Wednesday, June 16, 2021 7:06:19 PM
:...According to the analyst, once BTC’s movement becomes sideways, the altcoins would follow suit. Such a projection is based on the past as every altcoin fell down at the same time as BTC crashed, primarily due to the panic that ensued in the market. Thus, when Bitcoin consolidates again, altcoins would get back their price momentum.
“The best nature for the altcoins to move is when Bitcoin consolidates and doesn’t be volatile as it is regularly…”
Altcoins are yet to hop on the rally train as BTC’s sudden upturn has put pressure on them to perform like the king coin. If Bitcoin goes through another round of volatility/price spike, it could make things truly difficult for the altcoins.
However, Bitcoin will not be making an impulsive move anytime soon due to the presence of multiple resistances on the upside, especially since BTC is still far away from its ATH.
Bitcoin’s resistance levels | Source: BTC/USD – TradingView
“This is the period [ consolidation under 48k ] where altcoins will start outperforming Bitcoin…The longer that Bitcoin is going to act sideways, the more likely altcoins are going to continue their run and get back to pre-crash levels.”
https://ambcrypto.com/with-bitcoin-on-the-up-what-are-altcoins-waiting-for/
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