- Bitcoin likely to continue its recovery rally to $70,000.
- Ethereum ETF approval deadline could cause ETH-based altcoins to take off.
- Nvidia earnings coupled with ASI launch could see AI tokens rally as well
Bitcoin’s (BTC) attempt at a comeback has stirred the pot, causing altcoins to become volatile again. With the US Securities and Exchange Commission (SEC) set to make its decision on Ethereum ETFs this week, some sectors of altcoins might see higher liquidity and volatility than others.
Read more: Bitcoin Weekly Forecast: Is BTC out of the woods?
Bitcoin outlook to help traders
Currently, BTC trades at around $67,000 in the early Asian session and is poised to push into the daily imbalance, extending from $67,937 to $70,024. This zone also harbors the 2021 all-time high (ATH) at $69,138, coupled with the declining trend line connecting the swing highs formed since Mar 14. These two key levels will serve as resistance to the ongoing uptrend.
- A rejection here could likely cause altcoins to crash again and the new-found hope to crumble.
- Bitcoin price swiftly breaches the confluence of resistance and attempts to retest the ATH at $73,949.
The first scenario could see a major red streak across the markets, with altcoins posting double-digit losses. However, if the second outlook plays out, certain sectors of altcoins will witness a massive uptick in liquidity and volatility.
BTC/USDT 1-day chart
This week’s crypto events
- May 21 - Chiliz Dragon8 hard fork
- May 22 - Nvidia earnings
- May 23 - VanEck Ethereum ETF approval deadline
- May 24 - Ark 21Shares Ethereum ETF approval deadline
- May 24 - Fetch.ai, Singularity.net, Ocean Protocol collaboration - ASI Launch
- May 24 - OpenBook user sell pressure ends for Bonk
Altcoins that could rally
As seen above, the most important event this week is the SEC’s decision on the Ethereum ETF applications from VanEck and Ark 21Shares. Hence, ETH-based altcoins like Ethereum Classic (ETC), or Layer 2 scaling solutions like Polygon (MATIC), Mantle (MNT), and Decentralized Finance (DeFi) sector tokens like Lido DAO (LDO) Chainlink (LINK), and so on.
Read more: Ethereum drops below $3,000 again, spot ETH ETF sparks debate in crypto community
In addition to the ETH-based altcoins, AI coins could see a massive spike in investor interest due to the upcoming Nvidia earnings report on May 22. Furthermore, the ASI launch could see Fetch.AI (FET), Singularity.net (AGIX), and Ocean Protocol (OCEAN) shoot up.
Read more: AI tokens could rally ahead of Nvidia earnings
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.