- Bitcoin trades at $87,450 with a modest daily loss but a strong weekly performance.
- Analysts debate whether altcoins will follow Bitcoin’s lead or continue to lag.
- Fear and Greed Index rises from Extreme Fear at 27 to a Fear level of 34 this month.
Bitcoin has once again approached the $87,500 level with a solid daily gain of 3.3% at press time. As BTC nears its next resistance, market participants are increasingly asking whether altcoins will finally catch up after extended periods of underperformance.
While Bitcoin showed a modest recovery during this period, the performance of altcoins has been mixed. Ethereum has shown strength, gaining 3.4% over the past 24 hours. However, other top 10 cryptocurrencies have failed to show similar upward movements.
Analyst Highlights Key Technical Breakout
Technical analyst The Wolf Of All Streets has highlighted an important point for Bitcoin. He mentioned that it’s “breaking through descending resistance from the all-time high.” The analyst emphasized that Bitcoin needs to rise above $88,804 to break the series of lower highs and lower lows.
Related: Crypto Market Edges Higher as Bitcoin Crosses $87K; Cardano Eyes Breakout
Some analysts remain decisively bullish on altcoin prospects. Michaël van de Poppe predicts a potential altcoin revival independent of crypto-specific catalysts. “It’s all macrodriven, and I think that you are actually able to buy altcoins at current levels, which are able to do a 100x in a year,” Poppe mentioned.
Bullish Technical Patterns Support Altcoins
Analyst Moustache points to technical patterns supporting a potential altcoin resurgence. Referencing the TOTAL3 chart, which tracks the total market capitalization excluding Bitcoin and Ethereum, the analyst identified what appears to be “a perfect retest (inverse head and shoulder pattern).”
He described it as “one of the most bullish patterns out there” and suggested that “the pain will soon come to an end” for altcoin holders.
Market Sentiment Shifts
The historical Fear and Greed Index values provide important context for current market sentiment. The index has gradually moved over recent months from extreme fear to fear at press time. According to the data, it has increased from 27 a month ago to the current reading of 34. This sentiment cycle appears typical of cryptocurrency markets, where periods of fear often precede bullish reversals in crypto.
Related: Bitcoin Range Vs. Altcoin Surge: Key Crypto Charts Analyzed
As Bitcoin is currently at the $87,000 level, altcoins haven’t shown a strong comeback that could suggest it could be the beginning of the next altseason. If the overall market proves bullish, BTC, along with other coins, could experience a rally.
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Source: https://coinedition.com/can-altcoins-surge-alongside-bitcoin-as-it-reclaims-the-87k-price-level-again/