After struggling to hold above $65,000 for a couple of days, the BTC price has now shifted its resistance to $63,000. Ever since the token marked the lows close to $60,000, the bears have had an upper hand and have held a significant grip over the rally. In the meantime, the altcoins are also facing a similar bearish pullback, with the prices of major cryptos stuck within a range. This indicates the bearish momentum is slowly mounting around the space, due to which the possibility of an altseason may not appear within the range.
On the other hand, if we have a close look over the prevailing rally, it appears that the altcoin market is having the last short-term correction before a surge past the All Time Highs (ATH). the previous resistance zone, during the 2019–2020 rally has now turned into a strong support zone, which is offering a strong base to trigger a rebound. Therefore, the current pullback can be considered the last volatility variance and could be the last opportunity to enter before the altcoins begin with an aggressive bull run.
The above chart shows that the traditional lag behind Bitcoin has broken past its previous ATH, which is identical to the last cycle. Based on historical behaviour, it appears that the current trend may be no different from them. Therefore, it seems that the markets are going to be extremely aggressive in the coming days with a strong altseason.
Also Read : Altcoin Price Analysis: Are These The Next Two Top Performers?
The above chart variations and the price movement suggest that the altcoin market cap has just slumped below the crucial level of $1 trillion. Despite the plunge, the levels remain within the bullish range and hence are now believed to trigger a strong upswing but more losses could be seen first. Therefore, the total market cap excluding Bitcoin is expected to drop close to $800 billion as the altcoins are believed to maintain a descending trend for another week or two.
After marking the interim lows, the levels could go long and maintain a healthy upswing for the rest of the year, which may continue in 2025 to mark new highs, probably above $4 trillion.
Read More : Top Altcoins With High Recovery Potential To Buy This Week
UNI, Uniswap's native token, appears bullish and is poised for massive upside momentum after a…
The crypto market is always shifting based on global money trends, but a new debate…
XRP holders are finding themselves at a crossroads as recent market trends raise questions about…
Bitcoin, the flagship cryptocurrency, has taken a hit with a 5% drop in its price.…
Amid market uncertainty, Dogecoin (DOGE), a popular and the world’s largest crypto meme coin, appears…
According to historical footprints in the global crypto market, festive seasons are always important for…
