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Following the third Bitcoin halving, the cryptocurrency community is left with little clarity on what the near future holds for Bitcoin and cryptocurrency in general. Well, for those immersed in altcoins, the good news is alts are likely to pump in the coming weeks as Bitcoin’s dominance continues to reduce. This is according to an altcoin trader who says all it takes is a little steadiness to see this happen.
He adds that although Bitcoin is showing some resilience at the moment, it will “bleed out slowly” and is sure to slow down in order for alts to pick up. According to Coinmarketcap, Bitcoin dominance is currently at 65.5% but has not dropped below 60% since the year began.
The price is also well above $8,000 as it dropped from $9,000 a few hours ago after it failed to hit $10,000.
BTCUSD Chart By TradingViewBitcoin’s downward trend is far from over according to the trader, and the low $8Ks will soon be reached and altcoins will take over the upsurge for some time before BTC resumes its pump to new highs towards the end of the year.
This is supported by data from Okex and Skew which shows that the number one altcoin, Ethereum outperformed Bitcoin over the weekend with its volatility dropping significantly. This means ETH will be consolidating around $206 as it did not reach its previous low of $190.
Chances of breaking below the $8,550 mid-term support for the BTC price has increased significantly as sell pressure increased in the last few days.
Technical indicators also suggest that Bitcoin needs to break above $9,280 this week or it is certain to go below the $8,550 support. If the latter plays out, this will bring Bitcoin’s price to the low $8Ks as predicted and a new alt season may actually be on the way.
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DISCLAIMER Read MoreThe views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
I’m a cryptocurrency and blockchain technology writer. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
