BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) briefly extended its recovery above $24,000 and the altcoins continued to make smart gains on July 20, but the bullish momentum of the week experienced a brief setback after Tesla’s earnings report showed the company had sold 75% of its BTC position.

Although the sharp breakout of this week is a positive sign, analysts were quick to point out that a sustained recovery depends on a strong performance from Wall Street. Analyst Venturefounder pointed out that the rally was largely macro-driven and Bitcoin’s correlation with NASDAQ remained at a historical high of 91%.

Bitcoin’s sharp rally in the past few days has awakened hibernating bulls who are dishing out lofty targets. Analyst TechDev projected a target of $120,000 in 2023, while Galaxy Digital CEO Mike Novogratz told a Bloomberg conference on July 19 that Bitcoin could soar above $500,000 within the next five years.

Daily cryptocurrency market performance. Source: Coin360

Nevertheless, analysts remain divided in their near-term expectations and some are unconvinced that the trend has turned. These traders believe that the current rise is a bear market rally. On the other hand, some analysts expect the up-move to continue in the short term. On-chain data firm Whalemap suggests that the rally could extend to $27,100.

Could Bitcoin and major altcoins continue their rise or will bears trap the bulls and sink the price lower? Let’s study the charts of the top 10 cryptocurrencies to find out.