Analyst Calls for More Altcoin Gains Up Until Bitcoin’s FOMO Breakout
- Bitcoin to see a “relative period of calm movements between $9,500 – $11,500,” says trader Crypto Michaël
- Bitcoin ranging is good for altcoins, will give them another opportunity to jump higher but only till the BTC gets the FOMO (fear of moving out) breakout
After the 88% surge in 2019, Bitcoin has already surged about 40% in 2020 so far. Last week, the world’s leading cryptocurrency broke above $10,000 level but only to see a healthy retracement to $9,730 and is now trading around $9,800.
I just opened the $BTC chart and saw that price dropped $300 in less than a minute. That’s an interesting way to start the week.
— The Wolf Of All Streets (@scottmelker) February 10, 2020
Ever since BTC breached $9,000 level in late January, the price has been having green days which has been right at the 3 million range point of control (POC) “what was the most agreed upon fair value for that period,” notes trader Cantering Clark. He added,
“I expect 10.5k but I also expect 9.5k again at some point. If I was climbing a rock wall I would want to constantly re-anchor. Same Idea with assets, build a base.”
Bitcoin to Range in $9,500 – $11,500
Bitcoin has already broken the downtrend channel and the 200-day moving average and now the golden cross is approaching which according to former eToro analyst Mati Greenspan who is the founder of newsletter Quantum Economics says this could be expected to happen this week. This long term bullish indicator points towards a bull market on the horizon.
But before we jump into this party, it is a possibility Bitcoin will see a “relative period of calm movements between $9,500 – $11,500,” said trader Crypto Michaël. A similar opinion was shared by Mike McGlone, an analyst with Bloomberg Intelligence as we reported.
He points out that “nothing goes up in a straight line,” which is why Bitcoin could experience some weeks of relative calm movements. During this period, Bitcoin “accumulates back again on a higher level before it continues to move towards the next resistance,” said the trader.
The important level of $10,000 couldn't provide “substantial support” this time as we have dropped below yet again. The move according to him has been “a bit overextended” as well.
However, $9,300 and $9,000 are long zones and if these areas hold support, Crypto Michaël said we could see a continuation to the upside, targeting $11,000 and $12,000. He said,
“There’s no reason to be bearish at all, retracements are healthy and should provide a nice buy the dip opportunity.”
An Opportunity for Altcoins
This range would be good for altcoins that according to Crypto Michaël are showing “significant strength” and outperforming Bitcoin.
A resistance in bitcoin price would give altcoins another opportunity to jump higher, says trader CryptoWolf.
Ranging between the outlined resistance block and the monthly support at 9185 would give us an amazing altseason. pic.twitter.com/SKEwPat76m
— CryptoWolf (@IamCryptoWolf) February 10, 2020
However, these good times for altcoins are only till Bitcoin gets the FOMO (fear of moving out) breakout before the halving in May 2020 to $17,500, said Crypto Michaël.
I'm still thinking $BTC will see a relative period of calm movements between $9,500 – $11,500, while alts are showing significant strength.
And they outperform $BTC.
Before $BTC gets the FOMO breakout pre-halving to $17,500.
— Crypto Michaël (@CryptoMichNL) February 9, 2020