Are altcoins genuinely doomed, or will Bitcoin and Ethereum steal the limelight, leaving altcoins underperforming? Bitcoin is sitting between $62,500-$63,000 and according to one analyst, this marked a fight from the Bulls in the last 24 hours and also a formation of a “pin bar candle”. This pattern suggests a possible bullish reversal. On Crypto Banter’s The Sniper Trading Show, the analyst pointed out that the bulls pushed the price higher into the weekly and monthly close.
Strong Momentum Ahead: Altcoins Performance
He believes there is strong momentum ahead and said that altcoins are also performing well, with notable moves in coins like Solana (SOL). Talking about the Ethereum (ETH) to Bitcoin chart, he suggested a potential break of trends and a resurgence in Ethereum. The analyst added that many altcoins on higher time frames are poised to outperform Ethereum and Bitcoin, showing strength in their RSIs. According to him, the RSI has reset at the bottom and there is bullish divergence in play.
Altcoins Poised for New All-Time Highs
The analyst expects altcoins to pump this week, potentially leading to new all-time highs. He also noted that the USDT dominance kept its trend, which is a positive sign, and if it breaks the current trend, it could signal that the bottom is in.
He explains the significance of a “pin bar candle” as a reversal indicator, citing previous instances where such candles led to a market upswing. The analyst points out bearish divergence in the USDT dominance chart, indicating a potential push down and a market upswing.
Positive Signs in Several Altcoins
Discussing the fading hype around meme coins, he expects a shift towards more substantial altcoins. He predicts a second wave of meme coins in a few months, driven by retail interest and celebrity endorsements, which will bring more people into the market.
The analyst notes several altcoins showing positive signs, including Cardano (ADA), RUNE, Injective (INJ), Chainlink (LINK), Fantom (FTM), Solana (SOL), and Polkadot (DOT), with many forming bullish patterns.
He expects a strong week for altcoins, with potential 20-40% gains. He also remains cautious about Bitcoin, predicting it might slowly rise but not expecting a dramatic move to $70,000 immediately.
