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ALGORAND PRICE ANALYSIS & PREDICTION (January 17) – Algo Resumes Bullish Following 20% Increase Daily, Targets $0.6

This week saw Algo through a slight shift in the trend after a month correction. It looks strong on the day and seems set for a fresh rally. After rallying by over 6x in a month, Algo tried to end last year on a strong note but the bears stole the show following a major correction that hit the entire crypto space. This led to a notable loss and the crypto ended the year on a weak note. Despite that, it remains bullish after halting the correction at $0.29 a few weeks ago and is now looking poise for a bigger price movement. The bears are currently off the market amid the latest positive sentiments. This surge brought some notable gains in the last 48 hours following an impressive commitment from the bulls’ side. More recoveries can be expected if the bulls continue to sustain momentum, though there are few obstacles ahead. A full recovery to the top should set the market for a massive explosion once the price breaks out. Failure to break through the recent top could cause a temporary hold or setback in the market. But with the look of things, the bulls are much more likely to have an upper hand. The only condition for a bearish move right now lies in a breakdown of the previous monthly low. Such a scenario may cause a serious panic. Currently, the market is in favour of the bulls. Algo’s Key Level To Watch Source: Tradingview Algo’s bulls currently appeared to be stepping back after a month break. The immediate resistance level for an increase is $0.53, followed by the $0.614. A flip through it should activate a mega rally to $0.7. While the bears are currently off the market, the support level for a drop is $0.386. If the price drops below $0.324, the lower support level to watch is $0.25. Key Resistance Levels: $0.53, $0.614, $0.7 Key Support Levels: $0.386, $0.324, $0.25 Spot Price: $0.48 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: benedak/ 123RF // Image Effects by Colorcinch coinpedia

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Veteran Trader Peter Brandt Predicts Bitcoin Could Rally to $150,000 This Year – But There’s a Catch

Legendary trader Peter Brandt says Bitcoin (BTC ) may hit $150,000 this year while not ruling out a possible bearish scenario instead. Brandt tells his 773,500 followers on the social media platform X that Bitcoin may surge nearly 50% from its current value. However, he warns that based on Bayesian analysis, a statistical method that evaluates future outcomes based on historical trends and new data, there remains a possibility that Bitcoin may suddenly plummet by more than 50%. “Preface: what I am saying here will completely confuse those of you who are single narrative dogmatic investors. I am a Bayesian, open at the same time to multiple narratives. I’ve forecast $135,000 +/-$15,000 for BTC in 2025. But, as a Bayesian, I still assign the possibility that BTC is constructing a massive top for a 50%+ decline. Do I hedge my bets based on Bayesian priors – of course I do. Being aware of risks comes from being a 50-year career trader.” Source: Peter Brandt/X Looking at his chart, the analyst suggests that Bitcoin may plummet if it completes the bearish head-and-shoulders pattern (H&S) on the daily chart. A head-and-shoulders pattern typically suggests that an asset is losing momentum and could reverse its uptrend if the price breaks below the structure’s support. However, Brandt also says that BTC appears to be flashing a bullish price pattern using the terms bump, hump, slump and dump. The pattern, which was also witnessed last year before BTC surged from $50,000 to above $100,000, suggests that BTC may “dump” to around $84,000 before recovering and ascending toward $150,000. “The big question in my mind is whether Bitcoin will get one more dump (or more lengthy congestive chop) before the pump. Remember, markets generally do not [soar] until retail traders get worn out.” Bitcoin is trading for $100,029 at time of writing. Brandt next weighs in on Ethereum ( ETH ) competitor Cardano ( ADA ). He believes that ADA has reached a local market bottom at $0.81 on the weekly chart and is gearing up for a massive breakout that will flip $1.09 into support. “Altseason? Make no doubt about it, Cardano has bottomed for a grand bull market.” Source: Peter Brandt/X ADA is trading for $1.09 at time of writing, up 4.9% in the last 24 hours. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Veteran Trader Peter Brandt Predicts Bitcoin Could Rally to $150,000 This Year – But There’s a Catch appeared first on The Daily Hodl . coinpedia