The performance of Altcoins is always coupled with the flagship crypto. After the recent crash where BTC dipped below $30K, most altcoins dipped too. However, now BTC’s eye at the key Wyckoff level is speculated to ignite a price surge for altcoins.
Bitcoin was up by 4% on Tuesday, After testing $33,000 support overnight, bulls prevailed, propelling Bitcoin higher.
Popular analyst Rekt Capital has highlighted that $36000 is a key level to watch out for now.
According to Wyckoff study, $36,000 will likely mark the end of a “phase C” and the beginning of a “phase D” for BTC/USD, with a bullish trend.
A potential higher target is now an unfilled CME futures gap above $46,500. This would be a major move if it happened because Bitcoin would be breaking out of a trading range it has been in for some weeks.
Trader Filbfilb, on the other hand, had a more practical outlook. The levels that had drawn the most people to the so-called “point of control,” or POC, he claimed, were still under bear control.
“Trend remains down, bears dominating the POC / middle of the range. It is what it is until the POC becomes support.” his Tweet read.
Altcoins witnessing upward momentum
In the meantime, conditions may be ideal for altcoins to outperform Bitcoin in the medium run.
According to trader Michael van de Poppe, it could be more than just BTC/USD that attracts attention in a market where cryptocurrencies tend to “grind up” rather than erupt ahead.
Van De Poppe’s Tweet read,
Overnight, some of the top fifty cryptocurrencies by market capitalization jumped by more than 10%. Ether (ETH), the largest altcoin, was trading at $2,340, up 3%. In the meantime, a number of Defi tokens have fared well in the last 24 hours, particularly SUSHI and AAVE, which have both increased by over 20%.