Bitcoin Bottom Estimated at $80K, Paving the Way for TON, CRO, MNT, and RENDER to Surge

Bulls in the Bitcoin (BTC) market are attempting to initiate a recovery; however, ongoing selling at elevated levels is thwarting each assault on the range highs. Veteran trader Peter Brandt mentioned in a post on X that Bitcoin has broken free from a bear wedge pattern, with a target objective set at $65,635.

The current macroeconomic landscape, coupled with concerns regarding a prolonged trade war, has led Coin Bureau founder Nic Puckrin to state that there is a 40% probability of a recession in 2025. According to Puckrin, this looming recession and the surrounding economic uncertainty could place additional strain on risky assets like cryptocurrencies.

Nonetheless, not all analysts are pessimistic about Bitcoin’s immediate future. Analyst Stockmoney Lizards indicated on X that Bitcoin’s short-term bottom could range between $82,000 and $80,000. They anticipate a potential reversal for Bitcoin next week.

If a recovery for Bitcoin commences, certain altcoins are expected to follow suit. Let’s examine the charts of top cryptocurrencies that display a bullish setup.

Bitcoin Price Analysis

Bitcoin’s inability to surpass the resistance line may have spurred selling among traders. Bears are likely to attempt to drag the price down towards the crucial $80,000 support level.

The 20-day exponential moving average ($85,253) is relatively flat, and the relative strength index (RSI) is slightly below the midpoint, providing a minor advantage to bears. Should the $80,000 support be breached, the BTC/USDT pair may plummet to $76,606.

Conversely, if the price rebounds from the current level or holds at $80,000, it would boost the chance of a rally above the resistance line. Achieving this would signify the end of the corrective phase, potentially pushing the pair up to $95,000 and eventually to $100,000.

The 20-EMA has declined on the 4-hour chart, and the RSI is in the negative range, indicating that bears have the upper hand. If the price decreases from the current level, the pair could slide to $80,000 and further to $78,000.

To signal strength, buyers must push and maintain the price above the 20-EMA. If successful, the pair may rise to the resistance line, which is a key level to monitor. Bullish momentum is expected to commence if the price breaks above $89,000.

Toncoin Price Analysis

Toncoin (TON) displayed a bounce from the moving averages on March 30, signaling positive market sentiment.

The rising 20-day EMA ($3.58) and the RSI in positive territory provide an advantage to buyers. Bulls will aim to strengthen their position by driving the price above $4.14. If this occurs, the TON/USDT pair could embark on a new upward trend towards $5 and subsequently to $5.65.

To gain control, sellers must pull the price below the $3.30 support level, which would indicate that bears remain active during rallies. The pair could then drop to $2.81 and ultimately to $2.64.

The pair rebounded from the uptrend line, suggesting bulls see dips as buying opportunities. The pair could approach the overhead resistance at $4.14, where bears are anticipated to engage. However, if buyers break through the resistance, the pair may begin the next upward leg towards $5.

If sellers regain control and force the price below the uptrend line, the pair could drop to $3.28.

Cronos Price Analysis

Cronos (CRO) broke above the moving averages on March 24, suggesting that the downtrend may have concluded.

The CRO/USDT pair faces selling pressure near $0.12; however, a positive sign for bulls is that they have managed to prevent the price from staying below the $0.10 support level. This indicates that buyers are attempting to create a higher low. If bulls can push the price above $0.12, the pair might rally towards $0.14.

Nevertheless, sellers may have alternative strategies and could attempt to force the price below the moving averages, trapping aggressive bulls.

The pair has been stuck in a range between $0.10 and $0.12, indicating uncertainty among bulls and bears. The 20-EMA is gradually sloping up, and the RSI hovers just above the midpoint, providing a slight edge to bulls. A break and close above $0.11 would increase the chances of a rally above $0.12.

Sellers regain control if they manage to push and sustain the price below the 50-SMA, which could drag the pair down to $0.08.

Related: Do analysts consider the XRP price near $2 an opportunity or the conclusion of the bull market?

Mantle Price Analysis

Mantle (MNT) struggled to break above the 50-day SMA ($0.84) in recent days. However, the bulls are working to hold the price above the 20-day EMA ($0.80), which is a positive indicator.

Should the price bounce off the 20-day EMA robustly, it indicates a sentiment shift from selling into buying at dips, which enhances the chances of breaking above the 50-day SMA. If successful, the MNT/USDT pair might rise to $0.94 and then to $1.06.

In contrast, if the price continues to drop and falls below $0.77, it would tilt short-term momentum in favor of bears, potentially sending the pair down to $0.72 and postponing any upward movement.

The 4-hour chart indicates significant resistance at $0.85. The pair might dip to $0.77, a crucial support level to monitor. If the price rebounds from $0.77, it would suggest that bulls are buying on dips, potentially keeping the pair fluctuating between $0.77 and $0.85 for an extended period. A close above $0.85 could propel the pair towards $0.95.

Sellers must pull the price below $0.77 to gain the upper hand; otherwise, the pair could decline to $0.69.

Render Price Analysis

Render (RNDR) has been in a significant downtrend for several weeks, but bulls managed to elevate the price above the 50-day SMA ($3.77) on March 25, indicating demand at lower levels.

However, bears quickly brought the price down to the 20-day EMA ($3.57), a key level to watch. If the price rebounds vigorously off the 20-day EMA, the bulls will aim to push the RNDR/USDT pair towards $5 and beyond to $6.20.

This optimistic outlook may be invalidated if the price continues to fall and closes below $3.05, signaling aggressive selling at higher levels. In that scenario, the pair could decline to $2.83 and possibly to $2.52.

The 20-EMA has turned lower, with the RSI in the negative zone on the 4-hour chart, indicating an advantage for sellers. A close below the uptrend line would further solidify the bears’ position, potentially bringing the pair down to $3.

The first indicator of strength will be a close above the moving averages, which could pave the way for a rally to $4. The uptrend could accelerate if the pair closes above $4.20, completing a bullish head-and-shoulders pattern.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.