Although its market activity has been waning, Toncoin could see its newly announced Bitcoin bridge catapult it to the $10 level. The cross-chain bridge has many investors shifting bullish when looking at how the token is expected to perform in the coming days.
The new bridge introduces overhauled interoperability between both TON and BTC. It’s a massive benefit for the ecosystem, considering the status of Bitcoin. Moreover, it has resulted in a notable price surge for the asset. Now, the market is asking how long that rally could last.
Also Read: Toncoin (TON) to Hit $8, New Bullish On-Chain Metrics Indicate
Toncoin Introduces BTC Bridge that Could See TON Skyrocket
In 2024, the crypto market saw renewed relevance in the mainstream. That was mostly led by Bitcoin. The leading cryptocurrency was the first to get spot ETF approval in the US. Moreover, it reached an all-time high of $73,000 just three months after the product debuted.
It could be set to drive the value of a different token. Specifically, Toncoin has introduced a Bitcoin bridge that could drive TON to a new high of $10. The Ton Teleport BTC is set to increase the leading crypto’s utility on the blockchain. It is scheduled to debut at some point in 2024.
The token is in need of a jump start, as it has only increased 3.46% in the last 30 days, according to CoinMarketCap. Yet, BTC could bring the jolt it needs. The asset is trending at the 50-day (in green) and above 200-day (in black) moving averages, confirming it’s on the up.
Also Read: Toncoin Predicted to Hit New All-Time High of $9: Here’s When
The token has been forecast to surge from the bottom boundary of a rising channel. This has usually provided the asset with support, and targets a 32% increase. That would bring TON to the $9.47 level, above its previous landmark price of $8.24.
That price point just below $10 is the target with bullish sentiment beginning to form. The question now is whether or not it can make good on its potential. That remains to be seen, but Bitcoin could prove to be a massive help. This is especially true as next week’s Ethereum ETF launch may bring a new bull cycle to the crypto market.