The cryptocurrency market has changed tendency during the last few weeks and there are several analysts that are already predicting a new bull run in the near future. Due to the positive outlook that many enthusiasts are expecting an altcoin trader and analyst outlined the relation between Bitcoin (BTC) and alts and what to expect in the next months.
Altcoin Trader Provides Insight About the Future of the Market
Nik Patel, the author behind “An Altcoin Trader’s Handbook” has given his point of view about the virtual currency market and the state of the whole ecosystem. He shared an analysis about how he expects the upcoming bull cycle to play out. This provides traders with an idea of what to expect in the near future.
On Twitter, he says that he believes that people will be holding out for ALTUSD prices that for them are worth to start selling. He says that it is necessary to pay close attention to how altcoins are priced against BTC when Bitcoin remains relatively cheap.
He says that ALTBTC prices will also experience a bull cycle and Bitcoin will remain stable. Later, Bitcoin will be breaking above the range and move towards $6,000. At that time, altcoins will be sold off.
To conclude, this is what I believe will occur from here on:
ALTBTC prices will experience a bull cycle, whilst BTC remains fairly stable and largely range-bound. BTC will break above the range, leading to a larger move towards $6k resistance, during which alts will be sold off.
— Nik Patel (@cointradernik) March 12, 2019
$6,000 is a very important level for Bitcoin because it was the main support level throughout 2018 and until November. Now, it became resistance and it will be acting as a strong barrier that Bitcoin will have to break if it wants to keep growing in the future.
At the same time, Patel explains that the upcoming bull run is not going to be as the one experienced by the market in January 2018 when most of the digital assets reached their all-time highs. During the last year, altcoins fell in BTC and USD terms, but due to the fact that alts are a very small market and do not have enough liquidity, it is easier to move it.
Patel thinks that several investors will lose during the next bull run because they will be waiting for altcoins to reach their previous all-time highs in USD terms rather than in BTC.
Now, each Bitcoin can be purchased for $3,900 and it has a market cap of over $68 billion.