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Bitcoin has been stuck in a period of consolidation for the past several days and weeks, which has proven to be a positive thing for altcoins, as many have been able to post decent gains over the past few days.
It is important to note that analysts do anticipate altcoins to potentially consolidate for many more months before the prophesized “altseason” kicks off, but there is a possibility that they will see a decent sized uptrend in the short-term.
Altcoins Pop as Bitcoin Consolidates Around $8,300
At the time of writing, Bitcoin is trading up marginally at its current price of $8,320, which marks a slight retrace from its daily highs of $8,400 that were set over night, and it appears that this price is a short-term resistance level for BTC.
Multiple altcoins have been able to surge amidst this bout of sideways trading for BTC, with XRP surging nearly 4% yesterday and quickly climbing back into the $0.30 region, which is significantly higher than its recent lows of $0.24.
Luke Martin, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes that XRP is the strongest major altcoin as far as TA is concerned, which could mean further gains are imminent in the near-term.
“$XRP is the strongest major for the 3rd/4th week in a row,” he explained.
$XRP is the strongest major for the 3rd/4th week in a row. pic.twitter.com/xeM7aeoeY7
— Luke Martin (@VentureCoinist) October 15, 2019
Today, Binance Coin (BNB) has led the markets as it has been able to surge nearly 5% to its current price of $18.97, which marks a decent climb from its recent lows of under $16 that were set earlier this week.
Will Major Cryptos Trade Sideways in Near-Term?
Naturally, any major Bitcoin movement will likely provide some guidance to the aggregated crypto market, it is important to note that one analyst believes that altcoins may trade sideways for the coming six months regardless of how Bitcoin trends.
Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying that most major alts will either incur a “nice” uptrend in the near-future, or will be stuck in an “accumulation” range for the coming six months or so.
“A few examples of coins having similar cycles and “W&P Pivots”. $XRP $LTC $ADA $ETH $ZEC $NEO. Ichimoku on the 1W for all suggest the possibility of a nice trend, or a 6 month accumulation. #CryptoIkagi March-April 2020,” he said while pointing to the below charts.
A few examples of coins having similar cycles and "W&P Pivots". $XRP $LTC $ADA $ETH $ZEC $NEO
Ichimoku on the 1W for all suggest the possibility of a nice trend, or a 6 month accumulation. #CryptoIkagi March-April 2020. https://t.co/yZQEPRqeim pic.twitter.com/NBW49gV7zs
— Joe Mitoshi 👨🏻🚀 (@CryptoSays) October 14, 2019
The coming few weeks should provide insight into where most major altcoins will head in the near-future, and any further extension of their recent incurred upwards momentum may mean that an uptrend is imminent.
Featured image from Shutterstock.
