• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Why This Analyst Expects Bitcoin Price Consolidation After the Recent 15% Drop

Nick Chong by Nick Chong
1 year ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin faced a strong drop into Friday. The cryptocurrency, after peaking at $40,000, fell as low as $34,000 in a flash drop on Friday morning.

The drop was odd because the cryptocurrency was strongly underperforming altcoins. Normally, during Bitcoin corrections, altcoins fall against the U.S. dollar and against BTC, though this was not the case.

Bitcoin has since bounced back toward $36,500 since the daily lows.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

An analyst is expecting some form of consolidation in the days ahead, which may result in strength in the altcoin market.

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

Bitcoin Could Enter Consolidation, Analyst Predicts

One crypto-asset analyst recently suggested that Bitcoin has a good likelihood of consolidating in the short term, which could end up resulting in an altcoin rally.

He shared the chart below on Friday, showing Bitcoin’s potential outlook ahead of the weekend. The chart shows that BTC is currently rubbing up against a key support level and against a number of key moving averages. This formation led him to suggest that the cryptocurrency will end up consolidating throughout the weekend.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

As the trader explained:

“Here’s the possible outcome short term (12-24h) for #Bitcoin. 1) Consolidates while $ETH / $BTC is strong, 2) $ETH / $USDT takes the lead, 3) Slay altcoins over the weekend, 4) Pay yourself by Sunday 6pm, 5) Let Monday unfold.”

When Bitcoin consolidates in a bullish manner, it is argued that that is a prime time for altcoins to break out.

Image

Chart of BTC's price action over the past few weeks with an analysis by crypto trader and chartiist Pierre (@Pierre_Crypt0 on Twitter).
Source: BTCUSD from TradingView.com
Related Reading: DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP

Altcoin Rally Begins

What the analyst predicted appears to be playing out in real time.

As of this article’s writing, leading altcoins are starting to break higher in a serious fashion, largely leaving Bitcoin in the dust. The BTC dominance metric has dropped from 67.5% to 66.5% over the past day, which is notable in a market worth over $1 trillion.

Altcoins such as Curve DAO Token (CRV), Aave (AAVE), Chainlink (LINK), and many more are surging higher as Bitcoin enters some form of consolidation.

This trend is likely to continue as long as BTC respects key support levels in the near term.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: BTCUSD, XBTUSD, BTCUSDT, ETHUSD, ETHBTC, ETHUSDT
Why This Analyst Expects Bitcoin Price Consolidation After the Recent 15% Drop
Tags: altcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

ethereum

Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

14 hours ago
Bitcoin

TA: Bitcoin Price Resumes Decline, Why BTC Remains At Risk

1 day ago
Bitcoin

TA: Bitcoin Price Remains In Range, Why The Bulls Need To Take Control

2 days ago
Extreme fear

Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

3 days ago
Bitcoin

TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance

3 days ago
Bitcoin

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Gringotts Labs rolls out Lending Protocol Zenith after Capricorn Finance becoming a winner

May 28, 2022

Datamall Chain – A Pioneer of Web3 Data Storage

May 28, 2022

Introducing Zenith.Finance, a dark-horse lending protocol crypto players should notice recently

May 27, 2022

An introduction to Capricorn.Finance

May 27, 2022

The Web3 community platform Mojor launched the alpha version

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.