocurrencies, such as Ether Classic (ETC) and liquid staking protocol Lido (LDO), with both rising by 6% and 11% respectively.
OP and ARB, the native tokens of Ethereum-based scaling networks Optimism and Arbitrum also appreciated by 22% and 9%, respectively.
Following a three-week cool-off period since its mid-November local top, Solana surged by over 8% to hit $69, its highest valuation in 18 months.
In an X post, famed crypto investor and founder of BitMex crypto exchange, Arthur Hayes predicted Solana could hit a $100 price target while he speculated a bullish weekend for all altcoins.
Related Reading: Alphabet Shares Soar On The Back Of AI Model Gemini’s Arrival
Traders Warn About Potential “Bull Trap” That Could Propel Bitcoin Price
Meanwhile, crypto analytics firm Santiment noted that Bitcoin’s flattening price coincided with traders warning about a potential “bull trap”, which is a short rally that occurs before a major downtrend in the market.
In an X post, Santiment wrote that traders are “fearful” that the crypto market may be in a bull trap at the moment, which explains Bitcoin stopping its price momentum and altcoins surging. The group added that the growing concern can help propel BTC further towards the $50,000 mark.
Technical analyst “CryptoCon” has revealed that BTC might hit $130,000 by December 2025. He made his projections based on the BitTime model that says a doubtful or bullish sentiment in the market could sometimes reinforce Bitcoin’s uptrend.
BitTime was instrumental to Bitcoin’s market dominance in 2015. The model also projected an increase in BTC price during the 2019 cycle.
CryptoCon Predicts Bitcoin To Reach $130,000 By December 2025
In his X post, the crypto analyst mentioned that Bitcoin’s price might hit $47,000 or $48,000 soon. He also pointed out that the leading cryptocurrency could target a local top 21 days before or after July 2024 around the same price range.
CryptoCon noted that there will be a price correction once Bitcoin reaches the local top next year as he expects the token to trade sideways for a long period before reaching the $130,000 target in 2025.
Speaking about the effect of the potential ETF approval on the price of Bitcoin in Q1 2024, the analyst said it won’t be bullish on BTC as many would expect.
Despite the concerns, Bitcoin continues to dominate the crypto market, with its price increasing by 16% in the past week. At the time of writing, BTC is trading at $43,373 – down 1.2% in the last 24 hours.
Ether (ETH) is trading at $2,371 – up 4.3%, and Solana (SOL) is priced at $71.89 – up over 13% in the last 24 hours.
Related Reading: JP Morgan CEO Jamie Dimon Wants The US Government To Shut Down Crypto
