Altcoins View Non-AMP

Bitcoin Outperforms Altcoins! BTC Price Might Hit $32K This Weekend

Written by: Delma Wilson

May 25, 2022

As range conformity continued, Bitcoin (BTC) momentarily rebounded to $30,000 before the May 25 Wall Street open.

BTC/USD managed to touch $30,189 before settling down under the $30,000 level, according to TradingView data. 

While it may look uninteresting at first glance, Bitcoin on short timeframes kindled Michael van de Poppe’s interest, who anticipated a run to approximately $33,000 in the near future.

As per Michael, “If we hold $29.4K, we’ll be good towards $32.8K. Finally.”

Bitcoin hasn’t been this high since May 9, just before the Terra implosion brought it down to ten-month lows. 

On the 4-hour chart, another trader Nebraskan Gooner, was looking for a run of higher lows, highlighting $30,400 as “the level to beat.”

According to CryptoQuant, an on-chain analytics company, concerns from the network transaction value (NVT) Golden Cross gauge signaled that pullback was on the way.

A surge in NVT Golden Cross, which occurred on the day, strengthened the view that volume was insufficient to maintain an ascending trajectory.

Bitcoin Outperforms Altcoins

The crypto market is trading at extreme lows and highs, particularly for ALTcoins, which have seen enormous drops, even bigger than Bitcoin. BTC is the primary cause.

While ALTcoin is waking up, dominance is waking up as well. The hegemony is waning. This is a huge dominance reversal at a precise period, in the bear trend, which is why ALTcoins are suffering the most.

We can clearly see that Bitcoin is trading impulsively higher away from the lows on the BTC.D/OTHERS.D daily chart, which is essentially a ratio chart between Bitcoin. dominance and altcoins. dominance.

We may really predict a five-wave bullish impulse in Elliott Wave theory, therefore it appears that BTC will dominate in the following weeks/months.

ETHBTC is another chart that demonstrates and proves that BTC is stronger than ALTcoins.

As you can see, ETHBTC is falling due to BTC dominance, and there is still opportunity for additional weakening from an Elliott Wave perspective following the recent A-B-C corrective flat pattern in wave (B)/ (2).

So, ETHBTC is currently plunging for wave (C) or maybe even wave (3), with room to fall to at least 0.059 – 0.050, if not much lower.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Recent Posts

Bitcoin (BTC) Price Likely To Rally in Coming Months, Says Pantera Capital CEO

This year, June was simultaneously bullish and bearish as the Fed raised rates to combat…

July 3, 2022

Bear Market Passive Income Kings: Gnox (GNOX), STEPN (GMT), and Aave (AAVE)

The current bear market is no joke for investors. Market-leading cryptos like BTC and ETH…

July 3, 2022

LUNC Price Reignites Upswing, This May be the Trend for the Upcoming Week!

The LUNC price’s strong upswing that is maintained throughout the week was recently challenged by…

July 2, 2022

Crypto Space May Show Some Signs of Recovery, Will Bitcoin(BTC) Price Rebound to Hit $22,000?

Bitcoin prices have been trading below $20,000 for the second day in a row and…

July 2, 2022

A Possible Way Out In A Cryptocurrency Downturn

Most people in the crypto market expect their investments to be double or triple in…

July 2, 2022

Watch Out for these Target Levels as Cardano (ADA) Price Gears Toward a Breakdown

Cardano's price amid the current bearish trend is on the verge of losing its grip…

July 2, 2022