Bitcoin Price Has The Ability To Crush Altcoins In The Coming Few Weeks
Altcoins have been quite stable over the past few weeks, outperforming Bitcoin and most other major cryptocurrencies. This happened as both Bitcoin price, and Ethereum found themselves caught in periods of prolonged consolidation just below their key short-term resistance levels where their next uptrend could have a substantial effect on the uptrend currently seen by smaller altcoins.
Bitcoin price will crush altcoins shortly
Analyst Willy Woo said he expects Bitcoin to crush altcoins in the coming weeks as it regains some of the dominant market positions. Bitcoin and the synthetic cryptocurrency market are currently seeing some extremely mixed performance.
While many of the smaller altcoins are making gains similar to what the market saw in 2017, all significant tokens are currently being captured during periods of consolidation. While it is not possible to move higher in the short term, it is important to note that Bitcoin and other major alternative currencies are still in a macro uptrend.
At press time, Bitcoin is trading around $ 11,963, up almost 2% over the past 24 hours. This is a bit lower than the level it has been trading for during the past week. Last Saturday, the cryptocurrency rallied to a high of $ 12,000 before facing stiff rejection that drove it reeling to $ 11,000.
In the time since then, BTC has rallied back to the zone above $ 11,000, but it has yet to break through the $ 12,000 resistance level successfully.
During its recent consolidation period, altcoins stole the attention, with many smaller tokens posting staggering gains throughout the past week.
One such example is Band Protocol (BAND) – a network of prophets whose prices have risen from a recent low of $ 3.80 just a few weeks ago to a high of $ 14.00. Investors who are currently interested in finding the next altcoin will post this kind of explosive parabolic rally.
Analyst Willy Woo said that there are a lot of factors suggesting that Bitcoin will appreciate relative to altcoins over the next few weeks.
Bull divergence, BTC Dominance, expecting BTC to gain over alts in coming weeks. Waiting for the top indicator to reverse (detects volume movements). ETH currently more bullish than other alts. In that regard, I believe we’re in an era of dual pumpage. pic.twitter.com/hUuIoinfm5
— Willy Woo (@woonomic) August 9, 2020
There is a pattern seen towards the end of that period in which altcoins and Bitcoin tend to increase alternately. If this trend continues, then BTC is likely to increase in the coming weeks.
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