As one of the pioneer in the crypto market, the king of cryptocurrency, Bitcoin(BTC) has carried many bullish rallies for altcoins before. The bullish momentum of Bitcoin in the year 2021, extremely impacted the upward recovery of dominant altcoins such as Dogecoin, XRP, and ADA, because they were deeply correlated with Bitcoin.
According to Coinpedia, the correlation between altcoins and Bitcoin has been exponentially enhancing because the current altcoin train was originally ignited by Bitcoin. The upward rally of altcoins may extend further if bitcoin displays positive movements in the price chart.
A Relief Rally Is Around
The present fluctuation in the price of Bitcoin has confused investors about its future price movements. Many crypto analysts have opined on the future trend of Bitcoin amid various macroeconomic factors. As mentioned in the Coinpedia's Article, the founder and CEO of Eight Global, Michael Van De Poppe, anticipated that a relief of the crypto market might soon take place in the coming months.
As per Poppe, the altcoin season may watch new highs if Bitcoin is accelerated above its crucial resistance level because BTC continues to trade in a consolidated area of across $20.3K. But, the analyst warned investors about a change of mood in the crypto market, if it gets negatively affected by the European PMI manufacturing and the FOMC's decision to manage the high rise of inflation.
The End Of Uptrend Of Bitcoin!
Each time an FOMC meeting is scheduled, the crypto market displays its wrapped mode to the investors and community, because the crypto world is extremely correlated with the stock market. Usually, the crypto market goes on a downtrend when the dollar climbs up and vice-versa. Bitcoin recently faced rejection at $21,085 and started a fresh bearish trend to $20,048.
Considering all the factors covered in the Coinpedia's Article, Bitcoin may make the price bottom near the $19K level again before sparking a new surge to extreme highs in Q1 of the year 2023. While. Coinpedia advises investors to do their own research and conduct expert's opinion before investing in the volatile market.
According to Coinpedia, the correlation between altcoins and Bitcoin has been exponentially enhancing because the current altcoin train was originally ignited by Bitcoin. The upward rally of altcoins may extend further if bitcoin displays positive movements in the price chart.
A Relief Rally Is Around
The present fluctuation in the price of Bitcoin has confused investors about its future price movements. Many crypto analysts have opined on the future trend of Bitcoin amid various macroeconomic factors. As mentioned in the Coinpedia's Article, the founder and CEO of Eight Global, Michael Van De Poppe, anticipated that a relief of the crypto market might soon take place in the coming months.
As per Poppe, the altcoin season may watch new highs if Bitcoin is accelerated above its crucial resistance level because BTC continues to trade in a consolidated area of across $20.3K. But, the analyst warned investors about a change of mood in the crypto market, if it gets negatively affected by the European PMI manufacturing and the FOMC's decision to manage the high rise of inflation.
The End Of Uptrend Of Bitcoin!
Each time an FOMC meeting is scheduled, the crypto market displays its wrapped mode to the investors and community, because the crypto world is extremely correlated with the stock market. Usually, the crypto market goes on a downtrend when the dollar climbs up and vice-versa. Bitcoin recently faced rejection at $21,085 and started a fresh bearish trend to $20,048.
Considering all the factors covered in the Coinpedia's Article, Bitcoin may make the price bottom near the $19K level again before sparking a new surge to extreme highs in Q1 of the year 2023. While. Coinpedia advises investors to do their own research and conduct expert's opinion before investing in the volatile market.
