Altcoins Are Bleeding And The Reason Is Bitcoin (BTC) Price!
The weekend usually exracts some percent of gains incurred in the past week. However, the asset experienced a drain not only in this weekend but also in the past week too. And hence Bitcoin price has drained out all the gains it accumulated in the past 30-45 days. Moreover,with the intensiying bearish trend, the altcoins are also experiencing a similar fate.
BTC price recorded the second consecutive bearish close with a large margin, similar to that during the May crash. Intersetigly, in order to sustain the trembled situation, the altcoins could also slide down drastically to close the yearly trade. One of the popular analyst, believes the altcoins may bleed more and flip the bearish divergence not before January 2022.
The analyst believes the BTC price to bottom hard below $50K and test the strong support levels around $49K. However, in the mean time, the asset needs to sustain above $44K, else the bears may take the whole control. Despite the bearish plot been laid for the Bitcoin, yet the analyst is pretty sure of the upcoming surge which could escalate the price beyond its ATH.
The Bitcoin if closes the weekly trade below $54,000 its pretty bad for the asset as the bull run may be postponed further. It also appears that the market sentiments are very much positive for the BTC price around $50K. As more traders have placed their bid at these prices, the asset may eventually revisit these areas before the final jump.