Altcoins
Could double-digit gains be in store for Bitcoin and Altcoins? Top Analyst Says ‘Strong Rebound’ Expected Tonight
On Crypto Banter’s Sniper Trading Show, the analyst called attention to how the last four FOMC dates have coincided with temporary lows for Bitcoin. It is fascinating to observe this trend, because every early December there has been a drop in Bitcoin prices around the FOMC days, followed by a reversal. Despite the decline in recent days, Bitcoin is currently hovering around $69,000. The question now is whether we will see a reversal today, especially given the significant support levels and sudden change in sentiment following the release of the latest CPI report.
Additionally, notable changes in dominance took place during the FOMC events, adding to the significance of the current market movements. Some indicators suggest potential reversals, with daily RSI reset and significant bullish divergence seen on Ethereum. Amidst market fluctuations.
The analyst also noted that this year there has been a deviation from a significant trend, with Bitcoin breaking all-time highs just before the halving, a move we have never seen before.
This begs the question: will we see an earlier pump this year? It is essential to keep the bullish momentum intact. If the bullish sentiment persists over the coming months, we should expect a strong market rebound. Several indicators, such as the stock bottoming and key Fibonacci levels, suggest now is a good time to buy.
He explained the importance of the temporary bottom, highlighting the current strong upward movement. “We need to get back above $70,000 to say that was the temporary floor. Tonight’s rebound needs to be substantial,” he stressed, “and in the next three days we should ideally see a double-digit increase.”
Addressing the potential for double-digit gains in altcoins, he predicted significant increases in the range of 20-25% soon, especially after a major rebound. A significant rebound is imperative this evening, he concluded, citing the importance of closely monitoring market movements in the coming days. At the time of writing, Bitcoin is up 2% and trading at $69,000.