A crypto analyst predicts that altcoins are preparing for massive moves upside despite the current dips.
May 22, 2019 | AtoZ Markets - Despite the current price dip, Bitcoin bulls are still in control of the market. After a fast crash below 7,000, Bitcoin broke above the 8,000 level before dropping below it. Currently, price is knocking at the 8,000 level once again but the bullish momentum is not sufficient as some bulls book profits. Since April, Bitcoin has performed better than the aggregation of the altcoins. However, one analyst now predicts that the situation will turn around as the altcoins gather momentum for heavy surges.
After Bitcoin and the altcoins surge in the first week of April, the altcoins dropped more than 2/3rd of their April gains in the next three weeks. However, Bitcoin continued to break resistance levels as it soared above the 6,000-7,000 territory. The move continued in May but most altcoins joined this time but couldn't break above their previous highs. Just while Bitcoin hit $8,400 and went sideways below it, the altcoins picked and hit new highs. The Bitcoin fast crash dragged the altcoins along. At the time of writing, Bitcoin is trading at $7,950 after dropping to $6,400. The altcoins have picked up also as Ethereum hit $252 - up by 6%, Ripple up by 7.5% and Bitcoin Cash by over 12% to hit 40 cents and $409 respectively.
From Elliott wave perspective, it seems Bitcoin has one more leg to $10,000 and a fast dip would follow - a 3-wave correction. Litecoin has a similar price pattern with Bitcoin and Bitcoin cash. Ripple, on the other hand, has lagged behind compared to others and might lead the gainers in the coming months to 'catch up'. Ethereum also has more room upside to the $350-400 level. Overall, it seems the aggregation of the altcoins will outperform Bitcoin in the next round of rallies.
Crypto Analyst predicts home runs for Altcoins
A popular Twitter crypto analyst discussed this possibility and expected Altcoins 'to make a run'. She explained in a recent Tweet that after observing a bullish flag pattern on the Bitcoin chart:
''$BTC flagged form on 4hr timeframe. I expect this to be broken by the end of the month, so approx 29th May. Support low at 7.2, resistance high as 8080 regions. If BTC stays within this pennant until the end of the month, then I expect ALTS TO MAKE A RUN!''
She explained further with a similar pattern on Ethereum. She expected Ethereum to be pushed toward the 258 region.