The cryptocurrency market is currently going through a period of uncertainty. While Bitcoin, the locomotive of the sector, is trading horizontally in a narrow range, altcoin projects are experiencing mixed signals. This begs the question: Is there a bullish trend for altcoins beneath the surface of the current consolidation phase?
Gareth Soloway made a statement about Bitcoin and altcoin projects
Expert trader Gareth Soloway believes that Bitcoin’s recent sideways move around $60,000 could be a bullish sign. Soloway says that Bitcoin movements will also closely affect altcoins. He sees this pattern as consolidation, a period in which the price gathers strength before a potential upside breakout. Soloway describes $74,000 as a very important level. If Bitcoin breaks this resistance point, a significant rise could occur, potentially pushing its price towards the much-anticipated $100,000 level next year.
But navigating the crypto market requires acknowledging potential pitfalls. Soloway acknowledges that a severe downturn in traditional markets, similar to the 2008 financial crisis, could lead to panic selling across all asset classes, including Bitcoin. In this worst-case scenario, there could be a significant drop in Bitcoin price. It highlights $30,000 as a critical support level. A break below this point could signal a shift towards a downtrend and potentially lead to further price declines.
Altcoin Buzz: There is optimism in the market
As Bitcoin grapples with its next move, leading crypto analyst platform Altcoin Buzz has injected some optimism into the market. They predict that altcoins will hit a potential bottom this summer, followed by a rally towards the end of the year. This bullish outlook is consistent with historical patterns where altcoins tend to find support in early summer.
Positive developments in the altcoin ecosystem further strengthen this prediction. For example, CET, a blockchain data infrastructure project, recently announced its integration with the Peaq blockchain. This collaboration aims to advance real-world applications and facilitate the creation of innovative, event-driven programs.
Certain altcoin projects are already showing upward momentum. Akash Network, a cloud computing platform, surged nearly 50% last week, driven by impressive quarterly revenue growth and user-friendly platforms for cloud providers. Similarly, TON coin, the native cryptocurrency of The Open Network, is experiencing a significant rise ahead of its anticipated token launch, with major exchanges offering pre-listing staking rewards.
Michael van de Poppe: Pay attention to US data
Famous cryptocurrency analyst Michaël van de Poppe made important evaluations about Bitcoin and the general cryptocurrency market in his recent statement. According to Van de Poppe’s analysis, although Bitcoin is trading in a narrow range, it has the potential to rise to $70,000 to $72,000 if it breaks the $63,000 resistance. Van de Poppe argues that Bitcoin dominance has peaked at 57.50% and altcoins may become more prominent in the coming period. This shows that investors’ interest may shift to cryptocurrencies other than Bitcoin.
Van de Poppe states that the total market value of altcoins is experiencing a normal correction in dollar terms, and the correction in Bitcoin pairs is deepening. This means that altcoins are losing more value compared to Bitcoin. The coming week is important for the entire crypto market. According to the analyst, key economic data from the United States is poised to influence the course of Bitcoin and, by extension, the broader altcoin market. A positive economic outlook could provide the necessary headwind for Bitcoin to break through its current resistance, potentially triggering a long-awaited altcoin rally.
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