Analysis shows that Bitcoin (BTC) and Solana (SOL) could reach new highs if they successfully complete the classic 'cup and handle' chart pattern.
Predictions for Bitcoin and Solana
According to the latest analysis by Trader Alan, Bitcoin could reach $230,000 with the successful breakout of the chart pattern. Solana, on the other hand, has an ambitious target of $4,390, which requires nearly a 3000% increase.
Current Market Situation
Bitcoin has been trading within a narrow range for the past seven weeks, but analysts predict that BTC may soon break out of this range. Alan notes that Solana is attempting to replicate Bitcoin's movements, describing the 'cup and handle' model as key to future gains.
Impact of Bitcoin Dominance
Despite Solana's ambitious targets, Bitcoin's dominance in the cryptocurrency market continues to grow, surpassing 65%. This may hinder altcoin growth. However, historically, when BTC dominance reaches 70%, altcoins tend to experience significant strength.
Predictions for Bitcoin and Solana indicate the potential for substantial growth, but current market conditions require careful analysis and a cautious approach to investments.
