BTC.D is on the rise. Altcoins bloodbath is coming?
4th, October 2022.
At the time of writing, Bitcoin is still ranging from $18k to $25k level since early June. 4 months of ranging in a low level zone.
In that 4 months, Altcoins also having some really nice gains, with Ethereum and The Merge is the most hyped event. Money flew to $ETH, making BTC .D hit the support. The question now is, can Altcoins keep the momentum?
The answer from Chainslab Analytics, is highly unlikely.
From the Technical view, majority of Altcoins backtested the criticals ex-support in August (For example, ETH @$2000, $BNB @$33x...) Now they might hit it again if BTC have another rally, but the strength and momentum in Altcoins/ BTC pairs faded away.
From the Fundamental view, last quarter has never been a good time for altcoins rallies. VCs, MMs and other entities that need liquidity for EoY Financial Reports must grab on to liquid and profits. The macro view also bad for tech startup across the globe, making it harder for altcoins to held another big rally.
Of course, there are still some altcoins that have good gains, or a 5-10% price rally. But BTC .D is set to get to 48% level, and $BTC likely will remind the whole market that who is the king in this space. Maybe it will start with ETH/BTC back to 0.055x again.
Whatever you do, at this sensitive market condition, please keep some cash and some Bitcoin .
Comment below on which pair/altcoins that you want to get analysis of, and we will be happy to help!
At the time of writing, Bitcoin is still ranging from $18k to $25k level since early June. 4 months of ranging in a low level zone.
In that 4 months, Altcoins also having some really nice gains, with Ethereum and The Merge is the most hyped event. Money flew to $ETH, making BTC .D hit the support. The question now is, can Altcoins keep the momentum?
The answer from Chainslab Analytics, is highly unlikely.
From the Technical view, majority of Altcoins backtested the criticals ex-support in August (For example, ETH @$2000, $BNB @$33x...) Now they might hit it again if BTC have another rally, but the strength and momentum in Altcoins/ BTC pairs faded away.
From the Fundamental view, last quarter has never been a good time for altcoins rallies. VCs, MMs and other entities that need liquidity for EoY Financial Reports must grab on to liquid and profits. The macro view also bad for tech startup across the globe, making it harder for altcoins to held another big rally.
Of course, there are still some altcoins that have good gains, or a 5-10% price rally. But BTC .D is set to get to 48% level, and $BTC likely will remind the whole market that who is the king in this space. Maybe it will start with ETH/BTC back to 0.055x again.
Whatever you do, at this sensitive market condition, please keep some cash and some Bitcoin .
Comment below on which pair/altcoins that you want to get analysis of, and we will be happy to help!
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Visit our website for more educational content.
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