Bitcoin

Bitcoin Price Pulled Back, Yet Altcoins Are Showing Signs Of Strength

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Highlights

    Bitcoin price shows weakness around $50,000 levels, however, a strong boost can rally the price close to $60,000

    Ethereum dominance climbing high, showcase a glimpse of the 2017-18 bull rally that led to a huge surge of the asset

    Altcoins like Dogecoin, Klaytn, Polygon and Arweave rally hard, surging on an average of 25% each.

What’s Next For Bitcoin Price?

Bitcoin prices in recent times have initiated a sideway trend as the other altcoins and new tokens gain strength in the crypto space. The bullish momentum was hampered drastically by Tesla CEO, Elon Musk by withdrawing BTC mode of payment

This led to a huge drain in BTC prices that plunged below $50,000 and attempted hard to recover the losses, yet failed. The price chart had formed a ‘W-shaped’ pattern and hence the breakout throughout the neckline was expected. However, after a couple of tiny green candles, the price again resumed its movement towards the south. 

Despite the narrow trend and decline in its strength, it is pretty hard to speculate a deeper retrace for the price. As rightly pointed out by a popular analyst, Rekt Capital, bitcoin has not yet confirmed a major breakdown as the main base of its structure is still intact.

Therefore, it might be just a matter of time where the BTC price may pave the way for the other altcoins to rise. Yet it will remain the most dominant crypto in the space and soon may forecast the same. 

Also Read: Hedera Hashgraph(HBAR) Price Rallies High, $0.5 Approaching Fast

Altcoins Grow Stronger!

The bitcoin dominance is dipping every new day, slowly obtaining the levels of the 2017-18. It was the time when BTC rose like a giant, escorting the entire crypto space. Most of the altcoins smashed their respective ATH. No sooner the crypto market crashed as BTC plunged heavily. Since then most of the altcoins had failed to reach their ATH levels.

However, since the beginning of 2021, all the major altcoins and low cap gems showcased their strong bullish momentum and jumped high. Many formed new ATH and surged to the levels which were very far away from the previous one. 

Currently, altcoins like Dogecoin, Hedera Hashgraph, Polygon, etc have rallied more than 25% since the last trading day. Is this the indication of strengthening Altseason 2021? 

Probably yes, as the next big crypto to bitcoin, Ethereum despite a pullback failed to break the support levels at $3950 and bounced back above $4000. Overall, Bitcoin price rally may resume very soon, however, several other altcoins may also emerge as ‘Gainers’.

Also Read: Tesla Shares Have Dropped Abruptly While Microstrategy Acquired Additional Bitcoins!

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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.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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