The crypto space has been fascinating ever since the beginning of 2023 as the global crypto market capitalization regained levels above $1 trillion. This move resulted in the Bitcoin price making a giant leap beyond $24,000 and market new highs. Woefully, the price quickly dropped more than 4% to reach levels below $23,400.
In the meantime, the altcoins like Ethereum, BinanceCoin, XRP, Cardano, Polygon, etc are displaying acute strength. The whales have intensified their accumulation as the ADA whales have been recording huge transactions which have been the largest since November 08, 2022, hitting a 12-week high. These whales have accumulated nearly 405.85M ADA since the beginning of the year 2023.
If the bull market is confirmed, these altcoins are believed to rise by another 10x to 15x as predicted by a well-known analyst.
However, the analyst also cautions the market participants of a 70% to 80% drop with altcoins if BTC bottoms are not confirmed. Therefore, it is very important for the star crypto to find its bottoms that further indicate a minor pullback may be impending for the altcoins before undergoing a fine upswing.
The Bitcoin bulls and bears appear in a deep tussle at the moment to gain dominance over the rally. Hence, if the bulls outpower the bear currently, then the possibility of a giant price action towards the south could be possible. Therefore, the bears are expected to utilize all their strength and drag the price lower to get drained out before the next leg up to begin a strong rally soon.
Source: https://coinpedia.org/price-analysis/when-altcoins-could-rise-by-10x-to-15x-will-bitcoin-bottom-prompt-the-altseason-2023/