On Crypto Banter’s The Sniper Trading Show, the analyst opened up about the short-term outlook for Bitcoin. He said that the coin may aim for the $62,000 to $63,000 range, and any break above $62,000 could push it towards $65,000.
Closing above these levels this week would be a strong sign. However, there’s also a chance Bitcoin might retest its recent lows, potentially dropping to the $56,000-$57,000 range before bouncing back. He explained the current opportunity in altcoins, noting favorable conditions with many coins oversold against Bitcoin.
During these movements, Bitcoin dominance is expected to decrease, which could benefit altcoins. The analyst explained that the recent pullback being Bitcoin-focused, altcoins showed resilience, breaking their short-term trends. This suggests a bullish outlook for the next few days, though longer-term trends will depend on where Bitcoin closes the week.
Altcoins might experience minor pullbacks but are likely to see further gains soon. Bitcoin dominance losing support indicates a possible continued drop, which usually favors altcoin performance. If dominance and other indicators remain bearish, altcoins might revisit their prices from four weeks ago.
The analyst then focused on top-performing altcoins like Injective, Chainlink, Solana, ADA, and NEAR compared to Bitcoin. He explained that many altcoins, including INJ and Chainlink, show signs of recovery after being oversold against Bitcoin. This could lead to them outperforming Bitcoin in the coming weeks. He also brought to attention strong performers like SOL, which is forming a bullish weekly candle.
Regarding the market outlook, he predicted two phases for altcoins: an ongoing rally until September followed by a potential Bitcoin surge towards all-time highs. He also mentioned strong sentiment towards Ethereum, particularly against ETH pairings, citing Theta as a standout for its bullish setup.
Read Also: Bitcoin Plummets Below $59K: Experts Predict Bullish Rebound Ahead
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