562 Interactions, 6 today
- Bitcoin has seen some wild price action throughout the past few days and weeks, with the selling pressure seen at its all-time highs sparking multiple rejections
- Neither of the rejections seen at this level have done much to change the crypto’s trend, as it continues pushing higher each time
- Where the entire market trends next will depend largely on whether or not BTC can stabilize within the lower-$19,000 region
- Each visit to its highs degrades the resistance existing here, meaning that it may only be a matter of time before it is broken above
- One trader is noting that, if history rhymes, Bitcoin breaking above its all-time highs could be all that is needed for smaller crypto-assets to see massive upside
Bitcoin has been guiding the entire market throughout the past few days and weeks, which has subjected altcoins to immense volatility.
Despite being a historic moment, bears still tried to fade the move and sparked a strong rejection at this level. This led BTC down to lows of $18,200 before it found some strong momentum and rallied significantly higher.
One trader expects a break above Bitcoin’s all-time highs to spark a serious upside movement for altcoins.
Bitcoin Rallies from Lows, Creates Tailwind for Altcoins
This marks a decline from its recent highs of $19,800 that were set yesterday and marks a notable surge from lows of $18,200 set just a few hours ago.
The potent reaction to this selloff does seem to indicate that upside is imminent for the cryptocurrency.
Trader: BTC Breaking Its All-Time Highs Could Catapult Altcoins Higher
One trader is now noting that a break above Bitcoin’s all-time high is a historically bullish event for altcoins, despite a common narrative that suggests BTC entering price-discovery could hamper the growth seen by its smaller counterparts.
“In last 2 cycles, alts rallied extremely hard each time BTC broke its old high, will it be the same again?”
Image Courtesy of CL. Source: TradingView.
Assuming that history rhymes, as it so often does, this means that the next few days could be massive for the future of altcoins, as Bitcoin is once again just a stone’s throw away from fresh all-time highs.
Featured image from Unsplash. Charts from TradingView.