Top 10 Crypto Price Targets: Bitcoin Fights to Hold $66.5K as Altcoins Face Critical Support Tests

Bitcoin is attempting to form a bottom, but select analysts believe that the decline is not over yet and the $60,000 level may break down.

Key Takeaways

Buyers are attempting to maintain BTC above the $66,500 level, but several analysts believe that the $60,000 level may crack. Some major altcoins risk breaking below their immediate support levels, signaling that bears remain in control. The crypto market's supply metrics suggest we're nearing capitulation, though not all strategists agree on where the floor lies.

Bitcoin: The $60K Question

Buyers are attempting to push and maintain Bitcoin (BTC) above the $66,500 level, but are facing stiff resistance from the bears. Although recovery attempts are being sold into, the BTC supply in profit and loss metric suggests that BTC may be close to a bottom.

CryptoQuant analyst "Darkfost" said that there are currently about 8.2 million BTC in loss, compared to roughly 10.6 million BTC during the previous bear market. That suggests the market is at a comparable level of undervaluation seen during the previous bear phase.

However, not everyone believes that a bottom is in. Chartered Market Technician Aksel Kibar said in a post on X that BTC may sink to $52,500 if its developing bearish pattern breaks down. The divergence in trader sentiment shows why position sizing matters in volatile markets like crypto analysis.

During bear phases, select analysts turn overly negative and forecast gloom and doom for the markets. One such projection is from Bloomberg Intelligence senior commodity strategist Mike McGlone, who said in a post on X that BTC may collapse to $10,000. Contrary to that opinion, ARK Invest CEO Cathie Wood said in an interview with CNBC that BTC will not see 85-95% collapses from its all-time high.

Could BTC and select major altcoins hold above their support levels? Our technical breakdown reveals critical trading levels across the top 10 cryptocurrencies.

Technical Breakdown Across Major Coins

Bitcoin (BTC): BTC turned down from the moving averages on Thursday, and the bears are attempting to strengthen their position by pulling the price below the support line. If they succeed, the bullish ascending triangle setup will be invalidated. That may force the aggressive bulls to close their positions. The BTC/USDT pair may then slump to the crucial $62,500 to $60,000 support zone. The first sign of strength will be a close above the moving averages. That opens the doors for a rally to $72,000 and then to $76,000. A close above $76,000 will complete the ascending triangle pattern, propelling the pair toward $84,000.