Major Cryptocurrencies Trend Higher, Signaling Renewed Investor Optimism Ahead of the Weekend

Major cryptocurrencies are trending higher early Friday, signaling renewed investor optimism heading into the weekend.

Major cryptocurrencies are trending higher early Friday, signaling renewed investor optimism heading into the weekend.

What Happened: Trader optimism is heating up as Bitcoin (CRYPTO: BTC) edges closer to a new all-time high. Crypto trader Ted Pillows is nearly throwing in the towel on his bearish outlook as Bitcoin stands "only one bullish candle away" from a historic breakout.

"I'm starting to lose hope. I really am. Maybe we'll finally get that breakout today and I'll be proven wrong after all. But still, I'm holding onto a sliver of doubt," said Pillows.

Pillows's outlook remains uncharacteristically ultra-bullish, especially given his prior bearishness. He highlighted that if Bitcoin manages to break above the $20,888 to $20,900 range and close a candle higher, it will mark a new all-time high.

This breakout potential comes as trader Honey points out a developing golden cross on BTC's 1-day charts—a technical indicator with a history of sparking significant price movements.

"Last time this pattern appeared, Bitcoin experienced an explosive rally from $60,000 to $110,000 over a period of just two months," noted Honey.

In the realm of altcoins, Solana (CRYPTO: SOL) could be set for a breakout from its prolonged cup-and-handle pattern if it manages to clear the $200 level decisively, suggests trader Ali Martinez.

"This would act as an ‘instant buy’ trigger," said Martinez.

Ethereum (CRYPTO: ETH), meanwhile, is showing signs of strength after completing its first major move higher, according to Michael van de Poppe.

As volatility increases, short-term consolidation is expected, with any dips below $2,400 presenting strong buying opportunities, according to van de Poppe.

Captain Faibik adds that Ethereum has broken out of a descending broadening wedge following a 5-month correction—a scenario that's typically linked to bullish setups.

A clean move above $2,700 could potentially fuel a rally towards $3,800–$4,000, according to the trader.

Relying on technical analysis to predict future price movements can be a risky strategy, especially in the rapidly changing market for cryptocurrencies. It's crucial to evaluate multiple perspectives and combine technical analysis with fundamental analysis for a comprehensive view of the market.

Later Friday:

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Also Read: As Bitcoin Edges Closer To $21K, Here's What Technical Analysis Shows For Next Week