Crypto Analyst Predicts Bitcoin Rally to $118,000

A closely followed crypto analyst has revealed bullish targets for Bitcoin (BTC) and updated his outlook on several prominent altcoins, including Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL).

According to the trader, Bitcoin is poised to push to the $118,000 price level, a new all-time high, if it can finish with a daily close above $109,000. The trader noted that the daily chart for Bitcoin looks promising, with a daily close above $109,000 potentially opening the door to a rally toward $118,000. At the time of writing, BTC is trading for $109,644, a fractional increase on the day.

Moving on to Ethereum, the trader expects more choppiness until the top altcoin closes outside the $2,227-$3,385 range. The trader mentioned that despite a company adding an inflationary asset like ETH to its balance sheet, he expects more chop until there is a sustained close outside the specified range. ETH is valued at $2,579 at the time of writing, a marginal increase on the day.

Turning his attention toward Dogecoin, the trader notes that the popular dog-themed token appears ready to ascend to $0.19, potentially up to $0.26, after bouncing off a low. The trader observed that Dogecoin bounced from the lower boundary of a channel, now targeting $0.19, with potential upside to the upper boundary near $0.26. DOGE is trading for $0.17 at the time of writing.

Concluding his analysis with Solana, the trader says the smart contract platform looks poised to benefit if the crypto markets break out. The trader believes that Solana's price could continue to rise as institutional participation grows and the market sentiment remains optimistic. SOL is trading for $151 at the time of writing, a marginal decrease during the last 24 hours.

According to the trader, Bitcoin's recent price movements and the steady inflow of institutional investments have contributed to his bullish outlook. The trader believes that Bitcoin's price holds above the recent broken descending trendline as bulls push for stability ahead of another recovery attempt toward the all-time high of around $111,980. The trader's bullish outlook can be attributed to a buy signal from the Moving Average Convergence Divergence (MACD) indicator, which has been maintained since Wednesday. If the blue MACD line holds above the red signal line, the risk-on sentiment will prevail, thus encouraging traders to seek exposure. Another break above resistance at $110,530 could see bulls expand their scope above all-time highs, favoring a price discovery phase.

Regarding Ethereum, the trader notes that the largest smart contracts token has staged a recovery but has since retreated, trading at $2,552 at the time of writing. The Relative Strength Index (RSI) is showing signs of reversing the trend after reaching a high of 57. Its continued decline could cast doubt on ETH's bullish outlook and encourage risk-off sentiment. Still, the MACD indicator upholds a buy signal triggered on Wednesday. If investors heed the signal and buy Ethereum, the subsequent increase in demand could overshadow the current sell-side pressure. Key areas to keep in mind are $2,634, probed on Thursday, and the highest peak in June at $2,882. On the other hand, the 200-day EMA at $2,471, the 50-day EMA at $2,444, and the 100-day EMA at $2,391 would serve as support levels in the event of the decline extending.

For Dogecoin, the trader observes that the cryptocurrency is showing signs of life at last. Although one bullish candle does not ensure a long-term reversal, this breakout above the 26 EMA is an important indicator. The trader believes that if broader market sentiment improves, the price of Dogecoin could resume its recovery, targeting the peak reached in June.

Lastly, the trader updates the outlook for Solana, noting that the cryptocurrency's price has been bolstered by investor sentiment and a renewed crypto market rally. The trader believes that Solana's price could continue to rise as institutional participation grows and the market sentiment remains optimistic. The trader's bullish outlook for Solana is based on the cryptocurrency's recent price movements and the growing institutional interest in the asset.