Since the rebound late last week, Bitcoin has once again stalled. The digital asset set a weekly low of $11,300 which was reverted towards the end of the week to see it get back above $11,500. This rebound coincided with the inflation speech given on Thursday by Jerome Powell.
This speech was confirmation that the FED had once again missed their 2% inflation target as they have since 2012. Powell further underplayed the effects of further easing of monetary policies which will continue to weaken the dollar. In Bitcoin investors’ eyes, this is a major boost that will continue to elevate the digital asset.
It was anticipated by most investors that the speech would drive prices back above $12K. Instead, Bitcoin jumped but only to hamper at $11,600.
The current range could further extend especially following a strong start of the week by altcoins. In the new week, altcoins are taking advantage of a slow Bitcoin, and outperforming their king.
Following in the steps of Ethereum which have taken back the $400 high, top coins like Cardano, Chainlink and Tron are set to test recent highs if they stay in the current upward trajectory. In the last 24 hours, LINK and TRON have added more than 7%. Such performance from a number of altcoins has once again put Bitcoin’s dominance into question as it drags near 58%.
Next Target Set On $15K
As confirmed by many assets, Bitcoin is still bullish. It remains to be as long as it stays above $11,500. However, there continues to lack a strong trigger that will push the coin beyond $12K.
Analysts expect that a new high will only be possible once bulls can hold above $12K. Top analyst and investor, Vinny Lingham, has shared on Twitter that he expects a $15K high once there is another leg up.
The coming week looks set to be a strong one for altcoins if the trend in the last 24 hours is anything to go by. For Bitcoin, it will be one of limbo and further accumulation by those still optimistic of a breakout. Unlike in the past where an altcoin pump would spell doom for Bitcoin, recent trends have shown that while Bitcoin uptrends have been quieted, they are yet to be halted or shifted.