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Is Bitcoin Giving an Opportunity for the Altcoins to Gain Traction?

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Highlights

    Bitcoin price breaks the lower support levels of the time frame channel indicating a possible bearish divergence

    A massive inflow of Bitcoin worth nearly $1.6 billion influx into the exchanges, probably as a result of Weak hands

    The bitcoin price rally is expected to resume with the end of the accumulation phase, which is approaching at lightning speed

Bitcoin Price Continues to Drop after Flipping!

Bitcoin which recently set off the milestone of becoming a trillion-dollar asset plunged subsequently after mountain topping above $58K levels. The BTC price rally which had skyrocketed in the weekend is experiencing a heavy sell-out since the early trading hours dragging the price below $56,500.

In the recent price movement, the bitcoin price has broken the bottom layer of the channel, in which it was trending for a couple of days. With the breakdown, the BTC price is expected to drop further until a boost to bounce back as predicted by an analyst, IncomeSharks.

Interestingly, the hourly chart also showcases the triple bottom which indicates an upcoming bullish trend. 

The triple-bottom chart manifests the approaching flip from the bear cartel towards the bulls very soon. These types of chart pattern typically follow a prolonged downtrend where-in the bears are in full control of the market. 

Bitcoin chart

The first bottom can be considered as a simple price plunge whereas the second bottom indicates that the bulls are gaining momentum to ready for a reversal. With the third-bottom, strong support levels are formed which indicate a possible capitulate of the bears as the price breaks through resistance levels. 

Will BTC price Smash $60,000?

The bitcoin price’s current resistance is trending around $57,500 to $58,000 levels and hence a clear break out is required to smash the upper levels probably $60,000. On the contrary, the reverse price movement cannot be ruled out, as a massive amount of Bitcoin inflow into the exchanges has been recorded.

According to the financial and crypto analyst CryptoWhale, over 28,000 Bitcoin has arrived on spot exchanges worth more than $1.6 billion. This is also the single largest inflow since December 2017. The analyst also warned to be cautious as a massive inflow sometimes points out a probable price drop.

Collectively, the Bitcoin price rally is expected to gear up with a bullish momentum being accumulated around the current price of $56,227. Therefore a possible reversal may lead the price to break the upper barriers, leading the BTC price to $60,000.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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