Are altcoins going down? Bitcoin price is up 5% from a low of $59.7K.
Bitcoin (BTC) touched $63,000 before the April 18 Wall Street open as moderate BTC price strength boosted traders' sentiment.
Analysis: BTC Price Discounts Can Be “True” Investors
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached $63,095 on Bitstamp, up 5.5% from the previous day's low.
At $59,700, these represent Bitcoin's lowest level since early March.
Although various forecasts point to the need to clear the liquid at $57,000 and much lower going forward, some see reason for mild optimism.
Among them is the well-known trader and analyst Rect Capital, who reiterated that BTC/USD is in a “reconsolidation zone” with price behavior.
“One of the key things to note about Bitcoin's retracement ranges in this cycle is this: the wicks below the range's lows tend to trick investors into false declines (black circles) before they start moving higher,” he wrote. With the chart on X.
The chart itself has shown similar BTC price action at multiple points since the 2022 bear market trough. Each time prices produced lower domestic yields before achieving significant sustainable gains.
Looking at the signs on the chain, Jelle, another trader, came to the same conclusion about what was to come.
“Bitcoin tested the 3-day RSI 50 level and the 3d 33EMA at the same time,” he said, referring to the relative strength index (RSI) and 33-period exponential moving average (EMA) for X followers over three days. Time limits, respectively.
“The last time this happened was earlier this year for $38,000. Of course, the result is sure to be the same: higher prices.
Altcoins will fight a brutal decline
Next, MNTrading founder and CEO Michael Van de Pop predicted that sideways BTC price movements would continue even after the upcoming block subsidy halving.
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Altcoins had borne the brunt of the recent crypto market correction and could now see the worst of their shake-up.
“It's a time of boredom for Bitcoin, which is eager to merge here,” he explained.
“Overall, I expect this to remain unchanged for the coming months, but I think we are at the bottom of the altcoin.”
Van de Pop gave the areas around $52,000 and $45,000 as deep corrections as they could afford.
The total altcoin market cap at the time of writing stood at $256.7 billion, which is nearly 17% off the two-month lows seen on April 13, but is still struggling to break a strong slump.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
