Is Bitcoin Ready to Surge? Bullish Trend Signals Big Moves for BTC and Altcoins
- Bitcoins bullish reversal may boost altcoins as BTC breaks key Fibonacci resistance, testing it as support.
- If Bitcoin stays above $93,771, it could challenge resistance levels near $99K, $104K, and $108K.
- Altcoins could see massive growth; Bitcoins 10% rise often triggers altcoins to soar by 80% or more.
The Bitcoin is indicating a bullish reversal which means that there could be increases in both the BTC and other altcoins in the near future. In a recent X post, Alan Santana pointed out that the cryptocurrency had retested a crucial Fibonacci retracement level, breaking through resistance and then testing it as support. This comes after a year of stability which can only mean more improvements in the coming years.
The price of the BTC has been able to break through the 0.786 Fibonacci retracement level which is an important level in determining price trends. This level, which heretofore served as resistance, is being challenged as support.
Bitcoins Path to Higher Resistance
If Bitcoin could manage to stay above $93,771, the market can establish a higher low than on December 5. This would pave the way for BTC to probe the next resistances levels and possibly break through $99,000, $104,000, and even $108,000.
At this stage, analysts recommend not to short the market. Now that the bullish reversal is in progress, it is advisable to go with the flow. The focus on positions should be on the positive side, and any decrease in the price should be well taken as a point of entry. This sort of a trend could well continue to push the price of Bitcoin up even if at a slower pace in the future.
This change in the price of Bitcoin may also lead to a great rise in the value of other cryptocurrencies. Sometimes, in a bullish market, BTC is the key that starts a trend and when it pulls back, altcoins usually take over. For instance, a 10% rise in BTC may lead to 80% or more rise in altcoins. Likewise, a 40% appreciation in the price of BTC will lead to altcoins rising by 300% or even more. This gives a good environment for altcoin investors.
Bitcoin Bulls Gaining Momentum
While Bitcoin is still the king for institutional investors, or whales, altcoins are more promising options for the retail investor. In the bull market, the altcoins may soar and this makes them to be an excellent option to invest in especially if one wants to ride the bull. At the time of writing, BTC is worth $93,834, a 0.12% rise in the last 24 hours.
Source: TradingView
This analysis is based on the short-term technicals; therefore, further confirmation is needed for the bulls to come out of the woods. Nevertheless, it is impossible not to recognize the positive market sentiment. After 13 days of trends in the downward direction, the bulls are starting to gather momentum. If BTC goes further up, then definitely other cryptocurrencies, the altcoins, will also have the potential to benefit greatly.
Bitcoin is now trading past several key levels and this could lead to some huge returns in both BTC and other cryptocurrencies. Everyone is observing the market, as this bullish trend may bring about tremendous improvement in the near future.
Read more: https://www.tronweekly.com/is-bitcoin-ready-to-surge-bullish-trend-signals/
Text source: TronWeekly
