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The crypto markets have been in a firm uptrend for an extended period of time now, and many investors are beginning to believe that Bitcoin and the aggregated markets are currently in the early stages of the next big bull run.
While looking at the markets on a shorter time frame, Bitcoin was able to hold above its key support level after briefly dropping last night, and analysts now believe that the altcoin markets will surge next.
Bitcoin Holds Above Key Support Level at $8,400
At the time of writing, Bitcoin is trading up marginally at its current price of $8,700, up significantly from daily lows of just above $8,400 that were set last night.
Analysts have recently postulated that the $8,200 to $8,400 region was a key level of support that BTC must hold above in order for its upwards momentum to be maintained, so the subsequent rally that followed its brief visit to this region is definitively bullish, and likely signals that the crypto will continue its upwards ascent in the near-future.
While looking at Bitcoin’s current price action, it is apparent that it does face some resistance around its current price levels, as it has struggled over the past week to gain a stable foothold in the upper-$8,000 region.
UB, a popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin in a recent tweet, explaining that he believes that BTC is posed to retest its range high in the near-future, which currently exists at roughly $8,900.
“$BTC – Looks decent here. Little fakeout below the EQ before quickly reclaiming it as support. If the EQ continues to act as support, I’ll be looking for a retest of the Range High. $8718 is an Intraday S & R to keep your eye on,” he explained.
$BTC – Looks decent here. Little fakeout below the EQ before quickly reclaiming it as support.
If the EQ continues to act as support, I'll be looking for a retest of the Range High.
$8718 is an Intraday S & R to keep your eye on. #Bitcoin pic.twitter.com/pJwzMxhMLD
— UB (@CryptoUB) May 29, 2019
Altcoins May Surge as BTC Stabilizes
Although Bitcoin is currently expressing relative stability around its current prices, multiple altcoins could be gearing up for a massive upwards surge in the near future.
Don Alt, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that he believes that the “meat” of the Bitcoin rally is done, and that now is time for altcoins to shine.
“$BTC: Impressive recovery rally off of the 8400 level everyone was watching. I’m still happy with being risk off BTC, risk on altcoins here. I think the meat of the BTC move is done. Concentrating on Alt/BTC pairs now. BTC longs want to see this H4 trading range reclaimed,” he explained.
Impressive recovery rally off of the 8400 level everyone was watching.
I'm still happy with being risk off BTC, risk on altcoins here.
I think the meat of the BTC move is done.
Concentrating on Alt/BTC pairs now.BTC longs want to see this H4 trading range reclaimed. pic.twitter.com/7ysxBUyqel
— DonAlt (@DonAlt) May 29, 2019
As the week continues on and Bitcoin continues to tepidly advances towards $9,000, it is highly probable that traders will soon know whether or not a rally in the altcoin markets is truly imminent.
Featured image from Shutterstock.
