The world’s top cryptocurrencies Bitcoin, ether, and Binance Coin prices today plunged more than 5%. Bitcoin prices declined to trade below the $36,000 level after the Federal Reserve held the interest rate at near-zero with sights of increasing the rates to beat inflation. Meanwhile, the global cryptocurrency market capitalization today was down 4% to $1.71 trillion.
Bitcoin Price To Rebound Soon
A well-known crypto strategist and trader claim that a Bitcoin (BTC) bottom is near and that altcoins will rally in the next weeks. Altcoin Sherpa, a pseudonymous trader on Twitter, tells his 165,900 followers that he believes Bitcoin will carve out a bottom around the $30,000 price level.
“BTC: the bottom is probably from here to $30,000. This is a high-volume node area. I would compare $30,000 to the infamous $6,000 level back in 2018 – if that one breaks, it’s ‘lights out,’ as we technical analyzers like to say.”
Several times during the 2018 bear market, Bitcoin rebounded after hitting support at $6,000, only to surpass that level near the end of the year, triggering a correction down to around $3,600.
Bitcoin is expected to trade near $30,000 in the next few days, according to Altcoin Sherpa, before launching a sharp climb to $50,000.
He still feels we’ll move decently higher than this level; at the very least, some sort of bearish retest. He chooses to continue to wait for those sectors to become derisked.
Altcoins to Skyrocket Too!
While Bitcoin reaches a bottom and begins to reverse its trajectory, the crypto analyst believes that altcoins will eventually follow in BTC’s footsteps.
He says he is sad to hear that people are deep underwater right now. With that said, he also believes many of these cryptocurrencies will rise 2-3 times from their lows in the coming weeks, resulting in lower highs. He also mentions that accumulation is taking place and DCA (dollar cost average) in.
Source: https://coinpedia.org/altcoin/bitcoin-price-and-altcoin-to-rally-hard/