Bitcoin

Bitcoin Surges Notably,  While Altcoins are Primed to Drop by 45% to 50% Very Soon!

Written by: Sahana Vibhute

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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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Jul 8, 2022

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Article Highlights
  • Bitcoin price slashed above $21,000 in the early trading hours which may indicate the revival of a bullish trend

  • On the other hand, the altcoins appear to be in deep waters and poised to drop heavily halving their value in the upcoming days

Bitcoin price was trading within narrow ranges for quite a long time which was challenged by the bulls of-let. The asset surged beyond $22,000 in the early trading hours by very quickly dropping below $22,000 after facing a notable rejection. On the other hand, altcoins also surged significantly, but may not sustain as a huge bearish trend is awaiting the altcoins that may slash the price to half.

Conversely, the crypto markets have flipped in the times when the DXY Index, which signifies the strength of the US Dollar is also going parabolic. Currently, the BTC prices after breaking the important resistance at $21,400 are now expected to maintain a strong upswing to hit beyond $40,000 very soon. However, observing the charts, it is quite evident that Bitcoin despite the current breakout, still hovers within a bearish zone which is still a matter of concern. 

Therefore, as per a popular analyst, people are getting euphoric and calling for $40,000 for BTC, but the rejection may be strong. In the case of altcoins, they may slash more than 45% further without any mercy or consideration. 

Mainly due to the reason that the star crypto is still within the resistance levels below $22,000 and hence it may resemble a fakeout that may trap the bulls at a higher price. On the other hand, the DXY Index is strengthening as it has reached the levels highest in the past 10 years. And hence it will negatively impact the stock markets and the crypto space. 

Collectively, the markets despite a significant uptrend, do not seem to have broken the bearish trend completely. As Bitcoin prices are still within the rejection levels, the rebound may only trap the bulls at a higher price. In such a case, if the BTC price faces a rejection, altcoins may get halved within no time very soon. 

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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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