Of late, Bitcoin has been losing and reclaiming the $8k figure repeatedly, and that has got many people, especially analysts, trying to understand the true implications of these uncertain moves.
One crypto analyst on Twitter, Big Cheds, has been on the works trying to prognosticate the future of Bitcoin. At the moment, Bitcoin is trading at around $8,500, as posted on ZyCrypto’s Bitcoin price index.
Altcoins Follow Bitcoin
For one, a look at various previous price movements in the crypto market reveals that Altcoins have always followed in Bitcoin’s footsteps.
That’s why the entire crypto market benefitted when Bitcoin spiked and pulled the market out of the crypto winter a few months ago. As such, a low moment for Bitcoin means a rather troubled time for the rest of the market as well.
Bears Haven’t Left
The months following the end of the crypto winter were good for the market, with Bitcoin reaching the yearly highs of close to $14,000. However, things turned nasty and the top coin, along with the rest of the Altcoin market, is now facing the bears head-on.
According to Big Cheds, the bears are determined to keep troubling Bitcoin – at least in the short-term. With that, the crypto’s price could possibly dip further, but not so much.
As for the Altcoins, a lot of them seem to have found their bottoms, although there’s still no clear indication that they won’t continue on the way down if Bitcoin takes a serious hit. In Cheds’ view, the Altcoin season is yet to happen.
Bitcoin may look weak and troubled at the moment, but it sure is strong on the long-term front. For one, the market looks both bearish and bullish – bearish in terms of price downtrend, and bullish in terms of market expansion and continued growth and adoption of cryptocurrencies.
As such, Big Cheds expects Bitcoin to rise up and conquer in the long term. In fact, the candle charts suggest that, as much as the market may be troubled at the moment, there’s an indication that a serious upward movement could happen later.