Price Analysis

Did The Bitcoin Price Bounce Drag Down Some Altcoins?

Bitcoin price that trended within the crucial levels in the past trading day where-in a breakout was on the cards, surged with decent numbers. The BTC price gained a large boost with a country, El Salvador accepting bitcoin as legal tender. Moreover, the bullish trend continued until the press time and smashed above $35,000 successfully. 

On the contrary, some of the major altcoins like Ethereum price, XRP Price, Cardano Price and many more maintained a silent trend. BTC price which propelled more than 18% since the previous day’s lows, the other altcoins enter a consolidation phase. 

btcalt

As we can clearly see in the above chart, the major altcoins are trending in a very narrow parallel channel. Whereas bitcoin surged high with a large margin with a mounting buying pressure. Therefore, the follow of liquidity from the altcoin gains to bitcoin cannot be ruled out. 

A popular analyst Micheal van de Poppe also speculated that the traders might have fallen into the FOMO trap and swapped their ETH and ADA to BTC. However, the bitcoin price is expected to bounce back and reach $45k levels as predicted by the analyst, Beastlorion.

Further, if the bitcoin price rally gains momentum, altcoins may incorporate a narrow trend within a narrow margin. However, BTC price is expected to rally as high as $100K by September as predicted by Crypto Moon. Moreover, if the altcoins maintain a sideways trend, the Altseason may be halted midway!

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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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