- Bitcoin’s price has remained stable above $12,000 following the strong uptrend it was able to post yesterday
- The cryptocurrency is now consolidating as bulls attempt to garner greater support
- It also appears that BTC is trying to test and confirm $12,000 as support. Any dip below this level in the near-term will be grave
- The stable uptrend seen by BTC in recent weeks has provided altcoins with an ideal backdrop to rally against
- One analyst, however, is noting that he now expects Bitcoin’s rally to start accelerating – and this could come about at the expense of altcoins
It has been a wild past few weeks for Bitcoin and the entire cryptocurrency market. While BTC has been slowly grinding higher, many altcoins have been seeing parabolic returns.
This type of market-wide strength has not been seen since 2017, and it feels far more sustainable than the short and sharp uptrend seen during the summer of 2019.
Analysts are now widely noting that further upside could be imminent for Bitcoin in the near-term, despite its inability to push past $12,400.
This next leg higher, however, may come about at the expense of altcoins – according to one popular analyst.
He believes that altcoins will start ceding some of their gains to the benchmark cryptocurrency as it sees an uptrend fueled by a rebound in its market dominance.
Bitcoin Shows Signs of Strength as Bulls Support It Above $12,000
For the past couple of weeks, Bitcoin had been struggling to break above $12,000. This level was shattered by bulls yesterday in an incredibly sharp movement that led it to highs of $12,400.
At the time of writing, Bitcoin is trading down roughly 1% at its current price of $12,200. Its momentum following yesterday’s upsurge has slowed significantly.
For it to remain in the control of bulls, it is imperative that the cryptocurrency holds above $12,000 for an extended period, and even confirms this level as support.
Analyst: BTC to See Further Gains Fueled by Rebound in Market Dominance
Most investors have been primarily focused on small and mid-cap altcoins in recent weeks, which have been stealing the glory from Bitcoin.
One analyst is now noting that he expects these tokens to plunge in the near-term as BTC reclaims its market dominance and rallies higher.
“Got the leg up on majors and took big profits while moving SL up on what’s left. Going to be adding to my Bitcoin position (spot & margin). I said it last month and I’m gonna say it this month too: BTC acceleration is coming and you don’t want to be in ALTs during that time.”
Whether or not this possibility comes to fruition may depend largely on whether or not Bitcoin can defend against a decline beneath $12,000.
Featured image from Unsplash. Pricing data via TradingView.