Bitcoin Hits New All-Time High, ETH Could Be Next

Key points:

Solid buying in Bitcoin ETFs last week helped propel the price to a new all-time high on Sunday, with buyers attempting to extend the rally on Monday.

Several altcoins are showing strength and are striving to rise above their overhead resistance.

Bitcoin (BTC) pulled back after hitting a new all-time high of $125,708 on Sunday, but the bulls did not cede much ground to the bears. That shows the bulls are not rushing the exit as they anticipate the rally to continue. The bulls have again pushed the price to a new all-time high on Monday.

The recent rally has been backed by solid buying in the spot BTC exchange-traded funds, which recorded $3.24 billion in inflows last week. That was the second-best week of inflows into BTC ETFs, just short of the record $3.38 billion in inflows in the week ending Nov. 22, 2024, according to SoSoValue data.

Crypto market data daily view. Source: Coin360

Several top Wall Street banks expect BTC to extend its rally by the end of the year, boosted by sustained BTC ETF inflows and the correlation with gold. Citigroup anticipates a modest year-end target of about $133,000, but Standard Chartered analysts expect BTC to soar to $200,000 by December.

Can BTC continue its up move, or will it experience a short-term dip? How are the altcoins placed? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

S&P 500 Index price prediction

The S&P 500 Index (SPX) continued its scintillating run last week, indicating that the bulls are firmly in the driver’s seat.

SPX daily chart. Source: Cointelegraph/TradingView

The first sign of weakness will be a break and close below the 20-day exponential moving average (6,637). If that happens, the index could descend to the 50-day simple moving average (6,503). Buyers are expected to defend the 50-day SMA with all their might because a break below it could start a deeper correction to 6,147.

On the contrary, if buyers maintain the price above the moving averages, it signals that the positive sentiment remains intact. The index may then attempt a rally to the psychological level of 7,000.