Crypto markets are in a wait-and-watch phase, especially after Bitcoin is stuck in a tight range, and it’s making the entire altcoin market nervous. Meanwhile, top crypto analyst Altcoin Sherpa believes the next big altcoin rally depends entirely on Bitcoin’s next move.
If BTC doesn’t explode out of this zone soon, altcoins could see a brutal 30% drop. Here’s what the latest charts and data are revealing right now.
According to Sherpa’s chart, Bitcoin is currently moving sideways within a tight range between $114,750 and $123,250. It has been stuck in this zone for several days, showing no signs of a clear breakout in either direction.
Adding to this picture, Glassnode data points to short-term holders (STHs) as the key drivers of Bitcoin’s next major price move. Their analysis of Bitcoin’s Cost-Basis Distribution reveals a heavy concentration of buying activity between $117,000 and $122,000, right inside this current range.
This suggests that a large number of investors have accumulated Bitcoin at these higher price levels, making this zone a critical battleground for the next move.
According to Sherpa, the only real chance for altcoins to make another strong upward move is if Bitcoin breaks above this consolidation range with force, what he called a “giga send.”
But if Bitcoin keeps moving sideways or slowly drops, what Sherpa refers to as a “BTC bleed,” then altcoins could fall by 10% to 30% or even more.
This pattern is already showing up. As long as Bitcoin doesn’t show real strength, altcoins are likely to stay flat or keep losing value.
Looking at the chart, Sherpa pointed out two important zones. First the resistance near $119,000–$123,250 zone a key barrier, it aligns with the 0.5 Fibonacci retracement level, and Bitcoin has tested this level several times without success.
However, a solid push above that could open the door toward $123,000, the top of the range. That’s where bulls are aiming.
Meanwhile, the support zone around $114,750 also remains critical. If Bitcoin drops below that, it could mean more pain not just for BTC, but for altcoins too.
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