- Bitcoin’s recent underperformance against altcoins came to a swift end today, with bulls allowing the crypto to rocket higher while bears struggle to slow its ascent
- The cryptocurrency is now in the process of erasing much of its recent losses, with bulls targeting further upside
- This rally has taken the wind out of many altcoins’ sails, with many investors rotating their recent altcoin profits back into the benchmark crypto
- Where it trends in the near-term will undoubtedly depend on whether or not bulls can sustain this momentum and flip $34,000 into a base of support
- One analyst explained in a recent tweet that Bitcoin might be well-suited to see further momentum in the days to come
Bitcoin and the entire cryptocurrency market have been caught in the throes of some immense volatility throughout the past week.
Last Thursday, BTC faced a massive influx of selling pressure that caused it to slide below $29,000. This decline erased weeks of gains and marked capitulation.
The “v-shaped recovery” seen in the time since has been promising and has led one analyst to note that the possibility of BTC seeing significantly further upside is now growing rapidly.
Bitcoin Shows Signs of Strength as Bulls Take Control
At the time of writing, Bitcoin is trading up over 7% at its current price of $34,650. This marks a massive rally from its recent lows of under $29,000 set just a few days ago.
These lows appear to mark a macro bottom, as BTC’s recovery – and that of altcoins – suggests that this was the first pullback on the road to higher highs.
BTC is facing some resistance just above its current price level, but a break above here could allow it to see massively further upside in the coming few days.
BTC Looks Poised to See Further Upside, Claims Analyst
One popular trader explained in a recent tweet that Bitcoin’s price structure looks incredibly strong and may allow for further upside in the mid-term.
He also notes that Ethereum’s continued strength may help drag Bitcoin higher and protect it from any intense selloff.
“BTC: Structurally, this still looks great to me. It put in what I believe to the low last week at $29k and still believe the market (Eth mainly) will drag BTC up to range highs this week.”
Image Courtesy of Resolute. Source: BTCUSD on TradingView.
If the sub-$30,000 dip does mark a long-term bottom, then Bitcoin could be starting the next phase of its growth cycle that leads to fresh all-time highs.
Featured image from Unsplash. Charts from TradingView.