Altcoins
Bitcoin’s ‘Moon’ Phase Has Sparked a Perfect Storm for Altcoins; Beware of Solana-Based Coins
The cryptocurrency market is about to experience what could be the perfect storm. According to analyst Kyle Doops of Crypto Banter, we have just witnessed a bullish “moon” phase for Bitcoin. This recent development suggests that any pullback in the near future could be a great opportunity for entry points as bulls aim to push Bitcoin above its current level.
The political landscape is also undergoing radical changes. Recently, President Joe Biden has announced his resignationvia Twito ttertriggering a wave of reactions. In the midst of this tension, he said that several altcoins and meme coins are being watched for potential buying opportunities on dips. Meme coins, especially those in the Solana ecosystem, have performed well. Additionally, the launch of an Ethereum spot ETF is anticipated, which could have major implications on the market.
Institutional adoption of Bitcoin is on the rise, with a Japanese public company recently acquiring 105 Bitcoins. This trend is expected to accelerate as more companies add Bitcoin to their balance sheets.
Analysis of trends and key levels
Should Bitcoin Previous limit orders and stop losses will be adjusted. This means that liquidity will increase as traders follow the price. Looking at the four-hour chart, we see a clear continuation of the trend with a “W” formation, indicating higher lows and the potential for further gains.
A key level to watch is around $66,000. If Bitcoin retraces to this level and continues higher, it will be a strong buying scenario. The golden cross, where the 50-day EMA crosses above the 200-day EMA, further supports this bullish outlook. Any pullbacks to this region could present reaccumulation opportunities on shorter time frames.
Total market capitalization
Despite Bitcoin’s bullish momentum, the total altcoin market cap (Total 3) is theoretically in a downtrend. However, it is expected to follow a similar trajectory to Bitcoin. A break above the downtrend line could signal the arrival of new capital into the market, perhaps driven by media attention around events like the Bitcoin Nashville conference.
Read also : What’s next for top memecoins as Bitcoin price hits $68,000?