Toncoin (TON) Leads the Way for Bitcoin (BTC), Fractal Pattern Hints $64k BTC Price Target

The altcoin industry has signalled an inevitable bullish move ahead despite the heightened fear of further capitulation by the end of August and September.

Despite the looming fear of further capitulation by the end of August and September, the altcoin industry has signaled an inevitable bullish move. Bitcoin’s (BTC) dominance has already indicated a potential cycle top after reaching a high of about 57.67%.

In anticipation of the historic altseason, a crypto cash rotation to large-cap altcoins is evident. Moreover, the approval of several spot Ethereum ETFs in the U.S., the first spot Solana ETF in Brazil, and the conclusion of the SEC vs. Ripple case have set the stage for the altcoin industry.

Toncoin (TON) Price Bullish Breakout

Telegram-backed Toncoin (TON), a fast-growing layer-one network, has outperformed most crypto assets since its bullish breakout to an all-time high earlier this year. The Web3-based blockchain has a total value locked of nearly $600 million and a stablecoins market cap of over $619 million.

Toncoin’s strategic partnerships, including Tether (USDT), and the thriving gamified projects, led by Hamster Combat and Notcoin (NOT), have contributed to TON’s bullish outlook.

Furthermore, Toncoin’s recent listing on Binance, the largest cryptocurrency exchange by users and daily traded volume, has played a role in boosting TON’s price.

According to the latest market data, the TON price has pumped over 8% since Monday to trade around $6.66 on Thursday during the early European session. However, the altcoin must convert the 50-day Moving Average (MA) to a support level to maintain a bullish momentum ahead.

Fractal Pattern With Bitcoin Price Action

Is #Toncoin leading the way for #Bitcoin? If so, we could see $BTC hitting $64,000 next! pic.twitter.com/V9oAhLY499

According to a renowned crypto analyst Ali Martinez, Bitcoin price could soon rally towards $64k, if a similar fractal breakout with TON price unfolds. After facing strong resistance around $61k, following the death-cross between the daily 50 and 200 MAs, Bitcoin price has dropped towards the support level of about $58k.

From a technical perspective, Bitcoin price is on the verge of a major breakout on either side, which will dictate the price action in the coming months.

The above is the detailed content of Toncoin (TON) Leads the Way for Bitcoin (BTC), Fractal Pattern Hints $64k BTC Price Target. For more information, please follow other related articles on the PHP Chinese website!