The cryptocurrency market is stirring with anticipation as Bitcoin edges closer to the monumental $100,000 mark, a psychological threshold that could redefine the digital currency landscape. As of May 1, Bitcoin’s recent surge past the $95,000 barrier has reignited bullish sentiments, though the path forward appears fraught with potential sell-offs from long-term holders, according to on-chain analytics firm Glassnode.
Bitcoin’s Ascent: A Closer Look
Bitcoin’s upward trajectory has caught the eyes of many in the crypto sector, including veteran trader Peter Brandt, who posits that the digital asset could soar to between $125,000 and $150,000 by late 2025, provided it can reclaim its parabolic growth pattern. However, Brandt warns of a possible sharp correction thereafter, potentially exceeding 50%. This cautious optimism is echoed by analysts who point to the $99,900 mark as a critical juncture where profit-taking might tempt long-term holders, necessitating substantial buy-side pressure to sustain upward momentum.
Despite Bitcoin’s promising rally, the market is not without its hurdles. Analysts observe that sellers might attempt to drag prices below the $95,000 level, potentially testing the 20-day exponential moving average (EMA) at $91,391. A failure to hold this support could see Bitcoin retreat further to the 50-day simple moving average (SMA) at $86,236—a scenario that would dampen short-term bullish prospects.
Altcoins: Brewing a Rally?
While Bitcoin commands the spotlight, altcoins are quietly positioning themselves for a potential rally. Ether (ETH), for example, has shown resilience by bouncing back from its 20-day EMA, suggesting underlying demand. Should Ether hold above $1,857, it could climb towards the $2,111 threshold, despite minor resistance at $1,957.
Similarly, XRP has maintained its position above key moving averages, although the lack of a robust bounce indicates a stalemate between bulls and bears. A decisive break above the resistance line could propel XRP to $3, while a dip below $2 might see it slide to $1.61.
BNB and Solana are also navigating a volatile landscape. BNB is locked in a tug-of-war around its moving averages; a successful push above $620 could initiate a rise to $680, though a decline might send it tumbling to $520. Solana’s fate hinges on its ability to maintain momentum above $153, with a potential rally to $180 in sight if bulls prevail.
Speculative Moves and Market Dynamics
The speculative nature of the market is further exemplified by Dogecoin (DOGE) and Cardano (ADA). Dogecoin’s recent rebound suggests a concerted effort by bulls to target $0.21—a critical resistance that, if breached, could ignite a rally to $0.28. Conversely, Cardano’s lackluster bounce from its moving averages signals limited demand at higher levels, with sellers poised to exert downward pressure if prices falter.
Not to be overlooked, newer entrants like Sui (SUI) and Chainlink (LINK) are also vying for investor attention. Sui’s struggle at the $3.90 resistance indicates strong bearish defenses, yet a successful breach could see it rally to $5. Meanwhile, Chainlink’s positive sentiment is contingent on overcoming its descending channel resistance, a feat that would suggest a trend reversal.
Avalanche’s Double-Bottom Pattern
Avalanche (AVAX) presents an intriguing case with its potential double-bottom pattern. A successful move past the $23.50 resistance could trigger a rally towards $31.73, though failure to break out might result in prolonged range-bound trading. This underscores the market’s inherent unpredictability and the necessity for traders to remain vigilant.
As the crypto market stands on the brink of significant milestones, investors are reminded of the inherent risks and uncertainties. The looming question remains: Can Bitcoin transcend the $100,000 mark, pulling altcoins in its wake, or will market dynamics favor a more bearish outcome? As ever, the answer lies in the delicate balance of market forces—where bulls and bears continue to spar for supremacy.
Source
This article is based on: Price predictions 5/2: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
