Contrary to many prophecies, Bitcoin did not soar above $10,000 last week but dropped to almost $9,000. After that, the analysts split in their assessments. Some of them believe that Bitcoin will now push off the bottom and soar even steeper. Others hope for the rise of altcoins and Ethereum in particular.
An observer and analyst with nickname Teddy tweeted that the fate of Bitcoin could be decided on US Independence Day. Now the support level of $9,226 is becoming a resistance level, in his opinion. Consequently, Bitcoin will either remain in a bullish trend and then continue to grow above $10,000. Or it will drop first below $9,000, and even lower, and then, in fact, the trend will change to bearish.
For the blind homies pic.twitter.com/lGRYiuyC8B
— Teddy (@TeddyCleps) July 4, 2020
Similar thoughts are expressed by the trader and market analyst Ethereum Jack. He also notes that if Bitcoin closes above $9,300, aiming at $9,800, then the trend will remain bullish. And if the BTC closes above $10,000, then we will see a fast rise.
But if BTC breaks down $9,000, further there will be a slide to $8,500, and then to the level of $7,000. Moreover, if the resistance level of $10,000 is not overcome in the long term, then BTC surrender to $6,000 is likely.
Supporters of the rise of altcoins and Ethereum cite the fact that the fall of Ethereum was not as steep as the fall of Bitcoin, and this is a basis for forecasting. Typically, ETH repeats the BTC movement. So it was this time. But the ETH curve turned out to be much less steep. And in general, the leading altcoins, including ETH and XRP, are behaving more and more confidently in their pairs with BTC.
Crypto strategist Nicholas Merten (DataDash) notes that ETH is giving clear bullish signals despite a BTC crash. This is a sideways consolidation, lack of sales activity, and higher highs compared to December 2018 when ETH began to grow after a crushing collapse to $83 from a historic high of $1,350 in January.
The Ripple XRP token for a long time shows a descending wedge on the charts. According to Nicholas, this means that in the long term it can show a parabolic rise in its pair with bitcoin. XRP is ranked 4th in terms of capitalization according to CMC, skipping ahead stablecoin Tether (USDT).
But DataDash has the most optimistic expectations for altcoins with small capitalization, including Kyber Network (KNC), Ren (REN), Aave (LEND), Basic Attention Token (BAT), Kava (KAVA) and iExe RLC (RLC). These six coins occupy places on the CMC from 32 to 125, and really are now in green, having different rise from less than a percent to over 11%.