A BTC Breakout Will Be Bad News for Altcoin Holders, Says Analyst
- In the analysis, he predicted that altcoin holders will experience further losses if BTC strengthens.
- At press time, the price of BTC was down 2.68% while ETH experienced a loss of 3.01% in the past 24 hours.
The crypto trader and analyst Jason Pizzino uploaded his latest analysis for the crypto market to his YouTube channel yesterday. He starts the video off by sharing his belief that Bitcoin (BTC) is attempting to break out towards the upside, which he stated is a stark contrast to the situation for many altcoins in the market.
Should BTC’s price pump in the coming weeks, Pizzino predicted that it will rise to between $30.5K to $35K. He also forecasted a market dominance breakout for BTC as traders may look to move their capital out of altcoins and into BTC. This will subsequently lead to further losses for altcoin HODLers.
At press time, CoinMarketCap indicated that BTC was trading at $28,178.48 following a 2.68% drop over the past 24 hours. As a result of the recent negative price movement, the market leader’s weekly performance was in the red at -1.69% as well. BTC also saw a 0.09% drop in its market dominance, which stood at 47.08%.
The trader then focused his analysis on the altcoin leader, Ethereum (ETH), which he stated will need to break above the key $2K level before it will enter into a clear trend. Traders’ behavior following a break above $2K will serve as a crucial indication of ETH’s medium-term price movement, according to Pizzino.
Pizzino discussed the two possible scenarios for ETH’s price once it breaks $2K. The first possible scenario according to Pizzino is that ETH will drop below $2K again before printing a new low for this bear cycle. On the other hand, ETH consolidating above $2K for the medium term will be an early indication of the next bull market.
In comparison to its competitor, BTC, ETH is at a make-or-break point, indicated the trader. He did share, however, that ETH is holding its own against BTC better than other altcoins in the market. At press time, ETH was trading at $1,854.78 after a 3.01% drop in the past 24 hours. Nevertheless, its weekly performance was still in the green at + 0.36%.
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