As shown in our previous market review, altcoins are still struggling. The market is moving toward an infliction point as the next move could be fundamental for multiple assets. Solana is showing signs of rally exhaustion, Ethereum is entering a potential stalemate. But despite the negative altcoin scene, Bitcoin might be pushing higher with a new bullish pattern.

Bitcoin’s key pattern

Bitcoin might be forming the cup-and-handle, one of the most well-known bullish patterns in technical analysis. Although not yet confirmed, the pattern appears on the daily chart, indicating that after weeks of volatile price action, digital gold may be getting ready for a brief reversal.

BTC fell, consolidated and then steadily recovered to retest resistance levels close to $114,000 during the cup part of the pattern, which seems to have formed between mid-August and early September. The subsequent brief decline is comparable to the start of the handle, a period of consolidation that frequently comes before a breakout. Key factors right now are:

• Technically speaking, Bitcoin might surpass the $114,000 resistance and aim for the $118,000-$120,000 range if the handle completes and buyers enter with conviction.
• The 50-day EMA, which has been capping rallies in recent weeks, is in that zone.
• Following a correction that pulled Bitcoin from highs above $124,000, a successful breakout would both confirm the cup-and-handle and reestablish bullish momentum. The setup is far from risk-free, though.
• Bitcoin is susceptible to a deeper retracement toward $104,000, the 200-day EMA, and a critical structural level for long-term investors if the pattern fails to hold the $110,000-$108,000 support area.

Short-term traders of Bitcoin should monitor the $114,000 neckline. BTC’s next leg higher could be launched from current consolidation if a breakout above it solidifies the mini cup-and-handle formation.

Ethereum’s pivotal level

The price structure of Ethereum is at a turning point. Ethereum has deviated from its steady wave-like pattern of higher highs and higher lows for the first time since its spectacular rally started earlier this summer. The asset is currently trending sideways rather than upward, which may be an early indicator of an impending reversal.

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Both the 20-day and 50-day EMAs have been supporting Ethereum’s strong upward channel since mid-July. New purchases followed each decline, resulting in a stairway rally that saw ETH reach $4,800. Recent candles, however, show a divergence from that bullish trend. With ETH struggling to regain its momentum, the price action has flattened and is now trapped between $4,200 and $4,500.

What this sideways move suggests is what investors are worried about. Strong upward trends usually indicate waning demand and give way to bearish momentum when they lose their rhythm. The next reasonable support level for ETH, if it drops below $4,200, is the 100-day EMA close to $4,000. Ethereum would be at risk of a more severe retracement toward $3,600 if there was a decline there, confirming that the rally’s structure has been officially broken.

A consistent drop in volume has also supported the notion that market players are retreating. Sideways price action frequently resolves to the downside in the absence of significant inflows. The $4,200 key zone is still important for traders to keep an eye on. The bullish story may be saved if ETH maintains this level and breaks above the $4,500 resistance with strong volume.

Solana rally ends?

A lower high is beginning to form on the chart, which is a clear warning sign that Solana is getting tired. Following months of steady gains and higher highs since July, this development may signal the start of a more significant trend reversal, which could put an end to the asset’s current bullish cycle.

SOL recently reached a peak of about $210, but it was unable to surpass its August high of about $225. As an alternative, price action rolled over, creating a lower high, which is a classic indication of waning bullish momentum. Every high should surpass the one before it in a healthy uptrend, but this pattern break indicates that buying pressure isn’t strong enough to push Solana higher at this point.

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Declining trading volume combined with the daily structure makes it even more worrisome. Enthusiasm has waned, suggesting that market participants are reluctant to keep joining the rally even though the price is still above the psychological $200 threshold. A loss of momentum is reflected in the Relative Strength Index’s (RSI) flattening.

A confirmed trend reversal could occur from the lower high if Solana is unable to recover the $225 level in the near future. If $196, a crucial short-term support, were broken, further declines toward $185 and the 100-day EMA at $176 would be possible. A stronger move might even put the 200-day EMA close to $170 to the test, which would seriously undermine the long-term bullish argument.

The upward trend is currently on life support. A significant push above $210-$215 is necessary for bulls to regain confidence. If not, Solana’s lower high might signal the beginning of a longer-lasting bearish phase that could change market sentiment in the upcoming months.

Across Bitcoin, Ethereum and Solana, price action is tightening around levels that could determine the direction of the market in the next few weeks. A confirmed breakout would restore confidence in the uptrend, while failure to hold support zones risks shifting sentiment decisively bearish.

Billionaire Chamath Palihapitiya is predicting a resurgence of the American balance sheet and an influx of new capital into the US.

In a new episode of the All-In podcast, Palihapitiya says current forecasts of the US economy are overly negative and don’t factor in the potential development of two events.

According to Palihapitiya, President Trump’s tariffs are likely on track to contribute an extra $300 billion in receipts to the US government’s current account in what he says is a big positive for the economy.

The investor says that when factoring in the likelihood of at least 100 basis points in Fed rate cuts, the US is on track to save $300 billion as well – meaning a total of $600 billion in revenue boosts to the United States, providing a big jump to overall confidence in the American economy and markets.

“We all thought that this was like a bogeyman that you weren’t allowed to touch it, and if you touched the stove, you’re going to get burned. The mathematical reality is that this is actually going to work out much better for us than we anticipated, and it’s going to be somewhere in the range of $300 to $400 billion of extra revenue per year. That’s a huge win. 

So why is that important? That then sets up this next cataclysmic thing that we’re going to see in the next 60 days, which is, what does Jerome Powell do? If Jerome Powell stays politicized, his incentive will be to keep interest rates where they are.

If Jerome Powell looks at the conditions on the ground, especially when you start seeing inflation stay in the low 2s, and approach 2.0, the real thing that he’s going to be under tremendous pressure to justify is ‘Why are you not cutting?’

And just to give you a sense of how important that is, if we cut by a hundred basis points, that’s another $300 billion. In that case, that’s not money we get in, but it’s money we don’t have to spend.

So if you add these two things together, we are in the next 60 days, going to have to reforecast the American balance sheet where this is, or we’re actually going to be able to positively forecast an extra $600 billion – $300 billion of incremental revenue and $300 billion of savings. 

If that happens, watch out. It means that every single risked dollar is going to run to America. Every single one. Forget Japan, forget Europe, there is no place to put your money except the United States.”

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BONK, the Solana meme coin, has been silent for a while, but an interesting technical analysis suggests something interesting might be brewing for its price action. Over the past few weeks, the meme coin has displayed an increasingly bullish structure, with its price reclaiming a key support level and beginning to challenge overhead resistance.

According to an analyst on the TradingView platform, BONK has just confirmed a double bottom formation; and here are the next price targets for the meme cryptocurrency.  

Double Bottom Reversal And Golden Cross Points To BONK Price Explosion

Technical analysis of the BONK/TetherUS pair shows that the meme cryptocurrency has just confirmed a double bottom formation, which is one of the most reliable reversal patterns in technical analysis. This structure points to the exhaustion of the bearish momentum that has characterized BONK’s price action since the beginning of the year, and the early stages of a bullish trend shift. 

BONK’s price action is now pushing directly into the descending trendline resistance, which a major technical ceiling that has rejected its rallies since late December 2024. If this barrier is broken, it would mark a decisive break from the months-long downtrend.

Furthermore, the exponential moving averages are also sending a bullish signal. The convergence of the 12-hour EMA-50 and EMA-200 could soon result in a Golden Cross, which is an event that typically precedes a strong upside continuation.

Upside Targets And Key Resistance Zones To Watch

It seems BONK is currently on the path to breaking above the resistance trendline again, but this time with enough conviction. The last time the meme coin tested this trendline was in late April when its price was rejected at $0.00002179. 

This rejection was due to a wave of profit-taking in light of the uptrend from the second bottom at $0.00001036 on April 7. The ensuing retracement after the rejection brought the price right back into the key supportive range between $0.00001550 and $0.00001425, where it has since bounced on in the past 24 hours. 

At the time of writing, BONK is trading at $0.00001824, up by 8.3% in the past 24 hours. The next move is a push to resistance levels highlighted by the TradingView analyst before an explosive move.

Should bulls successfully pierce through the overhead resistance zone between $0.00002000 and $0.00002100, the next moderate resistance lies between $0.00002500 and $0.00002750. This range aligns with a projected move from the double bottom pattern and may serve as a staging area for further consolidation. However, if bullish momentum continues, especially on the back of a Golden Cross confirmation, the next level to watch will be between the $0.00003400 to $0.00003700 zone. This level carries strong significance, as it aligns with the 50% Fibonacci retracement from the November 2024 all-time high.

Featured image from BONK, chart from Tradingview.com

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Tech companies like Apple, Google, and Meta want smart and AR glasses to become as ubiquitous and essential as smartphones. Pulling that off will be a challenge, but let’s assume they can. If the biggest tech brands all buy in and go to war over smart glasses, it’ll be a much more fun tech battle to watch than any other.

Bloomberg’s Mark Gurman reports that Apple CEO Tim Cook wants to make Apple AR glasses the company’s “top priority,” so they can beat Meta to the punch. Apple will focus first on non-holographic “glasses with cameras and microphones” to challenge Meta’s Ray-Bans in the short term, then shift their attention to true mixed reality.

It’s a sudden shift from when Gurman claimed Apple canceled its AR glasses prototype in February because executives weren’t impressed with their MacBook-tethered design.

I bring this up as a reminder that Cook’s desire for true wireless Apple Glasses doesn’t mean his company will release them anytime soon. And Mark Zuckerberg, who wants “billions of AI glasses” worldwide in a decade, is just as passionate about beating Apple.

I’m less concerned about one brand pulling off AR glasses and more interested in seeing a proper free-for-all between the Big Tech brands. Why? Because smart glasses can’t be boring the same way other tech gadgets are, or they’ll never take off.

Why smart glasses will be more fun than other tech

I don’t expect AR glasses to hit the mainstream for years. In the short term, we should see more smart glasses like Meta Ray-Bans with cameras and AI smarts. And there’s a reason why these Ray-Bans have sold so well: because Meta left the design to someone else.

Every non-foldable smartphone looks like an identical thick slab, and updates like Android 16 are more about tweaking and optimizing a well-oiled machine, while iOS typically does its own spin on what Android has done before.

Glasses have to be different. It’s not something you can hide in a pocket or take off if it starts to feel too heavy; you wear them 16 hours a day, and they’ll define the first visual impression people have of you. And for software, these companies will have to develop innovative control schemes and improved AI assistants for them to work.

Meta knew that Ray-Ban and Oakley smart glasses would perform better than anything its engineers had made because well-established brands could cater to mainstream aesthetics and trends. And it was adding Meta AI to the glasses that made the Ray-Bans really stand out.

If I know Apple, it’ll try to pull off a unique smart glasses look that, like the Apple Watch squircle, redefines what’s acceptable in wearable style, but still work for “regular” people. Meta has taken the opposite route, offering a variety of styles to appeal to the widest group of people; if Google and Samsung are smart, they’ll do the same.

Imagine a future where smart glasses have even a fraction of the styles you’d see in a LensCrafters or Warby Parker. You want Samsung Glasses, but it’s up to you whether you buy Samsung Burberry, Samsung Oakley, or Samsung Gucci.

That sounds more fun to me than trying to pretend that one Android phone or iPhone slab looks that different from another. Instead of near-identical Pro and Ultra handsets, you’d get a variety of looks that appeal to almost anyone.

We still need proof that AR glasses will ‘work’

Meta Orion is a great example of why I’m enthusiastic and skeptical about AR glasses.

Meta has spent tens of billions of dollars on XR R&D over the last few years. The end result is Orion, which has a wireless, no-controller design.

The wireless computing puck and low-power custom silicon ensure it doesn’t tether to and drain your phone battery, while the sEMG neural band gives you a vital and accurate alternative to voice commands.

Meta Orion also weighs too much (almost 100g), has visual limitations, and reportedly costs about $10,000 each to make. The glasses aren’t coming out until 2027, and only to developers because they’re not consumer-ready.

In the meantime, Meta is reportedly developing Hypernova AR glasses with a monocular display, which are expected to cost around $1,000–$1,400. However, that’s still expensive for an accessory, and I assume they’ve downgraded the field of view (FoV), battery life, or resolution compared to Orion.

Then there is Google and Samsung’s Android XR partnership. Google built the software and Gemini AI necessary for AR glasses to work, and it recently exhibited its XR glasses at a TED Talk.

These glasses appear fairly normal from a distance, although they may seem a bit thick in the temples. However, we still don’t know how much they’ll cost, how long they’ll last, or whether people will want a device that can only be controlled with Gemini voice commands. And it appears that these glasses rely on phone computing, which burns through that battery too.

Apple’s original AR prototype allegedly relied on an iPhone connection, but power demands led them to switch to a MacBook. Whatever they try next, Apple will have to overcome the same struggles as its rivals — and prove that Apple Intelligence can keep up with Gemini and Meta AI as a portable assistant.

Will this war be on an even playing field?

It could take a long time for Apple to pull off the AR glasses that Tim Cook wants, that hit the perfect balance of style, power, features, and longevity. Just like smart rings can’t blend in as “normal” jewelry, AR glasses will likely remain thick, obvious gadgets for a long time.

Once they clear that hurdle, Apple and Google will take decade-old apps and redefine them for this new form factor, which will either be exciting or a disaster. They’ll also have the advantage of blocking companies like Meta from accessing their phone apps — unless the EU steps in.

Apple dominates the iPhone ecosystem by blocking third-party accessories like watches and glasses from offering messaging or communicating with phone apps. But the EU DMA ruled that Apple must open up its system.

If Apple’s lawyers can’t argue their way out of this, it’ll force the smart glasses war onto an even playing field. And that, more than anything else, will force Apple and its rivals to compete on style, variety, and name recognition, just as much as smarts. And it’s going to be a lot of fun to watch.