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Bitcoin has once again found support around $8,200 after the upwards momentum it garnered from its recent dip into the $7,000 region faltered. It is important to note that BTC’s recent price action is quite similar to that seen a couple of weeks ago, which likely points to the fact that it is currently caught in a trading range between $7,800 and $8,400.
Although this aforementioned trading range may mark a period of indecisiveness for BTC, one prominent analyst is now noting that he expects multiple altcoins to run white Bitcoin consolidates.
Bitcoin Falls to Established Support Level at $8,200
At the time of writing, Bitcoin is trading down marginally at its current price of $8,200, which marks a slight retrace from its recent highs of just below $8,400.
Bitcoin’s trading range around its current price levels was first formed shortly after it plummeted below $10,000 in late-September, and it has failed to post any type of decisive movement in either direction in the time since this dropped occurred.
Over the past couple of days, however, multiple major altcoins have been able to post notable gains, with XRP surging nearly 10% earlier this week while Ethereum and other alts posted gains of over 5%.
Analysts expect this upwards momentum amongst altcoins to extend further in the near-term, with Crypto Loomdart, a popular cryptocurrency analyst on Twitter, explaining that Ethereum is currently pushing up against a key price level against its BTC trading pair, and which direction in trends in the coming days and weeks may be largely based on how it reacts to this level.
“$ETH at an important price here in $BTC terms, fakeout resistance before it plunged. Should get pretty exciting,” he explained.
$ETH at an important price here in $BTC terms, fakeout resistance before it plunged
should get pretty exciting pic.twitter.com/0VG6fL7gW5
— loomdart – Holy War Arc (@loomdart) October 9, 2019
BTC Ranging Could Provide Fuel for Altcoins
Bitcoin’s current period of consolidation could validate the potential bullishness amongst major altcoins that analysts like Loomdart are pointing to.
Josh Rager, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, saying:
“$BTC – Ranging in between the fibs. Needs to break above the 0.236 for me to turn short term bullish. This lack of volatility will continue to build with and end leading to a strong move in price action – that still could be a few days away. Until then, some alts will run-up.”
https://twitter.com/josh_rager/status/1181914499152072704?s=21
If Bitcoin continues to trade within its current range, investors may begin transferring funds away from Bitcoin and towards major altcoins that have upwards momentum, and this possibility will be confirmed by watching Bitcoin’s dominance over the markets in the near-term.
Featured image from Shutterstock.
