Bitcoin has resumed its rally after facing minor bearish action in the past few hours, hovering within the crucial resistance zone. It appeared like the bear remained motionless until the price reached beyond $21,000 and later quickly jumped in action to lower the pace of the rally. Despite this, the bulls left no room for the bears to stabilize and quickly reconquered the rally aiming to surpass $25,000 in the coming days.
The bulls presently appear to be in a good position and hence the ongoing uptrend is believed to continue further. One of the well-known analysts, IncomeSharks, compares the current rally to that with the 2019 and speculates the BTC price may mark new highs for the year 2023 at around $30,000 to $35,000.
Interestingly, the analyst further says that the BTC price may face a huge rejection from these levels, much similar to what happened in 2019, followed by a massive price plunge.
“I think 2019 best explains what’s going on, but at a faster pace. FTX was the capitulation event. Had a few months of no interest. Momentum caught a lot off guard. And a rally that will go longer than people think. About a $30/$35K rally. Then a long choppy bleed,”
Besides, the BTC dominance is dropping against the altcoins in the mid-term. Due to this majority of the altcoins are believed to outperform without making any noise. Until the BTC dominance remains lower in ranges, altcoins could swell against USD too. However, if the dominance recovers, the markets may witness massive trend reversals wherein the altcoins may enter a long accumulation phase as Bitcoin may roar again.
Written by: Sahana Vibhute
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