Bitcoin and Ethereum price after a healthy consolidation, tanks hard and hence most of the altcoins too follow the trend
The decrease in the network activity points out towards the shift of focus, yet may be also an buy at the dip opportunity
The upcoming price trend of most of the altcoins remains claggy as they all tend to follow the top 2 cryptocurrency
Bitcoin, being the most dominant cryptocurrency appears to have adopted a linear trend. As every time it attempts to break the barriers above $38,000, a massive pullback drags the BTC price to current levels.
On the other hand, Etheruem also appears to have followed the top crypto as the price slides down below $2500. No doubt the decline was not so steep, yet the bearish trend appears to prevail the ETH price.
One of the trusted on-chain analysis platforms Santiment reported a loss of address activity in both Bitcoin and Ethereum. The address activity on both BTC and ETH are hitting the yearly low, and hence giving a speculation for a buy at dip opportunity.
And as the top cryptos tend to follow a downtrend, the other altcoins may also be impacted. However, the downtrend is expected to continue further until both assets do not test their respective support zones.
Conversely, while many believe the bears have capitulated the bull run, the possibility of a bear market within the bull run cannot be ruled out. As said by a popular analyst, Lark Davis, like the 2018 bear market where-in a small bull run were also a part. Currently, a bearish trend is outspread above the bull rally.
Therefore, the analyst also hinted on a possible bull run which may resume once the bears come under control. The bitcoin price rally may flip the bearish divergence soon. Or else if continued with a downtrend, it may test the support levels at $30000. Similar to the Ethereum price rally where-in the zones at $1900 appear to be imminent if the dip continues.