Bitcoin has been on the up-and-up for several weeks and is now once again nearing the $8,000 region despite facing increased selling pressure earlier this week. Despite BTC’s upwards momentum, the aggregated crypto markets have generally failed to outperform Bitcoin since it first began surging.
Regardless, one analyst is now expressing the belief that altcoins are currently gearing up for a major move upwards that may be sparked by Bitcoin consolidating.
Crypto Markets Climb as Bitcoin Nears Key $8,000 Level
At the time of writing, Bitcoin is trading up over 8% at its current price of $7,960, which has led most major altcoins to climb as well.
Currently, Ethereum is trading up just under 7% at its current price of $255, XRP is up nearly 8% at its current price of $0.40, and Bitcoin Cash is up a whopping 13% at its current price of $410.
Although today has been positive for the aggregated crypto markets, while looking at a 90-day time frame, Bitcoin is up nearly 100%, while Ethereum is up 72%, and XRP is up a mere 20.5%.
While taking this into consideration, it becomes apparent that altcoins have significantly further room to surge in the near future, which may occur when Bitcoin’s price finds greater stability and begins forming a consolidation pattern.
The Cryptomist, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, explaining that a big movement for altcoins may occur towards the end of this month.
“$BTC Flagged form on 4hr timeframe. I expect this to be broken by the end of the month, so approx 29th May. Support low as 7.2, resistance high as 8080 regions. If btc stays within this pennant until the end of the month, then I expect ALTS TO MAKE A RUN!” She explained in a recent tweet.
Analyst: Ethereum May Surge in Coming Days
Although the aggregated crypto markets may take a couple of weeks to incur any significant upwards momentum, Ethereum may be gearing up for a surge in the next couple of days.
The Cryptomist also discussed this in a recent tweet, explaining that she thinks ETH may experience some upwards momentum before the 21st of this month.
“$ETH Not too dissimilar to BTC however, we are within the 2hr timeframe. RSI pennant also aligns with this candle pennant. Expecting significant movement before the 21st, which could see the push with alts. Resistance upon 258 region,” she explained.
Depending on how Bitcoin reacts to the lower-$8,000 region, it is likely that traders and analysts will gain a better understanding of where the general crypto markets are heading next.
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The post Analyst: Crypto Markets May Be Gearing Up for Massive Surge as Bitcoin Continues Climbing appeared first on NewsBTC.
Post written by our friend Cole Petersen
and Syndicated from NewsBTC
Syndicated from NewsBTC.com