Altcoin investors have been unhappy for a long time. Bitcoin (BTC) $56,980.12 At the time of writing, the price is at $ 57,666 and is approaching its daily peak of $ 58,000 again. The decline that started after the US markets opened has calmed down for now. However, what awaits investors for altcoins in general in the broader time frame? What levels do the current chart comments for BTC and ETH indicate?
Is the Altcoin Rise About to Begin?
Today there are 3 different crypto money We will discuss the analyst’s current views on the markets. First in line is the expert nicknamed Mikybull and seems hopeful for altcoins in general. Many altcoins that fell below the 2023 lows could not attract enough buyers. As a result, we still see that important support zones have not been regained.
However, Mikybull says with the chart he shared that in the long term, altcoins are about to transition to the expected phase for a re-rise.
“This is indeed a true macro bottom. The expansion phase is about to begin!”
Bitcoin (BTC) and Ethereum (ETH)
Altcoin What needs to happen first for the market to rise? Of course, BTC must see its real peak and ETH must start its longed-for vertical rise. After the BTC peak, the most parabolic period of the altcoin bull has begun in an environment where ETH and other major altcoins undermine Bitcoin’s market dominance.
Analyst nicknamed Stockmoney Lizards updated his short-term outlook for Bitcoin (BTC), writing:
“Liquidity zones, resistance and potential short-term outlook.
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We have two major resistance levels: 58,000 and 59,500 – 60,000. Both are high volume areas
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We are getting rejected at 100 EMA (4 hours)
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The short-term bearish structure remains intact for now and we could see a retest of the recent lows (53k).
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Once $1,000 is recovered, the outlook turns bullish.”
At the time of writing, BTC was trying to reclaim $58,000 and if it can, it could test $60,000 again.
The analyst known by the pseudonym Leevis, on the other hand, drew attention to the risk of losing the support level for ETH and shared his concern about a decline towards $ 2,120.
If the ETH price can maintain its presence above $2,360 as of writing, this could open the door to focusing on the main target of $2,420.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
