Bitcoin
Bitcoin Explodes Towards $12,000 as Altcoins Plunge; What Analysts are Saying
Cole Petersen | Oct 20, 2020 | 18:00
- Bitcoin has been sucking the air out of altcoins for the past few hours, with its price rallying significantly as Ethereum and other altcoins all sell-off
- This rally has sent it up towards $12,000, which mark fresh highs since its decline from its $12,400 yearly highs first began
- It does appear that bulls are currently setting their sights on a move past $12,000
- Unlike Bitcoin’s previous rally – which came about in tandem with that seen by altcoins – this one has come about at the expensive of altcoins
- One analyst believes that BTC’s smaller counterparts are all incredibly weak at the moment and poised to see further weakness going forward
Bitcoin and the entire cryptocurrency market are beginning to witness heightened volatility once again.
Today, BTC has pushed up towards $12,000 in a sharp move that came about unexpectedly. This move sucked a significant amount of capital away from altcoins, causing many to plunge as BTC rallied.
The price action seen as of late is clearly bullish, and Bitcoin is showing signs of breaking its correlation to the global equities market.
One analyst expects the benchmark cryptocurrency to see further upside, but he notes that altcoins are growing incredibly weak.
Bitcoin Rallies Towards $12,000 as Consolidation Phase Ends
Throughout the past two weeks, Bitcoin had been caught within a tight consolidation phase as its price traded between $11,200 and $11,600.
This firm trading range has since been broken, and BTC is now on the cusp of pushing past its key $12,000 resistance.
At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,900. This is around the highest price it has been since it first declined below $12,000 months ago.
Analyst: Altcoins Express Continued Weakness as BTC’s Strength Mounts
Bitcoin’s current uptrend is occurring during an all-around bloody day for the crypto market, as many altcoins have shed a significant amount of their value as BTC pushes higher.
One analyst believes BTC will see some choppy price action before it can break $12,000.
“Now back to chopping around for a bit, maybe have some bears call for doom again. BTC is looking really good, alts are looking really weak. And we didn’t even properly break out yet,” he said.
Image Courtesy of Cryptorangutang. Source: BTCUSD on TradingView.
The coming few days should shine a light on the long-term significance of this latest push higher.
It should also elucidate whether or not altcoins will continue bleeding as Bitcoin rallies.
Featured image from Unsplash. Charts from TradingView.
