Bitcoin Enters Consolidation Phase as Analysts Set Their Sights on This Major Crypto
- Bitcoin has seen some mixed price action as of late, with bulls and bears largely reaching an impasse as the crypto consolidates
- Following its recent plunge to below $29,000, the crypto has been seeing some sideways trading that has made it incredibly unclear as to where it will trend next
- One analyst noted that Bitcoin is showing few signs of clear strength or weakness, which likely means that it is bound to see some sideways trading
- This comes as one major altcoin begins showing immense signs of strength – especially against its BTC trading pair
- Analysts are closely watching Ethereum, as it is currently on the cusp of breaking out
Bitcoin has been tempering the rest of the market’s bullishness as of late, with buyers and sellers both struggling to take a firm hold of the trend.
While BTC consolidates in the lower-$30,000 region, many altcoins are beginning to flash subtle signs of strength.
One such example is Ethereum, which has largely been tracking Bitcoin’s price action as of late. However, this trend has started shifting into ETH’s favor, as the crypto is holding up well compared to BTC and flashing a bullish technical pattern on its ETH/BTC chart.
Bitcoin Consolidates Following Recent Volatility
At the time of writing, Bitcoin is trading down just over 2% at its current price of $32,170. This is around the price at which it has been trading ever since its price plunged below $29,000 a few days ago.
After tapping lows of $28,800, the crypto rallied to highs of $34,000 before sliding lower and stabilizing around its current price.
This has caused the entire market to see only tempered growth, with a few altcoins rallying while many stagnate.
Analyst: ETH’s Strength Against BTC Suggests Massive Upside is Imminent
Bitcoin’s consolidation may be beneficial to the aggregated altcoin market, as one analyst is now noting that Ethereum could be poised to explode higher thanks to strength against its Bitcoin trading pair.
This could allow the aggregated altcoin market to rally higher independent of BTC.
“In my previous post I said that BTC looks like it’s going to go sideways. Meanwhile $ETH/BTC looks like this… This chart kind makes me wanna go all in. In fact a lot of alts look amazing vs BTC.”
Image Courtesy of Byzantine General. Source: ETHUSD on TradingView.
The coming few days should shine a light on how altcoins like Ethereum will trend against Bitcoin, as any massive BTC rally or plunge could hinder its smaller counterparts’ momentum.
Featured image from Unsplash. Charts from TradingView.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Cole Petersen, @Khareem Sudlow
