As a seasoned crypto investor with a decade of experience under my belt, I’ve seen the market ebb and flow like the tides. The recent positive weekly close for Bitcoin above $63,000 is certainly a promising sign, but it’s the altcoins that are catching my attention right now.
Last week, Bitcoin (BTC) ended with a gain, staying above $63,000, which suggests good prospects for next week. However, this Monday, Bitcoin’s price remains unchanged, while the majority of the cryptocurrency market is experiencing growth. This leads one to wonder if investors are shifting their funds towards alternative coins (altcoins), as they anticipate a significant increase in the future value of Bitcoin (BTC).
As an analyst, I’ve noticed a shift in focus lately: while Bitcoin typically garners most attention, speculators are increasingly leaning towards altcoins. Historically, when Bitcoin experiences significant price spikes but then begins to slow down, it often paves the way for altcoins to outshine and embark on their own remarkable growth trajectories.
$BTC currently flat, but local high in sight
At the moment, despite a slight dip, Bitcoin appears to be quite optimistic. Its current value, around $63,500, is close to a significant high at approximately $65,050. In other words, it’s not much lower than a potentially very important new peak.
On the temporary graph displayed, it’s evident that the Bitcoin (BTC) price remains contained within an uptrend channel. At the moment, BTC is positioned on a significant level of backing at approximately $63,550. There’s a strong possibility it will rebound from here. Just beneath this level lies the 0.786 Fibonacci support level at around $62,400. If the price were to drop below the channel’s bottom trend line, this level would likely provide additional support.
Has Bitcoin Dominance topped out?
The Bitcoin Dominance graph offers encouragement for other cryptocurrencies. At present, after peaking at 58.6% five days back, it’s holding strong at a level of support. Whether it will continue to decline further or rebound again remains uncertain.
At present, during the bull market, it’s likely that the fluctuations in Bitcoin are being paid more attention to than the overall trends across the entire cryptocurrency market combined.
Analyzing the current Bitcoin price in comparison to past bull markets suggests we might be approximately midway through this particular bull run. This implies that although the final, potentially exponential growth phase is approaching, it has not fully materialized as of now.
For now, it’s expected that Bitcoin will maintain its leadership among cryptocurrencies for a while longer, but as time passes, there’s a good chance that other digital currencies, known as altcoins, may gradually gain more value and potentially challenge Bitcoin’s supremacy.
Altcoins beginning to break trend
Some noteworthy altcoins have surpassed their trend boundaries, and among them is Render ($RENDER), which has seen a 10.8% surge today. Currently, its price stands at a resistance level, potentially subject to rejection. However, considering the coming weeks, $RENDER might emerge as one of the frontrunners in the altcoin market. Future projected prices, using Fibonacci levels, are displayed in the accompanying chart.
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2024-09-23 12:09